2013-11-07T14:37:16-06:00 2012-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2012-01-01 041695745 Metro Credit Union % EILEEN DANAHEY METR 6178897727 200 Revere Beach Parkway Suite Chelsea MA 02150 Eileen Danahey 6178897727 2013-11-07 true Michael J Rowe CPA 6174399700 2013-10-01 2012 2016-02-24 21:20:13Z Robert M Cashman 200 Revere Beach Parkway Chelsea MA 02150 275323536 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 11 344 11 587497 -66653 0 0 42074468 46234518 4986829 9713848 1109492 1574406 48170789 57522772 0 0 0 0 15249130 17876408 0 0 0 25472697 29245143 40721827 47121551 7448962 10401221 957971443 1126560711 854147041 1008329870 103824402 118230841 FOR OVER 86 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 OVER $1,127 MILLION 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 R false false Metro Credit Union provides loan and deposit products to members that assist them in meeting their financial needs. As of 12/31/2012, Metro Credit Union has net loans of $888.7 mil and share deposits of $910.4 mil. false false false false false false false true false true false false false true false 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 37592 0 true 344 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 40.0 X X 212670 0 30569 ROBERT M CASHMAN 40.0 X X 699959 0 113366 A RICHARD SILVA 2.0 X 0 0 0 ARNOLD BAER 2.0 X 0 0 0 ARTHUR COHAN 2.0 X X 0 0 0 DAVID HOLTZMAN 2.0 X 0 0 0 JAMES HERNDON 2.0 X 0 0 0 JOSEPH ZANG 2.0 X 0 0 0 MARK SMOLLER 2.0 X 0 0 0 PAUL GULKO 2.0 X 0 0 0 PETER HARRIS 2.0 X 0 0 0 JOHN IMBERGAMO 2.0 X 0 0 0 Donna A Lee 2.0 X 0 0 0 Irving Goldberg 8.0 X 0 0 0 DOLORES BARRY term ended 22912 40.0 X 168776 0 6467 CHARLENE BAUER 40.0 X 171364 0 21231 BARBARA CONTI 40.0 X 118866 0 18978 EILEEN DANAHEY 40.0 X 242600 0 42498 THOMAS NADEAU 40.0 X 302600 0 36899 John Cataldo 40.0 X 185700 0 21204 THOMAS WAHL 40.0 X 187856 0 22608 Paul Swart 40.0 X 155788 0 13542 Jay Dunham 40.0 X 181225 0 22301 Gregory Spencer 40.0 X 142600 0 20304 William Sinibaldi 40.0 X 149850 0 37004 Thomas Donohue 40.0 X 143323 0 10514 Mary Helming 40.0 X 133625 0 17876 3196802 0 435361 15 false true false Public Service Credit Union 7055 E Evans Ave DENVER CO 80224 Pmt processing svcs 1027502 BLUE CHOICE PO BOX 415071 BOSTON MA 02241 MEDICAL INS. 1831786 Verizon 340 washington street BOSTON MA 02108 phone/internet svcs 755496 Financial Services Inc 21 Harristown Road GLEN ROCK NJ 07452 Statement Printing 705472 Fiserv Solutions 125 Cambridge Park Dr CAMBRIDGE MA 02140 Info technology 684531 48 0 INTEREST INCOME ON LOANS 38032088 38032088 MEMBER FEES 522100 7663357 7314416 348941 LOAN FEES 522100 539073 505186 33887 46234518 1711345 1711345 0 0 0 0 0 2168181 223635086 2151535 215649229 16646 7985857 8002503 8002503 0 0 0 VISA FEES 900099 728304 728304 BOLI INCOME 900099 112574 112574 LIFE INSURANCE SALES 524298 204669 204669 528859 528859 1574406 57522772 47221427 587497 9713848 0 0 0 0 2740060 0 10870165 942084 2209142 1114957 0 510847 306373 0 0 0 464042 1498621 2860524 2195343 0 2851121 90357 0 86722 6372277 0 1880675 419871 PROVISION FOR LOAN LOSS 2983032 DEPOSIT/LOAN/OTHER EXPENSES 3443462 NCUA ASSESSMENT 760002 ATM DEBIT CARD EXPENSES 2521874 47121551 8954261 7620705 26842342 26476347 0 0 0 0 0 0 0 0 761216254 888742236 0 0 1463006 1493706 45507915 13887207 30237909 31620708 73163274 101819278 33873661 43228545 0 0 3920984 4047691 18299752 21511495 957971443 1126560711 11634821 13481911 0 0 0 0 0 0 1746096 2201220 0 0 63846044 82210369 0 0 776920080 910436370 854147041 1008329870 X 0 0 0 0 103824402 118230841 103824402 118230841 957971443 1126560711 X 10401221 177491 3827727 X false true X true false true 10323050 10323050 17544590 3592685 13951905 2700054 1248733 1451321 13663643 8681549 4982094 1276578 364240 912338 31620708 0 DEPOSITS 910436370 910436370 57522772 57522772 57522772 47121551 47121551 47121551 Part IV Line 2b Escrow and Custodial Arrangements The Credit Union holds funds in escrow to pay insurance and taxes for its members. X true true X X X X X true true false DOLORES BARRY term ended 22912 131395 0 2351 0 35030 0 811 0 5656 0 175243 0 0 0 CHARLENE BAUER 158140 0 12100 0 1124 0 7968 0 13263 0 192595 0 0 0 MARVIN L CASHMAN 200000 0 12100 0 570 0 24936 0 5633 0 243239 0 0 0 ROBERT M CASHMAN 550000 0 140100 0 9859 0 99956 0 13410 0 813325 0 0 0 EILEEN DANAHEY 222500 0 20100 0 0 0 29130 0 13368 0 285098 0 0 0 THOMAS NADEAU 272500 0 30100 0 0 0 29500 0 7399 0 339499 0 0 0 John Cataldo 170625 0 15075 0 0 0 7909 0 13295 0 206904 0 0 0 THOMAS WAHL 180341 0 5460 0 2055 0 9290 0 13318 0 210464 0 0 0 Paul Swart 142438 0 13350 0 0 0 7789 0 5753 0 169330 0 0 0 Jay Dunham 151875 0 29350 0 0 0 9061 0 13240 0 203526 0 0 0 Gregory Spencer 132500 0 10100 0 0 0 7130 0 13174 0 162904 0 0 0 William Sinibaldi 130000 0 7850 0 12000 0 23893 0 13111 0 186854 0 0 0 Thomas Donohue 141050 0 2273 0 0 0 4771 0 5743 0 153837 0 0 0 Mary Helming 121575 0 12025 0 25 0 4822 0 13054 0 151501 0 0 0 Non-qualifying deferred compensation Schedule J Part I Line 4b Mr. Robert Cashman has a 457(f) plan. The actuarial value of the plan increased $172,000 during 2012. Severance Payment Schedule Line 4a Dolores Barry's compensation included $117,532 of severance payment. Suburban Services Eric Cohen Family member of director 201583 Cleaning Services false Winbrook David Holtzman Director 150379 Office Supplies false Smoller Insurance Agency Mark Smoller Director 127444 Insurance agent false Loans to officers and directors Schedule L, Part II 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. Conflict of Interest Policy 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. Compensation Part VI, Section B, Line 15B 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 Review Part VI, Section B, Line 11 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. Other changes in net assets Form 990, page 12, Part XI, Line 9 Net Assets Acquired 3,921,769 FAS 158 Net Pension Adjustment (94,042) ---------- Total 3,827,727 ========== Related officers Form 990, Page 6, Part VI, Section A, Line 2 Marvin L Cashman, The Chairman of the Board of Directors is the Father of Robert M Cashman the Chief Executive Officer. Members Form 990, page 6, Part VI, Section A, Lines 6 & 7 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. Availability of governing documents Form 990, Page 6, 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. Northeast Member Business Services LLC 180 Emerald Street Keene NH 03431 201741448 Loan Servicing NH na -16257 131319 false 0 false 0.23810 false false false false false false false false false false false false false false false false false false false