2020-11-16T07:59:28-06:00 2019-12-31 042689883 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2019-01-01 041695745 METRO CREDIT UNION METR 8776963876 200 REVERE BEACH PARKWAY CHELSEA MA 02150 ERIK M PORTER CFO 8776963876 2020-11-13 1 HARRY A KALAJIAN JR CPA P00464296 6174399700 2020-11-13 146.115.156.5 2020-11-13 15:08:07 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 36AF408B42A4B53A88AB405E67774237CBEDE7D8 2019 2022-01-07 14:23:13Z ROBERT M CASHMAN 200 REVERE BEACH PARKWAY CHELSEA MA 02150 114078216 0 X WWW.METROCU.ORG X 1926 MA METRO CREDIT UNION PROVIDES LOAN AND DEPOSIT PRODUCTS TO MEMBERS THAT ASSIST THEM IN MEETING THEIR FINANCIAL NEEDS. 12 7 420 11 304161 -3982 0 0 72213130 79721971 5526393 7276635 1512247 2212640 79251770 89211246 0 180853 0 0 25816134 27518061 0 0 0 38869864 48057378 64685998 75756292 14565772 13454954 1877534257 2092358761 1705631766 1904142090 171902491 188216671 SEE DISCLOSURE IN SCHEDULE O 0 0 METRO CREDIT UNION PROVIDES LOAN AND DEPOSIT PRODUCTS TO MEMBERS THAT ASSIST THEM IN MEETING THEIR FINANCIAL NEEDS. AS OF 12/31/2019, METRO CREDIT UNION HAS NET LOANS OF $1,813 MILLION AND SHARE DEPOSITS OF $1,619 MILLION. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 46610 0 1 420 1 1 1 0 0 0 0 0 1 0 X 12 7 1 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 X ERIK M PORTER 6174885509 200 REVERE BEACH PARKWAY CHELSEA MA 02150 ARNOLD S BAER DIRECTOR 2.00 X 0 0 0 MARVIN L CASHMAN DIRECTOR 2.00 X 0 0 0 ARTHUR COHAN DIRECTOR/CLERK 2.00 X X 0 0 0 DAVID HOLTZMAN DIRECTOR 2.00 X 0 0 0 JOHN IMBERGAMO DIRECTOR/VICE CHAIRMAN 2.00 X X 0 0 0 DONNA LEE DIRECTOR 2.00 X 0 0 0 JOSEPH ZANG DIRECTOR 2.00 X 0 0 0 MARK SMOLLER DIRECTOR/CHAIRMAN OF THE B 2.00 X X 0 0 0 PAUL M GULKO DIRECTOR 2.00 X 0 0 0 PETER HARRIS DIRECTOR/TREASURER 2.00 X X 0 0 0 ROBERT M CASHMAN PRESIDENT & CEO 40.00 X X 2545327 0 31778 BION FOSTER DIRECTOR 2.00 X 0 0 0 JAMES HERNDON SVP HUMAN RESOURCES 40.00 X 172981 0 19922 CHARLENE BAUER SVP OUTREACH, ADVOCACY & C 40.00 X 208414 0 27658 JAY DUNHAM RETIRED IN 2019 SVP CORP RE & SPECIAL PROJ 40.00 X 217149 0 28058 MICHAEL MCGOVERN SVP TECHNOLOGY INFRASTRUCT 40.00 X 238164 0 19556 TRACI MICHEL SVP OPERATIONS 40.00 X 258285 0 30887 THOMAS NADEAU CHIEF OPERATING OFFICER (DECEASED) 40.00 X 1501692 0 15651 MARIE O'NEILL SVP ENGAGEMENT, EXPERIENCE 40.00 X 213078 0 26944 ERIK PORTER SVP, CFO 40.00 X 302001 0 21741 GREGORY SPENCER SVP STRATEGIC INITIATIVES 40.00 X 195311 0 25842 PAUL F SWART SVP REGINAL ADMINISTRATION 40.00 X 198388 0 64875 LUCAS ROSS MORTGAGE SPECIALIST MANAGE 40.00 X 316167 0 20798 DAWN DAWSON VP MORTGAGE ORIGINATIONS & OPERATION 40.00 X 262106 0 27805 THOMAS DONOHUE VP COMMERICAL SERVICES MAN 40.00 X 211669 0 17282 THOMAS SHEWALTER MORTGAGE LOAN ORIGINATOR 40.00 X 242982 0 5084 JOSEPH GANNON MORTGAGE LOAN ORIGINATOR 40.00 X 273315 0 24375 7357029 0 408256 62 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 IT SERVICES 2637344 VISA ACH PO BOX 742233 LOS ANGELES CA 90074 DEBIT/ATM PROCESSING 2356474 VERIZON 1095 AVENUE OF THE AMERICAS NEW YORK NY 10013 COMMUNICATION SERVICES 1102642 INFOIMAGE 141 JEFFERSON DRIVE MENLO PARK CA 94025 STATEMENT PRINTING 1090903 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICES 1014959 65 INTEREST INCOME ON LOANS 522100 61413513 61413513 MEMBER FEES 522100 16340446 16036285 304161 LOAN FEES 522100 1968012 1968012 79721971 4243955 4243955 24849858 3049792 24866970 0 -17112 3049792 3032680 3032680 BOLI INCOME 900099 801892 801892 VISA FEES 522100 684827 684827 MISC INCOME 900099 552478 552478 173443 173443 2212640 89211246 81630450 304161 7276635 158303 22550 6050789 15285552 1337869 2966561 1877290 407493 488813 1198043 2118608 2902292 4925344 5604745 175523 185452 19394725 1269620 550928 UBTI TAX EXPENSES 49930 ATM DEBIT CARD EXPENSES 4887173 PROVISION FOR LOAN LOSS 1820732 MANUFACTURED HOMES RESE 572535 1505422 75756292 9896361 9621998 39789585 41378437 1606274312 1813383471 2535934 2611627 66575203 32546564 35930927 34028639 110588256 119987722 20740289 15481989 3290697 3290235 48487896 52574643 1877534257 2092358761 25313115 24917954 4984247 5394457 229124497 254508142 1446209907 1619321537 1705631766 1904142090 X 0 0 0 0 171902491 188216671 171902491 188216671 1877534257 2092358761 X 13454954 3029792 -170566 X X 0 1 X 1 0 0 1 X 11575702 11575702 29890390 11401895 18488495 2661857 1540260 1121597 22447254 19604409 2842845 34028639 DEPOSITS 1619321537 1619321537 X 91953948 3029792 -170566 2859226 89094722 116524 116524 89211246 75872816 116524 116524 75756292 0 75756292 PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY INSURANCE AND TAXES FOR ITS MEMBERS IN CONNECTION TO REAL ESTATE LOANS. PART X, LINE 2: THE CREDIT UNION IS A NOT-FOR-PROFIT CORPORATION AS DESCRIBED IN SECTION 501(C)(14) OF THE INTERNAL REVENUE CODE (THE "CODE") AND IS GENERALLY EXEMPT FROM FEDERAL INCOME TAXES PURSUANT TO SECTION 501(A) OF THE CODE. HOWEVER, STATE-CHARTERED CREDIT UNIONS ARE SUBJECT TO FEDERAL AND STATE TAXES ON UNRELATED BUSINESS INCOME. FOR THE YEAR ENDED DECEMBER 31, 2019 AND 2018, THE CREDIT UNION RECOGNIZED A $50,000 EXPENSE AND A $29,000 BENEFIT ON UNRELATED BUSINESS INCOME, RESPECTIVELY, WHICH IS INCLUDED IN OTHER GENERAL AND ADMINISTRATIVE EXPENSES IN THE CONSOLIDATED STATEMENTS OF NET INCOME. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AS OF DECEMBER 31, 2019 AND 2018 AND CONCLUDED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. THE CREDIT UNION FILES FORM 990 IN THE U.S. FEDERAL JURISDICTION AND THE STATE OF MASSACHUSETTS. THE CREDIT UNION IS NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE 2016. PART XI, LINE 2D - OTHER ADJUSTMENTS: FAS 158 NET PENSION ADJUSTMENT -170,566. PART XI, LINE 4B - OTHER ADJUSTMENTS: RECLASS GAINS/LOSSES ON ASSETS SALES FROM EXPENSES 2,733. RECLASS GAINS/LOSSES ON FORECLOSURE FROM EXPENSES 25,807. RECLASS GAINS/LOSSES ON REPOSSESSED VEHICLES FROM EXPENSES 87,984. PART XII, LINE 2D - OTHER ADJUSTMENTS: RECLASS GAINS/LOSSES ON ASSETS SALES FROM EXPENSES 2,733. RECLASS GAINS/LOSSES ON FORECLOSURE FROM EXPENSES 25,807. RECLASS GAINS/LOSSES ON REPOSSESSED VEHICLES FROM EXPENSES 87,984. 0 INVERSANT 561 BOYLSTON STREET BOSTON MA 02116 271462229 501(C)(3) 10000 DONATION ICIC INNER CITY CAPITAL CONNECTIONS 56 WARREN STREET BOSTON MA 02119 133772904 501(C)(3) 5000 DONATION NATIONAL CREDIT UNION FOUNDATION 5710 MINERAL POINT ROAD MADISON WI 53705 391383650 501(C)(3) 13500 DONATION AMERICA'S CREDIT UNION MUSEUM FOUNDATION 420 NOTRE DAME AVENUE MANCHESTER NH 03102 020472576 501(C)(3) 10000 DONATION THE NEIGHBORHOOD DEVELOPERS 4 GERRISH AVENUE CHELSEA MA 02150 042660283 501(C)(3) 10000 DONATION MA COALITION FOR THE HOMELESS 73 BUFFEM STREET LYNN MA 01902 222599662 501(C)(3) 10000 DONATION CHELSEA COLLABORATIVE 218 BROADWAY CHELSEA MA 02150 222906521 501(C)(3) 25000 DONATION HARBORCOV 148 SHAWMUT STREET CHELSEA MA 02150 043458096 501(C)(3) 29000 DONATION 8 0 SCHOLARSHIPS 23 22550 PART I, LINE 2: METRO CREDIT UNION PROVIDES SCHOLARSHIPS TO STUDENTS WORKING IN METRO'S HIGH SCHOOL BRANCHES OR ARE STUDENTS LIVING IN THE COMMUNITIES WHERE THE CU SERVES IN ORDER TO SUPPORT STUDENTS THAT HAVE DEMONSTRATED ACADEMIC EXCELLENCE AND COMMUNITY SERVICE. X X 1 1 X X X X X 1 1 0 ROBERT M CASHMAN PRESIDENT & CEO 2515405 0 0 0 29922 0 14000 0 17778 0 2577105 0 1454767 0 JAMES HERNDON SVP HUMAN RESOURCES 171128 0 0 0 1853 0 4068 0 15854 0 192903 0 0 0 CHARLENE BAUER SVP OUTREACH, ADVOCACY & C 203738 0 0 0 4676 0 10328 0 17330 0 236072 0 0 0 JAY DUNHAM RETIRED IN 2019 SVP CORP RE & SPECIAL PROJ 209998 0 0 0 7151 0 10879 0 17179 0 245207 0 0 0 MICHAEL MCGOVERN SVP TECHNOLOGY INFRASTRUCT 235343 0 0 0 2821 0 11890 0 7666 0 257720 0 0 0 TRACI MICHEL SVP OPERATIONS 257259 0 0 0 1026 0 13462 0 17425 0 289172 0 0 0 THOMAS NADEAU CHIEF OPERATING OFFICER (DECEASED) 155980 0 0 0 1345712 0 7968 0 7683 0 1517343 0 760292 0 MARIE O'NEILL SVP ENGAGEMENT, EXPERIENCE 210618 0 0 0 2460 0 9592 0 17352 0 240022 0 0 0 ERIK PORTER SVP, CFO 300811 0 0 0 1190 0 14000 0 7741 0 323742 0 0 0 GREGORY SPENCER SVP STRATEGIC INITIATIVES 194302 0 0 0 1009 0 8595 0 17247 0 221153 0 0 0 PAUL F SWART SVP REGINAL ADMINISTRATION 194917 0 0 0 3471 0 9998 0 54877 0 263263 0 0 0 LUCAS ROSS MORTGAGE SPECIALIST MANAGE 315886 0 0 0 281 0 14298 0 6500 0 336965 0 0 0 DAWN DAWSON VP MORTGAGE ORIGINATIONS & OPERATION 260938 0 0 0 1168 0 11938 0 15867 0 289911 0 0 0 THOMAS DONOHUE VP COMMERICAL SERVICES MAN 205327 0 0 0 6342 0 9716 0 7566 0 228951 0 0 0 THOMAS SHEWALTER MORTGAGE LOAN ORIGINATOR 242970 0 0 0 12 0 2831 0 2253 0 248066 0 0 0 JOSEPH GANNON MORTGAGE LOAN ORIGINATOR 266450 0 0 0 6865 0 8038 0 16337 0 297690 0 0 0 PART I, LINE 1A THE CREDIT UNION HAS AN AGREEMENT WITH ROBERT CASHMAN TO PROVIDE A GROSS-UP PAYMENT TO COVER INTEREST PAYMENTS RELATED TO A LOAN REGIME SPLIT DOLLAR PLAN. PART I, LINES 4A-B THOMAS NADEAU (DECEASED) RECEIVED $382,472 SEVERANCE PAYMENT IN 2019. THE CREDIT UNION HAS ENTERED INTO A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN WITH CERTAIN EXECUTIVES. THE PLANS CALL FOR ANNUAL CONTRIBUTIONS AND AN ANNUAL INTEREST RATE OF 5.50%. THE CONTRIBUTIONS ARE HELD IN A RABBI TRUST. AS OF DECEMBER 31, 2019 AND 2018, THE PLANS ARE FULLY FUNDED AND ARE INCLUDED IN BOTH OTHER ASSETS AND OTHER LIABILITIES IN THE AMOUNT OF $251,000 AND $1,952,000, RESPECTIVELY. THE CREDIT UNION'S EXPENSE IN CONNECTION WITH THESE PLANS FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 AMOUNTED TO $68,000 AND $486,000, RESPECTIVELY. SCHEDULE J, PART II, COLUMN F: THOMAS NADEAU (DECEASED) RECEIVED $186,625 SERP 457(F) DISTRIBUTION IN 2019, WHICH REPORTED AS DEFERRED COMPENSATION IN PRIOR YEARS. ROBERT CASHMAN RECEIVED $1,454,767 SERP 457(F) DISTRIBUTION IN 2019, WHICH REPORTED AS DEFERRED COMPENSATION IN PRIOR YEARS. SUBURBAN SERVICES ERIC COHEN FAMILY MEMBER OF DIRECTOR 285062 CLEANING SERVICES 0 WINBROOK DAVID HOLTZMAN DIRECTOR 311370 OFFICE SUPPLIES 0 SMOLLER INSURANCE AGENCY MARK SMOLLER DIRECTOR 186839 INSURANCE AGENT 0 SCHEDULE L, PART II - LOANS TO OFFICERS AND DIRECTORS ALL LOANS MADE TO DIRECTORS, OFFICERS OR KEY EMPLOYEES FOLLOWED THE LENDING GUIDELINES FOR LOANS TO ANY CREDIT UNION MEMBER AT THE STATED RATES AND TERMS IN EFFECT AT THE TIME OF THE LOAN. FORM 990, PART III, LINE 1 - ORGANIZATION'S MISSION STATEMENT: FOR OVER 90 YEARS, METRO CREDIT UNION HAS BEEN PROVIDING FINANCIAL SERVICES TO COMMUNITIES THROUGHOUT MASSACHUSETTS AND NEW HAMPSHIRE. AS ONE OF THE LARGEST CREDIT UNIONS IN THE STATE, METRO HAS $2.1 BILLION IN ASSETS, MORE THAN 180,000 MEMBERS, AND IS ABLE TO SERVE ANYONE IN ESSEX, MIDDLESEX, SUFFOLK, NORFOLK, PLYMOUTH, BARNSTABLE, WORCESTER AND THE FOLLOWING NEW HAMPSHIRE COUNTIES: HILLSBOROUGH, ROCKINGHAM. AS A FULL-SERVICE CREDIT UNION, METRO OFFERS ALL OF THE FINANCIAL PRODUCTS AND DELIVERY INNOVATIONS THAT YOU'D EXPECT FROM A LARGE FINANCIAL INSTITUTION. FOUNDED IN 1926 AND HEADQUARTERED IN CHELSEA, MASSACHUSETTS, METRO CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION, OWNED BY AND OPERATED FOR THE PEOPLE WHO USE AND BENEFIT FROM OUR PRODUCTS AND SERVICES. WE'RE DIFFERENT FROM BANKS BECAUSE WE ARE A NON-PROFIT COOPERATIVE THAT IS DEDICATED TO THE FINANCIAL SUCCESS OF OUR MEMBERS; AND NOT FOCUSED ON PAYING DIVIDENDS TO STOCKHOLDERS OR MAXIMIZING PROFITS FOR SHAREHOLDERS. THE MONEY WE BRING IN IS REINVESTED IN YOU, OUR MEMBERS, THROUGH BETTER RATES AND LOWER FEES. THE PHILOSOPHY OF METRO CREDIT UNION IS "PEOPLE HELPING PEOPLE." EACH MEMBER IS AN EQUAL OWNER, REGARDLESS OF HOW MUCH MONEY IS DEPOSITED WITH THE CREDIT UNION. WE ARE COMMITTED TO FINANCIAL EDUCATION. WHETHER ITS SIMPLE TIPS TO HELP YOU BETTER MANAGE YOUR FINANCES OR SEMINARS AND PROGRAMS DESIGNED TO HELP YOU NAVIGATE MORE COMPLICATED FINANCIAL SITUATIONS, WE WANT TO ENSURE THAT YOU HAVE THE RIGHT ADVICE, GUIDANCE AND RESOURCES TO MAKE SMART FINANCIAL DECISIONS. AS A CREDIT UNION, WE PROVIDE PRODUCTS AND SERVICES THAT ARE AFFORDABLE AND FLEXIBLE. WE PARTNER WITH AFFORDABLE HOUSING ORGANIZATIONS ACROSS THE STATE TO ENSURE THAT EVERY PROSPECTIVE HOMEBUYER HAS ACCESS TO AS MANY RESOURCES AS POSSIBLE TO REALIZE THEIR DREAM OF HOMEOWNERSHIP. WE HAVE GENUINE MEMBER FOCUS. ALL OF OUR GUIDANCE AND SERVICES ARE DELIVERED THROUGH ENGAGED EMPLOYEES. THEY LISTEN TO MEMBERS FIRST; UNDERSTAND THEIR SPECIFIC SITUATION; AND PROVIDE THE SOLUTIONS THAT BEST FIT THE NEEDS OF THE INDIVIDUAL OR BUSINESS. FORM 990, PART VI, SECTION A, LINE 2 MARVIN L. CASHMAN, THE BOARD DIRECTOR IS THE FATHER OF ROBERT M. CASHMAN, THE CHIEF EXECUTIVE OFFICER. MARK SMOLLER, BOARD DIRECTOR, IS RELATED TO MARVIN L. CASHMAN, BOARD DIRECTOR AND ROBERT CASHMAN, CEO. FORM 990, PART VI, SECTION A, LINE 6 THE METRO CREDIT UNION IS A MEMBERS ONLY CREDIT UNION. MEMBERSHIP IS OPEN TO ANYONE WHO LIVES, WORKS OR HAS A PLACE OF BUSINESS IN ESSEX, MIDDLESEX, SUFFOLK, NORFOLK, PLYMOUTH, BARNSTABLE OR WORCESTER COUNTIES. ANNUALLY THE MEMBERS VOTE FOR THE BOARD OF DIRECTORS THAT ACT ON BEHALF OF MEMBERS AS THE GOVERNING BODY OF THE CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 7A SEE DISCLOSURE FOR LINE 6 FORM 990, PART VI, SECTION A, LINE 7B SEE DISCLOSURE FOR LINE 6 FORM 990, PART VI, SECTION B, LINE 11B ALL FINANCIAL DATA REPORTED RECONCILES TO THE YEAR END FINANCIAL STATEMENTS PRESENTED TO THE BOARD OF DIRECTORS. THE RETURN IS REVIEWED BY THE CFO AND THEN REVIEWED BY THE BOARD PRIOR TO TRANSMITTING. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, OR IF A CHANGE OCCURS DURING THE YEAR, SENIOR MANAGEMENT AND THE BOARD OF DIRECTORS ARE REQUIRED TO SIGN AN ACKNOWLEDGMENT FORM AND DISCLOSURE STATEMENT AND RETURN IT TO THE CEO OR CHAIRMAN OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS INCLUDES REVIEW OF RECOMMENDATIONS PROVIDED BY AN OUTSIDE COMPENSATION CONSULTANT, USE OF INDUSTRY SPECIFIC DATA CONTAINING COMPARABLE COMPENSATION,REVIEW OF AVAILABLE SURVEY DATA PUBLISHED BY HUMAN RESOURCE ORGANIZATIONS, REVIEW AND APPROVAL BY THE PERSONNEL COMMITTEE AND THE BOARD OF DIRECTORS, AND CONTEMPORANEOUS DOCUMENTATION AND RECORD KEEPING. FORM 990, PART VI, SECTION C, LINE 19 ALL DOCUMENTS RELATED TO THE ORGANIZATION OF THE METRO CREDIT UNION AND ALL 990 FILINGS ARE AVAILABLE UPON REQUEST BY ANY PERSON OR ORGANIZATION THAT REQUEST THE INFORMATION. FORM 990, PART XI, LINE 9: FAS 158 NET PENSION ADJUSTMENT -170,566. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS OF METRO CREDIT UNION DURING THE TAX YEAR.