2015-02-11T15:16:41-06:00 2013-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2013-01-01 041695745 Metro Credit Union % EILEEN DANAHEY METR 6178897727 200 Revere Beach Parkway Suite Chelsea MA 02150 EILEEN DANAHEY COO 6178897727 2014-11-11 true Michael J Rowe CPA P00535831 6178897727 2013 2016-02-25 16:41:14Z Robert M Cashman 200 Revere Beach Parkway Chelsea MA 02150 283499653 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 11 380 11 420884 -107991 0 0 46234518 50378674 9713848 6300875 1574406 1636787 57522772 58316336 0 0 0 0 17876408 22141657 0 0 0 29245143 30993796 47121551 53135453 10401221 5180883 1126560711 1279777202 1008329870 1155422753 118230841 124354449 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 140,000 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 12/31/2013, Metro Credit Union has net loans of $1,076 mil and share deposits of $1,019 mil. 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 true false false true 41264 0 true 380 true true true false false false false false X 13 11 true false false false true true true true true false true true true true true true true true true true true true X EILEEN DANAHEY 6178897727 200 REVERE BEACH PARKWAY Chelsea MA 02150 MARVIN L CASHMAN EVP/Chairman/Treasurer 40.0 X X 212406 0 33940 ROBERT M CASHMAN President/CEO 40.0 X X 742732 0 182679 A RICHARD SILVA Director 2.0 X 0 0 0 ARNOLD BAER Director 2.0 X 0 0 0 ARTHUR COHAN Director/Secretary 2.0 X X 0 0 0 DAVID HOLTZMAN Director 2.0 X 0 0 0 JAMES HERNDON Director 2.0 X 0 0 0 JOSEPH ZANG Director 2.0 X 0 0 0 MARK SMOLLER Director 2.0 X 0 0 0 PAUL GULKO Director 2.0 X 0 0 0 PETER HARRIS Director 2.0 X 0 0 0 JOHN IMBERGAMO DIRECTOR 2.0 X 0 0 0 Donna A Lee Director 2.0 X 0 0 0 Michael McGovern SVP CHIEF TECHNOLOGY OFFICER 40.0 X 121094 0 5849 CHARLENE BAUER SVP BUS DEVELOPMENT/COM REL 40.0 X 167199 0 22008 BARBARA CONTI SVP - HUMAN RESOURCES 40.0 X 117684 0 19781 EILEEN DANAHEY SVP - CFO 40.0 X 293197 0 44171 THOMAS NADEAU CHIEF OPERATING OFFICER 40.0 X 368587 0 44171 KEITH PEQUENO SVP CHIEF MARKETING OFFICER 40.0 X 110027 0 11356 THOMAS WAHL SVP TECHNOLOGY 40.0 X 184289 0 23297 Paul Swart SVP retail services 40.0 X 160698 0 14083 Jay Dunham VP project management 40.0 X 171957 0 22624 Gregory Spencer VP MARKETING/BUS INTELLIGENCE 40.0 X 147956 0 21484 Phillip Bakker VP INFORMATION SECURITY MGR 40.0 X 153986 0 8678 JOHN CATALDO SVP CHIEF RISK OFFICER 40.0 X 159903 0 18493 ERIN STEWART SVP/DIR OF HUMAN RESOURCES 40.0 X 69152 0 1844 Thomas Donohue VP Commercial Service Mgr 40.0 X 157594 0 13886 Mary Helming VP Commercial Relationship mgr 40.0 X 154042 0 21590 WILLIAM SINIBALDI VP BUSINESS DEVELOPMENT 40.0 X 147363 0 38039 ROBERT MCDONALD AVP FINANCE & OPERATIONS 40.0 X 143654 0 19272 VIDALIA DIVITO VP MORTGAGE MANAGER 40.0 X 137705 0 19912 3921225 0 587157 19 false true false Public Service Credit Union 7055 E Evans Ave DENVER CO 80224 Pmt processing svcs 1104462 BLUE CHOICE PO BOX 415071 BOSTON MA 02241 MEDICAL INS. 2128475 NESGroup 905 South Main St building b suit MANSFIELD MA 02048 design/project mgmt 2252291 Financial Services Inc 21 Harristown Road GLEN ROCK NJ 07452 Statement Printing 1001754 intuit 2632 marine way MOUNTAIN VIEW CA 94043 fianncial services 1134120 52 0 INTEREST INCOME ON LOANS 39826498 39826498 MEMBER FEES 522100 9716831 9295947 420884 LOAN FEES 522100 835345 835345 50378674 1277092 1277092 0 0 0 0 0 7950483 222256617 7943791 217239526 6692 5017091 5023783 5023783 0 0 0 VISA FEES 900099 762642 762642 BOLI INCOME 900099 99155 99155 LIFE INSURANCE SALES 524298 262759 262759 512231 512231 1636787 58316336 51594577 420884 6300875 0 0 0 0 3180867 0 13771246 1042964 2676157 1470423 0 642782 387076 0 0 0 562076 1586958 3202199 2845312 0 4378863 154638 0 172135 6925986 0 1692430 241785 PROVISION FOR LOAN LOSS 538913 MORTGAGE LOAN EXPENSES 1191877 NCUA ASSESSMENT 736382 ATM DEBIT CARD EXPENSES 3469936 2264448 53135453 7620705 8222910 26476347 35724358 0 0 0 0 0 0 0 0 888742236 1075836786 0 0 1493706 2002551 51605671 15075922 31620708 36529749 101819278 62804994 43228545 31721261 0 0 4047691 3796517 21511495 23138076 1126560711 1279777202 13481911 11882377 0 0 0 0 0 0 2201220 3050354 0 0 82210369 121425388 0 0 910436370 1019064634 1008329870 1155422753 X 0 0 0 0 118230841 124354449 118230841 124354449 1126560711 1279777202 X 5180883 -824565 1767290 X false true X true false true 11123398 11123398 22936136 4746176 18189961 1693853 372009 1321844 15852284 9957737 5894546 36529749 0 DEPOSITS 1019064634 1019064634 X 58316336 58316336 58316336 53135453 53135453 53135453 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. 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, 2013 and 2012, estimated taxes paid on unrelated business income amounted to $88,000 and $87,000, 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, 2013 and 2012 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 2011. X X X true true X X X X X true true false CHARLENE BAUER SVP BUS DEVELOPMENT/COM REL 155942 0 9600 0 1657 0 8177 0 13831 0 189207 0 0 0 MARVIN L CASHMAN EVP/Chairman/Treasurer 195484 0 12000 0 4922 0 28100 0 5840 0 246346 0 0 0 ROBERT M CASHMAN President/CEO 542147 0 165000 0 35585 0 168716 0 13963 0 925411 0 24504 0 EILEEN DANAHEY SVP - CFO 258397 0 34500 0 300 0 30250 0 13921 0 337368 0 0 0 THOMAS NADEAU CHIEF OPERATING OFFICER 300897 0 67000 0 690 0 30250 0 13921 0 412758 0 0 0 THOMAS WAHL SVP TECHNOLOGY 175157 0 5427 0 3705 0 9418 0 13879 0 207586 0 0 0 Paul Swart SVP retail services 150672 0 8750 0 1276 0 8072 0 6011 0 174781 0 0 0 Jay Dunham VP project management 153147 0 15000 0 3810 0 8800 0 13824 0 194581 0 0 0 Gregory Spencer VP MARKETING/BUS INTELLIGENCE 132710 0 15000 0 246 0 7753 0 13731 0 169440 0 0 0 Thomas Donohue VP Commercial Service Mgr 145634 0 10000 0 1960 0 7892 0 5994 0 171480 0 0 0 Mary Helming VP Commercial Relationship mgr 119873 0 33129 0 1040 0 7954 0 13636 0 175632 0 0 0 Phillip Bakker VP INFORMATION SECURITY MGR 122550 0 31200 0 236 0 7547 0 1131 0 162664 0 0 0 JOHN CATALDO SVP CHIEF RISK OFFICER 155270 0 0 0 4633 0 3799 0 14694 0 178396 0 0 0 WILLIAM SINIBALDI VP BUSINESS DEVELOPMENT 124647 0 7500 0 15216 0 24375 0 13664 0 185402 0 0 0 ROBERT MCDONALD AVP FINANCE & OPERATIONS 105474 0 4770 0 33410 0 5823 0 13449 0 162926 0 0 0 VIDALIA DIVITO VP MORTGAGE MANAGER 130599 0 6480 0 626 0 7102 0 12810 0 157617 0 0 0 Schedule J Part I Line 1 Tax indemnification and gross-up payments An indemnification of income tax penalties and interest (but not income taxes) was made to the CEO for re-filing of his 2012 personal income taxes as a result of the credit union issuing him a Form W-2C related to revised wages for earned income from his 457F plan. Schedule J Part I Line 4a John Cataldo's compensation included $86,250 of severance payment. Schedule J Part I Line 4b Non-qualifying deferred compensation The Credit Union has entered into a deferred compensation agreement with the President. The present value of the future payments under the agreement is being accrued ratably over the period of active employment or service (vesting period) to the anticipated retirement date of the President. The Credit Union has purchased life insurance contracts in connection with this agreement and the cash surrender values of the policies are included in corporate-owned life insurance. The Credit Unions expense in connection with the deferred compensation agreement for the years ended December 31, 2013 and 2012 amounted to $88,000 and $172,000, respectively. Suburban Services Eric Cohen Family member of director 242808 Cleaning Services false Winbrook David Holtzman Director 165051 Office Supplies false Smoller Insurance Agency Mark Smoller Director 153124 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. Form 990, page 12, Part XI, Line 9 Other changes in net assets Net Assets Acquired 221,431 FAS 158 Net Pension Adjustment 1,545,859 ---------- Total 1,767,290 ========== Form 990, Page 6, 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 Form 990, page 6, 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. Form 990, Page 6, 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. Northeast Member Business Services LLC 180 Emerald Street Keene NH 03431 201741448 Loan Servicin NH na none -219440 0 false 0 false 0.23810 false false false false false false false false false false false false false false false false false false