October 22, 2016
By Neal Tepel
New York, NY – The Municipal Credit Union has turning 100 and celebrated its Centennial on October 15th. This New York City credit union in the oldest and largest in the country.
MCU was founded in 1916 by then New York City Mayor John Purroy Mitchel to offer city employees a way to save money and borrow at very reasonable rates. Originally called the Credit Union of Employees Conference Committee, MCU opened with one branch in the city’s Municipal Building, 19 members, and combined deposits of $570.
During the past century, which included a name change to Municipal Credit Union in August 1919, MCU has continually and steadily grown in assets and members. Today, its assets top $2.4 billion. It has expanded from one branch to 22 branches around the region. MCU currently employs more than 700 people in the greater New York City area. MCU’s membership has grown to more than 400,000 members.
“We’re proud and humbled to be celebrating such an important milestone,” said MCU President and CEO Kam Wong. “We want to thank all our members over the years who have put their faith and trust in us and let us help them with their financial needs and achieve their financial goals. I personally want to thank our staff and members of our volunteer Board and Supervisory Committee who have ensured MCU can serve our members. They are all the reason MCU is celebrating our Centennial and in a strong financial position.”
Throughout its 100-year history, MCU has honored the credit union philosophy of “people helping people.” During the Great Depression, MCU employees donated a percentage of their monthly salary to a special fund to help unemployed civil servants. After World War II, MCU did not charge delinquent interest on loans to members serving in the armed forces. In recent years, MCU created a Members Assistance Program for members affected by Hurricane Sandy and offered a Federal Assistance Program for members affected by the federal government shutdown.
Today, some of MCU’s key community programs include its annual scholarship program, which awards $66,000 in scholarships annually to college-bound high school seniors, its award-winning Financially Fit series, Home Buying Seminars, the Build A Better School Program, and a public sector/private sector partnership to help NYC schools.
“Our first century was great, and we know our second century will be even better,” added Wong. “We are excited about our future.”