 |
|
|
|
Message From Robert
|
Message From President & CEOI am pleased to report that we have achieved another outstanding year of growth at Metropolitan Credit Union. Our company's assets grew from $576 million to $609 million led by record growth in our loan portfolio. At year end, our loan to share ratio was an impressive 89.28%. Sustained commitments to Member service, operational excellence, and financial soundness were all contributing factors to our success. We completed mergers with New England Baptist Hospital Credit Union (NEBCO) and Graphics Arts Credit Union representing Printing Industries of New England (PINE). These mergers strengthened our Member base and provided opportunities for Metro to deepen relationships. Strengthening our lending businessWhile consecutive rate increases from the Federal Reserve softened overall loan demand in the market, we continued to have strong growth in our Real Estate portfolio. We expanded our affordable mortgage programs to ensure that we are meeting the needs of our low to moderate income Members. In the spring, we introduced an innovative Home Equity feature that gave Members the flexibility of having a line of credit and fixed rate option in one home equity line. As a result, we saw significant growth in our home equity portfolio, placing us in the top tier of peer credit unions in the region. Mid-2005 marked Metro's entrance into the indirect auto lending business. We have established productive relationships with over 50 dealers throughout Massachusetts generating over $24 million in new indirect loans by year-end. Expanding our services to meet the needs of the communities we serveFor 80 years, Metro has provided financial services and expertise to our local communities and to the thousands of employees who are part of our Metro@work program. In 2005, we broadened our services to include two key Member groups - youth and small business. Metro's Saving Money At the Right Time (SMART) accounts are designed to help kids, teens and students get started on the road to financial responsibility and independence. They combine savings and checking options with advice and guidance on how to manage money now and in the future. Because we are in the local community, we understand the unique challenges and opportunities that face small business owners. We expanded our business line to include a full range of products and services to meet the needs of small businesses. Metro's Business Services combine lending and deposit solutions with financial expertise to help small businesses succeed. Enhancing privacy and security for our MembersAs a trusted financial partner, Metro is committed to ensuring the safety and security of our Members and employees. We implemented several new initiatives to protect our Members from fraud including an on-going series of Member communications on identity theft, phishing, and other online schemes. Metro continually monitors advances in security technology to ensure that we are providing the highest level of privacy and peace of mind to our Members and employees. Growing to better serve our membersLooking ahead to 2006 and early 2007, we have a tremendous opportunity to continue our growth through the expansion of our branch network to Swampscott, Tewksbury, Lynn, and the relocation of our Framingham office. These new branches will help expand our relationship with existing Members and attract new consumers and small businesses to Metro. Whether it is access to competitive products and services, a strong financial balance sheet or our knowledgeable team of employees, Metro is committed to providing value to our Members and being a trusted financial partner. Thank you to our Members, colleagues, and communities for your continued support and your contribution to our success. Robert M. Cashman President and Chief Executive Officer [ Back ] |
|
|
|
home privacy policy sign up for internet branch open an account online branch locations loan applications internet branch contact us partners disclosures |
|
