Metro Credit Union Exceeds $2.3 Billion in Assets
January 19, 2021
Massachusetts’ Largest State Chartered Credit Union Improves Banking Experience for Members, Receives Recognition for Growth and Charitable Work
CHELSEA, MA, January 19, 2021 – Metro Credit Union, Massachusetts’ largest state-chartered credit union, today announced that it closed out 2020 with $2.385 billion in assets, a 14 percent increase since December 2019. Metro also continued to make key hiring decisions in 2020, adding 56 employees to the organization over the course of the year, bringing the total headcount to 325.
The organization attributes its tremendous growth to its laser-focused commitment to improving the banking experience for its more than 220,000 members. In October, Metro underwent the latest phase of the company’s three-year transformative project. As part of this most recent phase, Metro made innovative updates and changes to its systems and overall infrastructure that have ultimately helped make banking easier for its members. The new updates to Metro iBanking included:
- MoneyView – an account aggregator tool that allows members to view all their Metro accounts and other financial institutions in a single pane without having to toggle between different browser tabs
- Real Time Remote Deposit – technology that allows members to see remote deposit checks in real-time*
- Zelle – a Person-to-Person service that lets members easily send and receive money to friends and family
Other new programs and services included:
- Early Pay – members can receive electronic payroll deposits up to two business days earlier
- CardValet – allowing members to manage their debit card, including the ability to turn access on or off from their smartphone
“I’m incredibly proud of what we were able to accomplish as an organization during a tumultuous and often uncertain year,” said Robert Cashman, CEO and president. “Our ultimate success was possible thanks to the team’s ability to act as a unified front, and while I celebrate our accomplishments, I hope most importantly for a brighter and healthier 2021 for all.”
Metro continued to expand its commercial lending capabilities, seeing a 14.6 percent increase in commercial loans in 2020, compared with the same period in 2019. As such, the Commercial Services team also grew significantly in 2020 with notable additions including Kevin Malone, Senior Vice President, Senior Commercial Lender; Jason Truong, Vice President, Commercial Relationship Manager; Kim Monahan, Senior Vice President, Senior Commercial Credit Officer; and Eric Gilliland, Vice President, Commercial Relationship Manager.
Throughout the year, Metro remained committed to one of the organization’s key cornerstones – giving back to the community. In 2020, Metro donated to more than 75 organizations. In April, in the height of the coronavirus pandemic, Metro donated 5,000 N95 masks to Partners HealthCare. The masks were distributed to Partners’ institutions, including several local area hospitals, which were treating coronavirus patients. In May, Metro donated $5,000 to the One Chelsea Fund to support families and individuals financially impacted by the coronavirus pandemic. For a time, the City of Chelsea, home to Metro’s corporate headquarters, had the highest incidence rate of COVID-19 cases in the state.
Metro received an abundance of praise for its community-based achievements, tremendous growth, and exemplary customer service in 2020. Recognition included:
- Boston Business Journal 2020 Corporate Citizenship Award – Metro was the only credit union recognized on the 2020 list.
- CUNA’s 2020 Dora Maxwell Social Responsibility Community Service Award – national award presented to credit unions for their outstanding social responsibility projects in their communities.
- The Warren Group Top 50 Fastest Growing Lender – awarded to vendors who saw notable growth in their commercial lending divisions in the first half of 2020.
- Banker and Tradesman’s Best of 2020 – voted a silver winner in the “banking: credit union” category of the publication’s 13th annual reader’s poll.
- Banking New England Community Hero Awards – voted overall hero in the “credit union hero” category.
Exciting opportunities are on the horizon for Metro in 2021. In Q1, the company will begin to offer an auto leasing program to its members. Later, in Q2, Metro will expand its footprint, opening its fifteenth branch office in West Roxbury. The company also has plans to relaunch its website early this year.
For more information about Metro Credit Union, please visit metrocu.org.###
About Metro Credit Union Metro Credit Union is the largest state-chartered credit union in Massachusetts, with $2.3 billion in assets. Metro provides a full range of financial products to more than 225,000 members in Essex, Middlesex, Suffolk, Norfolk, Plymouth, Barnstable, Bristol and Worcester counties in Massachusetts, and Rockingham and Hillsborough 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 14 branch offices in Boston, Burlington, Chelsea, Framingham, Lawrence, Lynn, Melrose, Newton, Peabody, Salem, and Tewksbury. 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 and connect with us on LinkedIn.
Metro Credit Union is closely monitoring the COVID-19 emergency and working with members who are impacted. For more information about access to our branches and how to manage your accounts remotely during this time, please visit MetroCU.org/access.