2016-11-15T14:46:39-06:00 2015-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2015-01-01 041695745 Metro Credit Union % ERIK M PORTER METR 8776963876 200 Revere Beach Parkway Chelsea MA 02150 ERIK M PORTER CFO 6174885509 2016-11-15 true Michael J Rowe CPA P00535831 6174399700 2016-11-14 2015 2017-02-10 21:41:12Z Robert M Cashman 200 Revere Beach Parkway Chelsea MA 02150 201326570 false 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. 13 8 366 11 392127 0 0 52197923 51512104 3060417 5914848 1557180 1412502 56815520 58839454 0 0 0 0 21213310 22514044 0 0 0 31164982 31432078 52378292 53946122 4437228 4893332 1364539522 1492356111 1235242727 1357261159 129296795 135094952 FOR OVER 88 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 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 false false Metro Credit Union provides loan and deposit products to members that assist them in meeting their financial needs. As of 12/31/2015, Metro Credit Union has net loans of $1,216 million and share deposits of $1,149 million. false false false false false false false true false true false false false true true true false false false false false false false false false false false false true false false false true true true false false false false false false false false true 40457 0 true 366 true true true false false false false false X 13 8 true false false false true true true true true false true true true true true true true true true true true true X ERIK M PORTER 6174885509 200 REVERE BEACH PARKWAY Chelsea MA 02150 MARVIN L CASHMAN EVP, Director 2.0 0.0 X 215199 0 37035 A RICHARD SILVA Director 2.0 0.0 X 0 0 0 ARNOLD S BAER Director 2.0 0.0 X 0 0 0 ARTHUR COHAN Director/clerk 2.0 0.0 X X 0 0 0 DAVID HOLZMAN Director 2.0 0.0 X 0 0 0 JAMES HERNDON Director 2.0 0.0 X 0 0 0 JOSEPH ZANG Director 2.0 0.0 X 0 0 0 MARK SMOLLER Chairman of the Board 2.0 0.0 X X 0 0 0 PAUL GULKO Director 2.0 0.0 X 0 0 0 PETER HARRIS Treasurer 2.0 0.0 X X 0 0 0 JOHN IMBERGAMO Vice Chairman 2.0 0.0 X X 0 0 0 Donna A Lee Director 2.0 0.0 X 0 0 0 ROBERT M CASHMAN Director 2.0 0.0 X 0 0 0 Michael McGovern SVP CHIEF TECHNOLOGY OFFICER 40.0 0.0 X 209139 0 17260 CHARLENE BAUER SVP BUS DEVELOPMENT/COM REL 40.0 0.0 X 175049 0 25176 ROBERT M CASHMAN President & CEO 40.0 0.0 X 803065 0 72347 Michel Traci VP Proj Mgmt & Pro Imp 40.0 0.0 X 121900 0 13830 EILEEN DANAHEY SVP/CFO 40.0 0.0 X 309551 0 43613 THOMAS NADEAU CHIEF OPERATING OFFICER 40.0 0.0 X 395127 0 46810 KEITH PEQUENO SVP CHIEF MARKETING OFFICER 40.0 0.0 X 186582 0 24475 THOMAS WAHL SVP TECHNOLOGY 40.0 0.0 X 195763 0 27485 Paul Swart SVP retail services 40.0 0.0 X 177199 0 15553 Jay Dunham SVP Special Projects 40.0 0.0 X 192515 0 24601 Gregory Spencer SVP Business Intelligence 40.0 0.0 X 159400 0 23120 Michael Jordan VP Branch Administrator 40.0 0.0 X 115818 0 20649 Elizabeth Mulvey SVP Human Resource 40.0 0.0 X 129553 0 15071 Dawn Dawson VP Mortgage Oper & 2nd mkt mgr 40.0 0.0 X 173291 0 23754 Thomas Donohue VP Commercial Service Mgr 40.0 0.0 X 172037 0 15008 Mary Helming VP Commercial Relationship mgr 40.0 0.0 X 149106 0 22116 Arthur McCue Sr Mortgage Originator 40.0 0.0 X 205755 0 23624 Tedi TiJian Mortgage Originator 40.0 0.0 X 201524 0 22361 4287573 0 513888 19 false true false Public Service Credit Union 7055 E Evans Ave DENVER CO 80224 Credit card services 1047734 Fiserv 255 Fiserv Drive BROOKFIELD WI 53045 IT services 1874170 NESGroup 905 South Main St building b suit MANSFIELD MA 02048 Construction Service 3169554 Financial Services Inc 21 Harristown Road GLEN ROCK NJ 07452 Statement Printing 1112184 VISA ACH Need address LOS ANGELES CA 900516606 debit/atm processing 860936 60 0 INTEREST INCOME ON LOANS 37286727 37286727 MEMBER FEES 522100 12727975 12335848 392127 LOAN FEES 522100 1497402 1497402 51512104 2428479 2428479 0 0 0 0 0 10646722 135326763 10476420 132010696 170302 3316067 3486369 3486369 0 0 0 VISA FEES 900099 739163 739163 BOLI INCOME 900099 99154 99154 MISC INCOME 900099 574185 574185 1412502 58839454 52532479 392127 5914848 0 0 0 0 3385860 0 13731938 1466103 2479909 1450234 0 291907 399278 0 0 0 213116 1401712 3116396 3762524 0 5237353 139305 0 188302 6870683 0 2256314 199463 PROVISION FOR LOAN LOSS 793772 ATM DEBIT CARD EXPENSES 3998811 MANUFACTURED HOMES RESERVE 374301 DEALER TRACK EXPENSES 196532 1992309 53946122 10534337 9110920 35023847 47885952 0 0 0 0 0 0 0 0 1145608101 1215531592 0 0 1734690 1947538 62794089 21321403 39380823 41472686 81822000 114277479 22172661 32856564 0 0 3486377 3404228 24776686 25869152 1364539522 1492356111 15166360 16732978 0 0 0 0 0 0 3309453 3468134 0 0 171419726 187751035 0 0 1045347188 1149309012 1235242727 1357261159 X 0 0 0 0 129296795 135094952 129296795 135094952 1364539522 1492356111 X 4893332 -1211945 2116770 X false true X true false true 11575702 11575702 28754445 6651395 22103050 2679383 749744 1929639 0 19784559 13920264 5864295 41472686 0 DEPOSITS 1149309012 1149309012 58839454 58839454 58839454 53946122 53946122 53946122 Schedule D, Part IV, Line 2b - Escrow and Custodial Arrangements The Credit Union holds funds in escrow to pay insurance and taxes for its members in connection to real estate loans. Schedule D, Part X, Line 2 - Uncertain Tax Positions 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 years ended December 31, 2015 and 2014, taxes on unrelated business income amounted to a refund of $43,000 and expense of $8,000, respectively, and are included in other general and administrative expenses in the statements of net income. The Credit Union has evaluated its tax positions as of December 31, 2015 and 2014 and concluded that there are no uncertain tax positions that require adjustment to the 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 2013. X X X true true X X X X X false true false Michael McGovern SVP CHIEF TECHNOLOGY OFFICER 196983 0 11544 0 612 0 10486 0 6774 0 226399 0 0 0 CHARLENE BAUER SVP BUS DEVELOPMENT/COM REL 162497 0 10185 0 2367 0 8941 0 16235 0 200225 0 0 0 MARVIN L CASHMAN EVP, Director 199028 0 12000 0 4171 0 28600 0 8435 0 252234 0 0 0 ROBERT M CASHMAN President & CEO 586751 0 191188 0 25126 0 13250 0 59097 0 875412 0 0 0 EILEEN DANAHEY SVP/CFO 241897 0 56650 0 11004 0 30333 0 13280 0 353164 0 0 0 THOMAS NADEAU CHIEF OPERATING OFFICER 329159 0 64890 0 1078 0 31250 0 15560 0 441937 0 0 0 KEITH PEQUENO SVP CHIEF MARKETING OFFICER 175519 0 10506 0 557 0 9543 0 14932 0 211057 0 0 0 THOMAS WAHL SVP TECHNOLOGY 183516 0 9078 0 3169 0 9910 0 17575 0 223248 0 0 0 Paul Swart SVP retail services 163118 0 13567 0 514 0 8996 0 6557 0 192752 0 0 0 Jay Dunham SVP Special Projects 177160 0 12675 0 2680 0 9667 0 14934 0 217116 0 0 0 Gregory Spencer SVP Business Intelligence 149728 0 9185 0 487 0 8343 0 14777 0 182520 0 0 0 Dawn Dawson VP Mortgage Oper & 2nd mkt mgr 162271 0 10500 0 520 0 8908 0 14846 0 197045 0 0 0 Thomas Donohue VP Commercial Service Mgr 162787 0 8753 0 497 0 8487 0 6521 0 187045 0 0 0 Mary Helming VP Commercial Relationship mgr 129015 0 19674 0 417 0 7496 0 14620 0 171222 0 0 0 Arthur McCue Sr Mortgage Originator 24182 0 181476 0 97 0 10104 0 13520 0 229379 0 0 0 Tedi TiJian Mortgage Originator 25465 0 175962 0 97 0 8841 0 13520 0 223885 0 0 0 Schedule J Part I Line 1 Car Service Payment was made to a car service and for reimbursement directly to one listed executive for transportation to and from home and work for a portion of 2015 during which the individual was unable to drive due to a medical condition. Tax indemnification and gross-up payments Robert Cashman's compensation included $4,953 tax gross-up payment. Schedule J Part I Line 4b - Non-qualifying deferred compensation In 2014, the Credit Union entered into a supplemental executive retirement plan with the President. The plan calls for annual contributions and an annual interest rate of 5.50%. The contributions are held in a Rabbi Trust. As of December 31, 2015 and 2014, the Plan is fully funded and is included in other assets and other liabilities in the amount of $528,000 and $538,000, respectively. This plan supersedes the Presidents prior supplemental retirement plan. The Credit Unions expense in connection with the current and former plans for the years ended December 31, 2015 and 2014 amounted to $235,000 and $216,000, respectively. Suburban Services Eric Cohen Family member of director 258968 Cleaning Services false Winbrook David Holtzman Director 179246 Office Supplies false Smoller Insurance Agency Mark Smoller Director 138553 Insurance agent false 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. PART VI, SECTION B, LINE 12C - Conflict of Interest Policy 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. PART VI, SECTION B, LINE 15B - Compensation 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. PART VI, SECTION B, LINE 11 - Form 990 Review 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. PART XI, LINE 9 - Other changes in net assets Net Assets Acquired 1,477,903 FAS 158 Net Pension Adjustment 638,867 ----------- Total 2,116,770 =========== PART VI, SECTION A, LINE 2 - RELATED OFFICERS Marvin L. Cashman, The Executive Vice President is the Father of Robert M. Cashman the Chief Executive Officer. Mark Smoller, Board Director, is related to Marvin L. Cashman, EVP and Robert Cashman, CEO PART VI, SECTION A, LINES 6 & 7 - Members 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. PART VI, SECTION C, LINE 19 - Availability of governing documents 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.