2019-11-15T10:35:17-06:00 2018-12-31 042689883 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2018-01-01 041695745 METRO CREDIT UNION METR 8776963876 200 REVERE BEACH PARKWAY CHELSEA MA 02150 ERIK M PORTER CFO 8776963876 2019-11-15 1 HARRY A KALAJIAN JR CPA P00464296 6174399700 199.167.121.238 2019-11-15 10:17:05 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 3035F85F9C36F92B25132AD5EF9C80758CB5F135 2018 2020-04-17 16:48:07Z ROBERT M CASHMAN 200 REVERE BEACH PARKWAY CHELSEA MA 02150 79251770 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 8 370 13 338738 0 0 0 64297484 72213130 6174093 5526393 997772 1512247 71469349 79251770 0 0 0 0 22688647 25816134 0 0 0 33706703 38869864 56395350 64685998 15073999 14565772 1682401982 1877534257 1524456756 1705631766 157945226 171902491 SEE DISCLOSURE IN SCHEDULE O 0 0 METRO CREDIT UNION PROVIDES LOAN AND DEPOSIT PRODUCTS TO MEMBERSTHAT ASSIST THEM IN MEETING THEIR FINANCIAL NEEDS. AS OF12/31/2018, METRO CREDIT UNION HAS NET LOANS OF $1,606 MILLION ANDSHARE DEPOSITS OF $1,446 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 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 44472 0 1 370 1 1 1 0 0 0 0 0 0 0 X 12 8 1 0 1 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 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 JAMES HERNDON 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 BOARD 2.00 X X 0 0 0 PAUL 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 980312 0 81264 CHARLENE BAUER SVP OUTREACH, ADVOCACY & CDO 40.00 X 200291 0 28968 JAY DUNHAM SVP CORP RE & SPECIAL PROJECTS 40.00 X 210294 0 27239 MICHAEL MCGOVERN SVP TECHNOLOGY INFRASTRUCTURE 40.00 X 229809 0 18976 TRACI MICHEL SVP OPERATIONS 40.00 X 200407 0 27118 ELIZABETH MULVEY SVP HUMAN RESOURCES 40.00 X 184558 0 25231 THOMAS NADEAU CHIEF OPERATING OFFICER 40.00 X 450860 0 49545 MARIE O'NEILL SVP ENGAGEMENT, EXPERIENCE & MARKETING 40.00 X 221876 0 19444 ERIK PORTER SVP, CFO 40.00 X 252051 0 20054 GREGORY SPENCER SVP STRATEGIC INITIATIVES 40.00 X 183751 0 25399 PAUL SWART SVP RETAIL SERVICES 40.00 X 191560 0 16944 LUCAS ROSS MORTGAGE SPECIALIST MANAGER 40.00 X 374520 0 19817 DAWN DAWSON VP MORTGAGE ORIGINATIONS & OPERATIONS 40.00 X 249734 0 27308 DONOHUE THOMAS VP COMMERICAL SERVICES MAN 40.00 X 205674 0 16803 WAHL THOMAS SVP SOLUTIONS MGMT MGR 40.00 X 196606 0 29698 FRANK DEBORAH VP MORTGAGE BUSINESS DEVELOPMENT 40.00 X 187378 0 25413 4519681 0 459221 46 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 IT SERVICES 2317788 VISA ACH PO BOX 742233 LOS ANGELES CA 90074 DEBIT/ATM PROCESSING 1757978 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT CARD SERVICES 1111518 INFOIMAGE 141 JEFFERSON DRIVE MENLO PARK CA 94025 STATEMENT PRINTING 1079588 VERIZON 1095 AVENUE OF THE AMERICAS NEW YORK NY 10013 COMMUNICATION SERVICES 1068445 70 INTEREST INCOME ON LOANS 522100 54375664 54375664 MEMBER FEES 522100 15831763 15493025 338738 LOAN FEES 522100 2005703 2005703 72213130 3442969 3442969 2083424 0 2083424 2083424 2083424 VISA FEES 522100 701284 701284 MISC INCOME 900099 408831 408831 BOLI INCOME 900099 402132 402132 1512247 79251770 73386639 338738 5526393 3305766 16399169 1980161 2565205 1565833 323914 483705 915580 1362958 2904915 4409227 5404091 135660 133874 13879293 1460187 330922 ATM DEBIT CARD EXPENSES 4610910 PROVISION FOR LOAN LOSS 1276013 MANUFACTURED HOMES RESE 577214 CREDIT BEREAU EXPENSES 379266 282135 64685998 9512993 9896361 40198521 39789585 1422886120 1606274312 2299288 2535934 66204017 30273090 37458222 35930927 119247693 110588256 16451589 20740289 3306388 3290697 31041168 48487896 1682401982 1877534257 26900317 25313115 4268290 4984247 165151049 229124497 1328137100 1446209907 1524456756 1705631766 X 0 0 0 0 157945226 171902491 157945226 171902491 1682401982 1877534257 X 14565772 -1166568 558061 X X 0 1 X 1 0 0 1 X 11575702 11575702 29876768 10309653 19567115 2688208 1363729 1324479 22063339 18599708 3463631 35930927 DEPOSITS 1446209907 1446209907 X 78643263 -1166568 558061 -608507 79251770 0 79251770 64685998 0 64685998 0 64685998 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, 2018 AND 2017, THE CREDIT UNION RECOGNIZED A $29,000 AND $5,000 REFUND 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, 2018 AND 2017 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 2015. PART XI, LINE 2D - OTHER ADJUSTMENTS: FAS 158 NET PENSION ADJUSTMENT 558,061. X X 1 1 X X X X X 1 1 0 ROBERT M CASHMAN PRESIDENT & CEO 661669 0 285535 0 33108 0 13750 0 67514 0 1061576 0 0 0 CHARLENE BAUER SVP OUTREACH, ADVOCACY & CDO 186324 0 11292 0 2675 0 10257 0 18711 0 229259 0 0 0 JAY DUNHAM SVP CORP RE & SPECIAL PROJECTS 195695 0 11654 0 2945 0 10535 0 16704 0 237533 0 0 0 MICHAEL MCGOVERN SVP TECHNOLOGY INFRASTRUCTURE 216156 0 12737 0 916 0 11514 0 7462 0 248785 0 0 0 TRACI MICHEL SVP OPERATIONS 182286 0 17500 0 621 0 10312 0 16806 0 227525 0 0 0 ELIZABETH MULVEY SVP HUMAN RESOURCES 150086 0 7519 0 26953 0 8566 0 16665 0 209789 0 0 0 THOMAS NADEAU CHIEF OPERATING OFFICER 373478 0 74051 0 3331 0 32250 0 17295 0 500405 0 0 0 MARIE O'NEILL SVP ENGAGEMENT, EXPERIENCE & MARKETI 192813 0 28531 0 532 0 4000 0 15444 0 241320 0 0 0 ERIK PORTER SVP, CFO 230390 0 21000 0 661 0 12539 0 7515 0 272105 0 0 0 GREGORY SPENCER SVP STRATEGIC INITIATIVES 169641 0 13513 0 597 0 8688 0 16711 0 209150 0 0 0 PAUL SWART SVP RETAIL SERVICES 180019 0 10692 0 849 0 9645 0 7299 0 208504 0 0 0 LUCAS ROSS MORTGAGE SPECIALIST MANAGER 29402 0 345028 0 90 0 13750 0 6067 0 394337 0 0 0 DAWN DAWSON VP MORTGAGE ORIGINATIONS & OPERATION 217143 0 18250 0 14341 0 11549 0 15759 0 277042 0 0 0 DONOHUE THOMAS VP COMMERICAL SERVICES MAN 193481 0 7460 0 4733 0 9471 0 7332 0 222477 0 0 0 WAHL THOMAS SVP SOLUTIONS MGMT MGR 184996 0 7565 0 4045 0 9834 0 19864 0 226304 0 0 0 FRANK DEBORAH VP MORTGAGE BUSINESS DEVELOPMENT 131469 0 55380 0 529 0 9104 0 16309 0 212791 0 0 0 PART I, LINE 1A TAX INDEMNIFICATION AND GROSS-UP PAYMENTS ROBERT CASHMAN'S COMPENSATION INCLUDED $5,791 TAX GROSS-UP PAYMENT. PART I, LINES 4A-B ELIZABETH MULVEY RECEIVED $13,680 SEVERANCE PAYMENTS IN 2018. THE CREDIT UNION HAS ENTERED INTO SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS 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, 2018 AND 2017, THE PLANS ARE FULLY FUNDED AND ARE INCLUDED IN BOTH OTHER ASSETS AND OTHER LIABILITIES IN THE AMOUNT OF $1,952,000 AND $1,428,000, RESPECTIVELY. THE CREDIT UNION'S EXPENSE IN CONNECTION WITH THESE PLANS FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 AMOUNTED TO $486,000 AND $471,000, RESPECTIVELY. SUBURBAN SERVICES ERIC COHEN FAMILY MEMBER OF DIRECTOR 267350 CLEANING SERVICES 0 WINBROOK DAVID HOLTZMAN DIRECTOR 337427 OFFICE SUPPLIES 0 SMOLLER INSURANCE AGENCY MARK SMOLLER DIRECTOR 182071 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. AS ONE OF THE LARGEST CREDIT UNIONS IN THE STATE, METRO HAS $1.9 BILLION IN ASSETS, MORE THAN 180,000 MEMBERS, AND IS ABLE TO SERVE ANYONE IN ESSEX, MIDDLESEX, SUFFOLK, NORFOLK, PLYMOUTH, BARNSTABLE OR WORCESTER COUNTIES. 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 4 AMENDED METRO CREDIT UNION'S BY-LAWS, ARTICLE II, SECTION 1: BY ADDING THE COUNTIES OF HILLSBOROUGH AND ROCKINGHAM NEW HAMPSHIRE TO METRO CREDIT UNION'S FIELD OF MEMBERSHIP AS IDENTIFIED IN SECTION 1: MEMBERSHIP IN THIS CORPORATION SHALL BE LIMITED TO PEOPLE LIVING, WORKING, AND HAVING A PLACE OF BUSINESS IN THE FOLLOWING MASSACHUSETTS COUNTIES: ESSEX, MIDDLESEX, NORFOLK, SUFFOLK, WORCESTER; PLYMOUTH; BARNSTABLE; BRISTOL AND THE FOLLOWING NEW HAMPSHIRE COUNTIES: HILLSBOROUGH, ROCKINGHAM. 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 558,061. 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 2018.