Aligning with trends across the credit union industry, Metro Credit Union saw growth in assets and deposits in 2024. Notably, member deposits grew by 3.6% reaching $2.6 billion, while total assets increased from $3.42 billion to $3.44 billion. Loan volume remained relatively steady with commercial loans increasing by $924,000 to $558.3 million. 

Metro attributes much of its deposit growth to the July launch of Metro Checking, an innovative new checking account that offers flexible benefits and eliminates unnecessary fees. In tandem with the new checking account, Metro also launched a first-of-its-kind Metro Rewards Program allowing members to earn more for their money through a redeemable points system. The new product and accompanying rewards system were both designed with our members in mind, creating opportunities for them to earn rewards and increase their funds rather than penalizing them with fees.

In November, we launched a two-tier business checking model to benefit Metro’s existing business members while also expanding our existing portfolio. Both tiers of Metro Business checking – Essential and Premium – include unlimited transactions, no transaction fees, and free cash management. As part of the launch, Metro also partnered with StrategyCorps to offer BaZingBiz, a suite of value-added benefits available exclusively to its business checking members.

During 2024, Metro continued its commitment to fostering development, growth, and engagement across our employee base. In February, we launched our first-ever Engagement Survey to better understand how our employees feel about working at Metro. In partnership with third-party vendor Quantum Workplace, which collected and analyzed employees’ confidential responses, we learned valuable insights into where we’re excelling and what areas need some work. Based on this valuable data, we have continued to roll out and refine our people programs to support, develop, and engage with our employees. 

In addition to improving the workplace experience, management focused on ensuring the right people were in the right roles, creating movement across the company and resulting in an internal mobility rate of 16.7%. We were also happy to welcome 70 new employees to the Credit Union, including SVP Chief Marketing Officer Monica Santos in June, who now oversees all marketing activities for the organization.

Throughout the year, we remained steadfast in our commitment to the community, contributing $210,000 toward community efforts, programs, and non-profits, as well as an additional $19,000 in scholarships. 

Eager to create opportunity for members at all stages of life, we also disbursed more than $4 million in new education loans to more than 175 students; provided 42 affordable car loans as part of our ongoing partnership with Second Chance Cars; helped 76 first-time homebuyers realize their dreams of owning homes through unique financing options totaling $33.7 million. 

Understanding that a solid financial education is a crucial component of a person’s long-term financial success, we hosted 195 in-person and virtual financial wellness seminars for our Metro@work members.

In addition to these philanthropic efforts, we continued our community commitment through the Metro Credit Union Foundation, helping 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 2024, we were proud to award 12 grants totaling more than $103,000 to local non-profit organizations.

Metro employees gave back in other ways, too – filling and delivering 34 food baskets to Lawrence-based non-profit Neighbors in Need as part of Metro’s Thanksgiving food drive; providing holiday gifts to 75 local children through the Salvation Army Angel Tree Program; and building 15 beds that were donated to the Coalition for the Homeless’ A Bed for Every Child program. We’re also proud that Metro employees volunteer on 60 non-profit boards and committees throughout the area that impact low-to moderate-income communities.

In 2024, Metro received ongoing recognition for our accomplishments, receiving a Diamond Award from the Marketing & Business Development Council of America’s Credit Unions; being named a top charitable contributor by the Boston Business Journal for the fifth consecutive year; and ranking number one in Banker & Tradesman’s “Best of 2024” Awards in the credit union category.  

Throughout 2024, Metro continued to celebrate its deep commitment to the credit union movement. In July, we were honored to welcome nearly 100 visitors from the World Council of Credit Unions, sharing details about Metro’s philosophy and strategy with colleagues from credit unions in Romania, Dominica, Australia, Nepal, Ghana, Trinidad and Tobago, Anguilla, and Ireland. In September, we celebrated the rich history of Chelsea, MA – a community Metro has been a part of for nearly 100 years – by participating in the city’s 400^th anniversary celebrations. We were also honored to be featured on Channel 5’s Morning EyeOpener on International Credit Union Day – a welcome opportunity to spread awareness about the credit union movement and the impact we have within our communities. 

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 2024. With clear objectives set for 2025 and many strategic initiatives already well underway, 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.