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2023 Annual Community Impact Report

Published on March 25, 2024

Written by

Charlene Bauer, CUDE

SVP Outreach, Advocacy & Chief Development Officer

Metro Credit Union

Supporting Our Members and Their Communities

If you know Metro Credit Union, you also know that giving back to the communities we serve is at the center of everything we do. Founded on the idea of “people helping people,” we are committed to investing in the success of our members and local communities and we do so every day through many different important initiatives.

Through financial education, we empower our members to make financial decisions with confidence so they can reach their financial goals – whether they’re purchasing a home or automobile, building savings, planning to pay for college, or hoping to improve their credit. We also support our local communities and the causes that matter to them through partnerships, sponsorships, and volunteer hours at non-profits and advisory boards.

Read our full report below for a look at how we made an impact over the last year and click here to read how we’re expanding our philanthropic efforts even more in 2023 through the launch of the Metro Credit Union Foundation.

Community Lending

Metro’s year-end loan-to-share ratio was 110.8% demonstrating Metro's commitment to giving back to our members through low-cost loans.

Metro partnered with Second Chance Cars (SCCARs) and provided 36 loans that resulted in 42% increase in weekly hours worked and 88% increase in annual income earned for recipients.

Metro granted 5 loans totaling $13.7M in community development lending which includes affordable housing for those with low and moderate incomes.

Metro partnered with Mass Save® to offer the HEAT Loan to 1,257 members, loaning $26,168,778 in balances.

Metro offered 31 emergency or workforce development loans to employees of Metro's non-profit partners.

Metro provided 119 Credit Builder loans totaling $142,700 to help members establish or improve their credit score.

Metro provided $24,085,244 in mortgages to first time homebuyers through products like our Home Possible and HomeReady mortgages.

Our Private Student Lending program granted loans to 303 students for $10,500,000 in it's first year!

Metro Credit Union Foundation

In April 2023, Metro launched its charitable foundation and awarded two rounds of grant funding to 12 Massachusetts non-profits to support their programs and initiatives focusing on Community Development, Securing Safe and Aordable Housing and Financial Wellness and Advancement. Awards ranged from $5K-$10K and totaled $105K for the year.

2023 Grant Recipients Included:

Boys & Girls Club of MetroWest
Bread & Roses Community Kitchen
YMCA of Metro North
Breaktime

Casa Myrna
Roxbury Main Streets
Italian Home for Children
LEAP for Education

SMOC
Midas Collaborative
MOSAIC: Interfaith Youth Action
The REAL Program

Partnership Highlights

Metro’s Matched Savings and College Savings Program Partners ended 2023 with 413 Matched Savings participants. These participants saved over $419,700.

Some of our Matched Savings Partners include:

BreakTime
Boston Saves
Inversant
MIDAS Collaborative

Heading Home
EMPATH
LaVida Salem
Education Partnership

Boys and Girls Club
Chelsea Education Foundation
Urban Edge

Community Partnership Highlights Continued

2023 Corporate Citizenship Award

Boston Business Journal
Metro Credit Union recognized for charitable contributions

$340,649

In charitable donations & scholarships and

$13,289,000

in qualified community development investments

2023 Commnity
Reinvestment Act

Metro Credit Union was awarded an outstanding rating by the MA Division of Banking

$21K
Awarded in scholarships for High School seniors

36
Food baskets delivered to Catholic Charities of Boston as part of Metro’s Thanksgiving food drive

75
Local children received holiday gifts donated by Metro employees

10
Beds built by Metro employees who volunteered their time to build beds that were donated to the Coalition for the Homeless Build a Bed program

$10k
Raised through Metro employees and donated to the Juvenile Diabetes Research Foundation

46
Peabody Veterans Memorial High School students gained banking experience working in Metro’s High School branch

12
Local high schools partnered with Metro to offer Banzai financial education programs for students to build financial literacy

4,568
Adult learners accessed Everfi Digital Learning financial education resources

57
Metro management volunteers on nonprofit boards & committees throughout MA that impact low- to moderate-income communities.

748
Individuals enrolled in Metro’s nationally certified BankOn Safeguard Checking Account

246
Financial wellness seminars presented to Metro@work workplace banking partners

Metro employees collected coats and blankets to provide the gift of warmth for others less fortunate

Download The 2023 Community Impact Report

Download

Metro Credit Union is the largest state-chartered credit union in Massachusetts, with $3.4 billion in assets. Metro provides a full range of financial products to close to 200,000 members in Essex, Middlesex, Suolk, Norfolk, Plymouth, Barnstable, Bristol and Worcester counties in Massachusetts, and Cheshire, Hillsborough, and Rockingham counties in New Hampshire, as well as to employees of over 1,200 companies through its Metro@work program.

Founded in 1926, Metro currently operates branch oces in Boston, Burlington, Chelsea, Dorchester, Framingham, Lawrence, Lynn, Medford, Melrose, Newton, Peabody, Reading, Salem, Tewksbury, and West Roxbury. Metro is also a Juntos Avanzamos (“Together We Advance”) designated credit union, an honor given to financial institutions for their commitment to serving and empowering Hispanic and immigrant consumers. Learn more at MetroCU.org and connect with us on LinkedIn.