Seattle Metropolitan Credit Union
- Assets
- $1.1b
- Revenue
- $48.4m
- Investments
- $1.3m
- Employees
- 242
- Location
- Seattle, WA
- Founding
- 07/1954
- Data as of
- 12/2022
- EIN
- 91-0176215
Organization Overview
Seattle Metropolitan Credit Union, operating under the name Seattle Credit Union, is located in Seattle, WA. The organization was established in 1954. 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 12/2022, Seattle Credit Union employed 242 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Seattle 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 12/2022, Seattle Credit Union generated $48.4m 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 $43.1m during the year ending 12/2022. While expenses have increased by 7.1% 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.
Since 2018, Seattle Credit Union has awarded 17 individual grants totaling $205,839. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEATTLE METROPOLITAN CREDIT UNION (SMCU) HAS BEEN PROVIDING SERVICES TO ITS MEMBERS SINCE 1933. SINCE ITS INCEPTION, SMCU HAS CONSIDERED ITSELF AN ADVOCATE FOR ITS MEMBERS BY PROVIDING MEMBER-CENTRIC FINANCIAL SERVICES AND FINANCIAL LITERACY EDUCATION AT LOW OR NO COST.
AS OF DECEMBER 31, 2022, SMCU HAD 54,612 MEMBERS. THESE MEMBERS PARTICIPATED IN 32,892 LOAN AND 104,671 DEPOSIT PRODUCTS. SMCU'S LOAN OFFERINGS INCLUDE A WIDE RANGE OF OPTIONS FROM STANDARD AUTO LOANS, MORTGAGES AND LINES OF CREDIT, TO MORE SEGMENTED PRODUCTS INCLUDING MOTORCYCLES, CLASSIC CARDS, BOATS, RECREATIONAL VEHICLES, AND AIRCRAFT LOANS. SMCU HAS ALSO RECENTLY EXTENDED ITS LOAN PRODUCTS TO INCLUDE BUSINESS LOANS TO QUALIFIED MEMBERS. ALL LOAN PRODUCTS COME IN A VARIETY OF TERMS TO PROVIDE PAYMENT OPTIONS THAT BEST SUIT THE MEMBERSHIP'S NEEDS.
MEMBERS HAVE THE SAME VARIETY OF SELECTION ON THE DEPOSIT SIDE OF THE PRODUCT LINE WITH OFFERINGS RANGING FROM BASIC CHECKING AND SAVINGS ACCOUNTS TO IRAS, CERTIFICATES, MONEY MARKETS AND HIGH-YIELD ACCOUNTS. SMCU ALSO OFFERS BUSINESS ACCOUNTS AND INVESTMENT SERVICES THAT ARE DESIGNED TO MAINTAIN THE MEMBER'S BEST INTEREST. AS AN ADVOCATE FOR ITS MEMBERSHIP, SMCU PLACES A HIGH PRIORITY ON EDUCATIONAL RESOURCES. AS A RESULT, SMCU HAS INVESTED IN ONLINE APPLICATIONS TO HELP MEMBERS MAKE DECISIONS RELATED TO PLANNING, BORROWING, BUDGETING AND PROTECTING THEIR CREDIT. LIFE VISION AND MORTGAGE ADVISOR ARE TWO TOOLS OFFERED ON PERSONAL FINANCES AND RESPECTIVES FROM HOME AND FAMILY FINANCE ON CAR BUYING, CREDIT PROTECTION AND BUDGETING. FOR THOSE MEMBERS WHO PREFER TO SPEAK TO SOMEONE IN PERSON, SMCU PROVIDES FREE CREDIT COUNSELING THROUGH "BALANCE," A FINANCIAL FITNESS PROGRAM THAT FOCUSES ON MONEY MANAGEMENT IN ADDITION TO IDENTITY THEFT PREVENTION AND ASSISTANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Romero President And CEO | Officer | 40 | $665,858 |
Wallace Ho SVP Commercial Lending | Officer | 40 | $384,317 |
Pamela Fuentes VP Loan Documentation And Operations Manager | 40 | $279,599 | |
Lee Pierce Chief Lending Officer | Officer | 40 | $282,937 |
Brent Richins SVP Service Operations (thru 8/22) | Officer | 40 | $303,954 |
Mele Miller Chief Operating Officer | Officer | 40 | $299,684 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fiserv Inc Core System Provider Services | 12/30/22 | $4,339,257 |
Rategenius Loan Services Inc Loan Services | 12/30/22 | $683,780 |
Visa Usa Inc Credit Card Services | 12/30/22 | $639,077 |
Wildhorse Financial Services Llc Financial Services | 12/30/22 | $544,936 |
Dp Incorporated Construction Services | 12/30/22 | $540,330 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,723,990 |
| 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 | $1,723,990 |
| Total Program Service Revenue | $43,663,608 |
| Investment income | $3,008,985 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $17,929 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $48,414,512 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $128,005 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,193,070 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,997,442 |
| Pension plan accruals and contributions | $344,111 |
| Other employee benefits | $2,252,938 |
| Payroll taxes | $1,256,516 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $161,413 |
| Fees for services: Accounting | $323,116 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,991,060 |
| Advertising and promotion | $446,326 |
| Office expenses | $1,252,582 |
| Information technology | $3,267,956 |
| Royalties | $0 |
| Occupancy | $1,544,684 |
| Travel | $67,831 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $148,191 |
| Interest | $2,146,312 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,228,439 |
| Insurance | $164,624 |
| All other expenses | $3,153,711 |
| Total functional expenses | $43,097,250 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $978,924 |
| Savings and temporary cash investments | $70,673,049 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,794,051 |
| Loans from Officers, Directors, or Controlling Persons | $2,704,026 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $836,927,289 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,570,874 |
| Net Land, buildings, and equipment | $3,513,054 |
| Investments—publicly traded securities | $107,522,071 |
| Investments—other securities | $1,277,200 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $47,866,168 |
| Total assets | $1,075,826,706 |
| Accounts payable and accrued expenses | $11,644,930 |
| Grants payable | $0 |
| Deferred revenue | $389,775 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $46,094,000 |
| Other liabilities | $946,899,047 |
| Total liabilities | $1,005,027,752 |
| 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 | $70,798,954 |
| Total liabilities and net assets/fund balances | $1,075,826,706 |
Grants Awarded
Over the last fiscal year, Seattle Metropolitan Credit Union has awarded $38,919 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
UKRAINIAN COMMUNITY CENTER PURPOSE: ASSISTANCE TO THE NEWLY ARRIVED REFUGEES FROM UKRAINE | $10,000 |
UNITED NEGRO COLLEGE FUND PURPOSE: UNCF SPONSORSHIP | $20,000 |
EDMONDS COLLEGE PURPOSE: FEEL GOOD CHECKING DONATIONS | $8,919 |