You are in: Metro in the News / Metro Credit Union Surpasses $1 Billion Loan Mark

Press Release


Metro Credit Union Surpasses $1 Billion Loan Mark
Milestone Coincides with Becoming the Commonwealth's Largest State-Chartered Credit Union

Chelsea, MA – August 7, 2013 – Metro Credit Union, the Commonwealth’s largest state-chartered credit union, announced its loan and mortgage portfolio has surpassed $1 billion in total assets. This major milestone was reached through successful execution of the credit union’s lending strategy and the upgrade of servicing operations, both of which are keenly focused on attracting and retaining new members looking for the right fit lending partner.

“Lending is a key element of our vision of becoming the primary financial institution for anyone looking for a better way to bank.” said Robert M. Cashman, president and CEO of Metro Credit Union. “This milestone proves our members place their trust in us, as we do them, and we look forward to meeting their needs for many years to come.”

As a result, over the past 18 months, Metro CU has enjoyed more than 38 percent growth in loan portfolio balances across mortgages, home equity, business, auto, personal and student loans. As a non-profit, the returns earned on Metro CU’s lending are then directed back to members in the form of lower fees, and used to support community initiatives such as investments in public education, charitable giving and other forms of community investment.

“We tasked the lending teams with creating a lending operation that attracted both consumers and businesses alike.” Added Thomas W. Nadeau, SVP of Lending and COO, “By offering competitive rates under reasonable terms and through a highly personalized process, we’ve quickly achieved the goals and objectives we set into motion.”

Another reason for Metro CU’s loan growth is business lending, which is up more than 45 percent over the same period. With double-digit, year-over-year growth, this is steadily becoming a key element of the credit union’s lending portfolio.

“We are proud to be part of what enables local business investment as well as home ownership in the communities we serve,” said Cashman. “Metro Credit Union has been making affordable loans in our own backyard for the past 87 years. We plan to continue our efforts to support the Massachusetts economy by investing in our members for the next 87.”

About Metro Credit Union
Metro Credit Union is one of the largest credit unions in Massachusetts with over $1 billion in assets, and serves more than 160,000 members. It is a growing, federally insured financial institution and a leading provider of a full range of financial services to anyone living or working in Essex, Middlesex, Suffolk, Norfolk, Plymouth, Barnstable or Worcester counties in Eastern Massachusetts, as well as Massachusetts state employees and retirees throughout the Commonwealth.