Metro Credit Union

CHELSEA, MA – February 27, 2024 —Metro Credit Union, the largest state-chartered credit union in Massachusetts, announced today that it is poised for growth in 2024, building on innovative approaches to member service, digital strategy to enhance the member experience, and the launch of its charitable foundation to support programs and initiatives that positively impact local communities.

“Metro always seeks valuable opportunities to provide members with the best service and best options for managing their money,” said Robert Cashman, President and CEO of Metro Credit Union. “We have a lot to be excited about this year and look forward to building on our 2023 accomplishments and advancing our strategic vision for 2024. We’re proud of our achievements and our continued work impacting the causes and initiatives that are important in our local communities.”

Milestones

Metro ended 2023 with total deposits up 12.5%, and an 8.1% increase in assets bringing that total to $3.4 billion. In addition, the volume of loans overall increased by 9.2% year over year, with commercial lending leading the way with a 14.8% increase.

The Metro Credit Union Foundation was launched in 2023 to support local non-profit organizations and programs primarily serving low- to middle-income populations and focusing on Community Development, Safe and Affordable Housing, and Financial Wellness and Advancement. Inaugural grants were awarded in April 2023 and a second round of grants was announced in December. Metro presented grants to 12 local non-profits, totaling $105,000, and will continue funding the three Foundation pillars in 2024.

Summer 2023 marked the launch of Metro’s Digital Branch for members who prefer to get their banking done from the convenience of home 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.

Key Hires

In January 2023, Amy Moody, Chief People Officer, joined Metro to oversee a dynamic evolution in human resources operations. Moody oversees the entire Human Resources function, responsible for all areas of employee experience.

Larry Stanford joined Metro in October 2023 as SVP Chief Financial Officer to oversee all Accounting and Finance functions for the organization, bringing extensive experience in financial services.

To better serve member needs, Metro recently announced a strategic realignment of its retail branches with the addition of two Regional Managers who will be responsible for branch operations, sales and service initiatives, and general oversight within their respective areas. Current Lynn Branch Manager Steve Johnson has been promoted to AVP Regional Manager of one area, and Metro expects to hire a second Regional Manager to oversee the other area.

Community

Metro is committed to giving back to the communities it serves through a number of ongoing philanthropic initiatives each year. In 2023, those initiatives included:

Metro Scholarship Program: Metro awarded 19 scholarships of $1,000 each to graduating high school seniors in communities the credit union serves who plan to attend an accredited undergraduate or vocational program of study. Metro will again offer the scholarship program in spring 2024 for the 2024-2025 academic year.

JDRF Walk: Metro raised nearly $14,000 in funds to support Type 1 Diabetes (T1D) research.

Metro employees hosted a Mass Coalition for the Homeless Build-A-Bed event and together constructed 10 twin beds for local children in need, complete with bedding and teddy bears.

Metro employees created and donated 36 baskets with all the ingredients for a Thanksgiving meal to Catholic Charities of Boston. In addition, Metro employees donated gifts of toys and clothing for 75 local children in need to the Salvation Army Angel Tree program.

Metro also proudly supported community organizations and events including the Tewksbury Community Pantry, Melrose Alliance Against Violence, Fiesta en la Calle, Chelsea Back to School Day, and Chelsea Night Out among others.

Awards

Metro was recognized for its philanthropic efforts with a Boston Business Journal Corporate Citizenship Award for the fourth year in a row. Metro was also recognized as a Top Credit Union Lender by Banker & Tradesman and received an Outstanding Community Reinvestment Act Rating for its work meeting local community credit needs in 2023.

About Metro Credit Union

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 Barnstable, Bristol, Essex, Franklin, Hampden, Hampshire, Middlesex, Norfolk, Plymouth, Suffolk, and Worcester counties in Massachusetts, and Cheshire, Hillsborough, and Rockingham counties in New Hampshire. Metro is the credit union of choice for employees at over 1,200 companies through its Metro@work program.

Founded in 1926, Metro currently operates 19 branch offices 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. Metro was recently named among the most charitable companies in Massachusetts by the Boston Business Journal. Learn more at MetroCU.org.