Metro Credit Union

Dear Metro Members,

Despite a challenging rate environment and general disruption in the financial services industry, Metro Credit Union continued to see growth in 2023, increasing deposits by 12.5% and surpassing the $3.4 billion mark in total assets. Additionally, Metro’s loan volume increased by 9.2% year over year, with commercial lending leading the way with a 14.8% increase.

While other financial institutions struggled and some failed, we remained stable and strong, reassuring members that unlike most competitors, Metro protects all deposits with 100% coverage through the National Credit Union Administration (NCUA) AND Massachusetts Credit Union Share Corporation (MSIC). During this tumultuous time, we have remained a secure and trusted banking option, and we’re happy and proud to provide a safe place for our members’ hard-earned savings.

As the economic environment continued to shift, we remained committed in meeting the evolving needs of our growing membership. As such, we initiated several new projects throughout the year, beginning in January with the launch of a partnership with Credit Union Student Choice, the leading provider of higher education financing solutions to America’s credit unions. Metro now offers Student Choice’s flagship private education line of credit for undergraduate and graduate students, as well as a student loan refinance option, aiming to make higher education more attainable for our members. In the program’s first year, Metro granted loans to 303 students totaling $10.5 million.

In June, we launched Metro’s Digital Branch for members who prefer to get their banking done from the convenience of home – or wherever they might be – using a computer or mobile device. Metro’s digital assistant Chelsea helps guide members through self-service options, and live Metro agents are available to assist with more complex transactions – offering members the option to complete most of their banking from anywhere.

Throughout the year, we remained steadfast in our commitment to the community, contributing $340,649 in charitable donations and scholarships, and providing $13.2 million in qualified community development investments, which included affordable housing for those with low and moderate incomes. Understanding that a solid financial education is a crucial component of a person’s long-term financial success, we hosted 246 in-person and virtual financial wellness seminars to our community and Metro@work members.

To build upon our existing philanthropic efforts, we launched the Metro Credit Union Foundation in April to provide financial assistance to non-profit organizations that contribute to the economic well-being of local communities and their residents. Over the course of two rounds of applications in 2023, we were proud to award 12 grants totaling more than $100,000 to local non-profit organizations.

Metro employees gave back in other ways, too – filing and delivering 36 food baskets to Catholic Charities of Boston as part of Metro’s Thanksgiving food drive; providing holiday gifts to 76 local children through the Salvation Army Angel Tree Program, participating in the JDRF One Walk to raise $10,000 for the Juvenile Diabetes Research Foundation, and building 10 beds that were donated to the Coalition for the Homeless’ A Bed for Every Child program. We’re also proud that 57 members of Metro’s broader management team are volunteers on non-profit boards and committees throughout the area that impact low-to moderate-income communities.

In 2023, Metro received ongoing recognition for our accomplishments, being named a Top Credit Union in the Banker & Tradesman Best of 2023 Awards; a top charitable contributor by the Boston Business Journal for the fourth consecutive year; and number one for volume of single-family purchase loans in Massachusetts by The Warren Group, publisher of Banker & Tradesman and The Registry Review in their annual rankings list in March. Metro was also awarded an outstanding rating by the Massachusetts Division of Banking as part of the organization’s 2023 Community Reinvestment Act.

As Metro continued to grow, so did our employee base. We concluded 2023 with 322 employees, a nearly 7 percent increase in headcount from the previous year. Key hires included Amy Moody, Chief People Officer, who joined Metro in January to oversee Human Resources, and Larry Stanford, SVP Chief Financial Officer who joined in October to oversee Accounting and Finance. Both bring extensive experience in their respective fields.

With nearly all Metro employees back in the office for at least part of the work week, we enjoyed many events that have become annual traditions, including Metro’s Fenway Park Opening Day celebration with hot dogs and ballpark snacks, Pi Day with specialty pies and pastries from local bakeries, National Donut Day with local donuts, and National Ice Cream Day with an ice cream truck. We were also thrilled to explore Canobie Lake with our colleagues and family members at the summer outing and celebrate the holiday season at the Royal Sonesta in December.

I am grateful to our entire community – the Board of Directors, Metro’s loyal member base, our partners, and vendors, and most importantly, our exceptional employees – for joining us on this journey and being part of Metro’s success in 2023. I look forward to another successful and profitable year ahead where we’ll continue to invest in our employees and provide the products and services that are most meaningful and impactful for our members.