Metro Credit Union
- Assets
- $2.5b
- Revenue
- $92.9m
- Investments
- $24.2m
- Employees
- 430
- Location
- Chelsea, MA
- Founding
- 08/1948
- Data as of
- 12/2021
- EIN
- 04-1695745
Organization Overview
Metro Credit Union is located in Chelsea, MA. The organization was established in 1948. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Metro Credit Union employed 430 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Metro Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Metro Credit Union generated $92.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $78.1m during the year ending 12/2021. While expenses have increased by 5.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
METRO CREDIT UNION PROVIDES LOAN AND DEPOSIT PRODUCTS TO MEMBERS THAT ASSIST THEM IN MEETING THEIR FINANCIAL NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
METRO CREDIT UNION PROVIDES LOAN AND DEPOSIT PRODUCTS TO MEMBERS THAT ASSIST THEM IN MEETING THEIR FINANCIAL NEEDS. AS OF 12/31/2021, METRO CREDIT UNION HAS NET LOANS OF $2,144 MILLION AND SHARE DEPOSITS OF $2,046 MILLION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert M Cashman President/ceo/director | OfficerTrustee | 40 | $1,226,325 |
Joseph Gannon Mortgage Loan Originator | 40 | $738,615 | |
Erik Porter Chief Financial Officer | Officer | 40 | $342,389 |
Thomas Shewalter Mortgage Loan Originator | 40 | $321,981 | |
Traci Michel Chief Operating Officer | Officer | 40 | $309,733 |
Kevin Malone SVP Senior Commericial Lender | 40 | $297,211 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cocc Data Processing Services | 12/30/21 | $7,889,280 |
Cula Llc Leased Auto Loan Servicing | 12/30/21 | $1,944,707 |
Fiserv Data Processing Services | 12/30/21 | $1,623,640 |
Mechanica Llc Marketing Services | 12/30/21 | $1,341,285 |
Visa Ach Debit/atm Processing | 12/30/21 | $1,235,585 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $82,800,045 |
| Investment income | $2,583,063 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,020,836 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $92,937,477 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $127,546 |
| Grants and other assistance to domestic individuals. | $7,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,081,727 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $21,953,224 |
| Pension plan accruals and contributions | $2,496,990 |
| Other employee benefits | $3,291,207 |
| Payroll taxes | $2,062,377 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,463,422 |
| Fees for services: Accounting | $562,439 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $548,639 |
| Advertising and promotion | $1,542,202 |
| Office expenses | $3,169,179 |
| Information technology | $7,817,168 |
| Royalties | $0 |
| Occupancy | $5,393,082 |
| Travel | $84,815 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $33,554 |
| Payments to affiliates | $13,043,100 |
| Depreciation, depletion, and amortization | $1,141,947 |
| Insurance | $559,177 |
| All other expenses | $1,272,208 |
| Total functional expenses | $78,093,785 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,484,720 |
| Savings and temporary cash investments | $75,146,183 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,144,440,474 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,487,308 |
| Net Land, buildings, and equipment | $34,817,722 |
| Investments—publicly traded securities | $144,429,320 |
| Investments—other securities | $24,247,732 |
| Investments—program-related | $0 |
| Intangible assets | $3,290,235 |
| Other assets | $72,597,384 |
| Total assets | $2,510,941,078 |
| Accounts payable and accrued expenses | $31,309,990 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $4,919,184 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $209,394,042 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,046,132,524 |
| Total liabilities | $2,291,755,740 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $219,185,338 |
| Total liabilities and net assets/fund balances | $2,510,941,078 |
Grants Awarded
Over the last fiscal year, Metro Credit Union has awarded $75,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Madison, WI PURPOSE: DONATION | $50,000 |
Boston, MA PURPOSE: DONATION | $15,000 |
Chelsea, MA PURPOSE: DONATION | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Service Credit Union Portsmouth, NH | $0 | $158,075,310 |
Municipal Credit Union New York, NY | $4,195,909,598 | $220,924,766 |
Navigant Credit Union Smithfield, RI | $3,081,655,511 | $116,968,150 |
Metro Credit Union Chelsea, MA | $2,510,941,078 | $92,937,477 |
American Eagle Financial Credit Union Incorporated East Hartford, CT | $2,355,398,570 | $80,581,273 |
Northeast Credit Union Portsmouth, NH | $1,982,489,459 | $75,179,197 |
Coastal1 Credit Union Pawtucket, RI | $2,840,412,596 | $91,925,616 |
Sunmark Credit Union Latham, NY | $1,009,786,367 | $61,777,524 |
Jeanne Darc Credit Union Lowell, MA | $1,792,528,408 | $59,293,841 |
Vermont State Employees Credit Union Montpelier, VT | $1,088,463,473 | $48,370,084 |
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |