Mtcu

Organization Overview

Mtcu is located in Midland, TX. The organization was established in 1976. 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, Mtcu employed 48 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Mtcu 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, Mtcu generated $7.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $6.8m during the year ending 12/2021. While expenses have increased by 3.0% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

MTCU IS A COOPERATIVE THRIFT INSTITUTION AND IS A MEMBER OF THE NATIONAL CREDIT UNION ASSOCIATION INSURANCE FUND. THE CREDIT UNION IS REGULATED BY THE STATE OF TEXAS CREDIT UNION DEPARTMENT AS WELL AS THE NATIONAL CREDIT UNION ADMINISTRATION. MTCU OFFERS PRODUCTS AND SERVICES IN FOUR PRIMARY AREAS: SHARE & CHECKING ACCOUNTS, CONSUMER LOANS, AND REAL ESTATE LOANS. MTCU IS DEDICATED TO PROVIDING PERSONAL, COURTEOUS, AND PROFESSIONAL SERVICE IN AN EFFICIENT AND CARING MANNER AND TO MEETING THE DIVERSE NEEDS OF THE MEMBER-OWNERS THROUGH SOUND MANAGEMENT PRACTICES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

SHARE ACCOUNTS:MTCU SHARE ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. MTCU HAD 7,693 MEMBER OWNED ACCOUNTS ON DECEMBER 31, 2021. MEMBERS SAVINGS ACCOUNTS PAY DIVIDENDS MONTHLY AND OFFER ACCESS THROUGH TWO BRANCHES, HOME BANKING VIA THE INTERNET OR TELEPHONE AND ATMS WORLD WIDE. SPECIAL SAVINGS ACCOUNTS DESIGNED FOR CHILDREN AND TEENAGERS ENCOURAGE THE DEVELOPMENT OF CONSISTENT SAVINGS HABITS.


CHECKING ACCOUNTS:MTCU PROVIDES CHECKING ACCOUNTS FOR MEMBERS. MTCU EXTENDS THE REACH OF THESE ACCOUNTS TO ALL MEMBERS WITH FREE DEBIT CARDS, FREE INTERNET ACCESS, FREE BILL PAY, AND FREE TELEPHONE TELLER. 68% OF THE MEMBERSHIP HOLDS A CHECKING ACCOUNT.


CONSUMER LOANS:MTCU HAS PROVIDED VEHICLE LOANS SINCE ITS FIRST YEAR OF BUSINESS. THE CONSUMER LOAN PRODUCT LINE NOW INCLUDES EFFICIENT UNDERWRITING AND FLEXIBLE OFFERINGS FOR RECREATIONAL VEHICLES, BOATS AND MOTORCYCLES. CONSUMER LIFE AND DISABILITY INSURANCE IS AVAILABLE ON ANY OF THESE LOAN TYPES. MTCU OFFERS PERSONAL LOANS, HOME EQUITY LOANS, MORTGAGE LOANS, AND CREDIT CARDS. AS OF DECEMBER 31, 2021 MTCU HAD 4,796 CONSUMER LOANS WITH A BALANCE OF $68,311,084.


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Board, Officers & Key Employees

Name (title)Compensation
Jana Haney
President
$271,845
Brooke Martin
CFO
$152,138
Justin Marler
COO
$118,500
Cesar Tarin
Vice President Of Lending
$117,044
Susan Masten
Executive Vice President
$115,948
Ofelia Pallanez
Vice Chair
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Extraco Consulting
Consulting And Training
$122,825
Fiserv
Core System Management
$111,055
View All Vendors

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$6,782,499
Investment income $599,892
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $18,402
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $7,400,793

Peer Organizations

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