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Winter 2010
New Name,
New Look, New Year!
What better way to enter a New Year than with an entirely new
perspective? As you can see from this publication, we've added
freshness to our look. We now have a more inviting name to
welcome members from all of our Employer Groups. Additionally,
we are introducing a reworked logo that still represents the metropolitan
area we serve with a tribute to the Towers that stood in
the skyline when our Credit Union had its beginning in 1970.
We plan to be a much more visible and active credit union in
2010. You'll see changes in our brochures, our credit cards
and our website. We plan to offer more in loan products and
convenience services such as ATM s and online banking.
During the difficult period beginning in September of 2008 we've
seen our members move funds from other institutions to ours -
capitalizing on higher certificate rates we were and are able to
offer. It was this movement of funds amid the financial crisis that
helped our institution reach the $80 million plateau in assets in
September of 2009. The rates alone do not explain the growth.
Members trust our institution and why shouldn't they when our
Capital-to-Asset Ratio is more than double what the regulators
consider safe?
We plan to be a much more visible and active credit union in
2010. You'll see changes in our brochures, our credit cards and our
website. We plan to offer more in loan products and convenience
services such as ATMs and online banking.
Your Credit Union suffered a physical disaster when a fire the
Saturday before Thanksgiving 2008 displaced our main office for
four months. We were up and running that Monday morning
handling all member transactions and issues. We returned to our
offices at the end of March 2009. From the growth noted above,
it would be hard to argue anything but our successful recovery.
 The personnel, management
and volunteers of Greater Metro
wish all of our members and their
families a Happy and Healthy New
Year and hope that you join us in a
rewarding and successful 2010.
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The Year in Review and the Year Ahead
Review of 2009
It would be difficult not to include the last
forty days of 2008 to start the review of 2009
since "The Fire" delayed so much of what
was planned for in 2009. We returned to
Long Island City on March 23, 2009 and
quite honestly the scent of the fire remained
for several months.
The catching up began as soon as we arrived.
Our year-end audit began the same day.
Schedules that had only been accessible
on our office computers had to be updated.
New member and loan applications that
had accumulated over four months at our
disaster recovery site had to be filed.
There were cleanup issues that popped up
frequently, not to mention the continued
testing of the building fire alarms.
As we settled in, we addressed our planned
initiatives for 2009. Work to install our first
ATM began immediately, and it was up and
running in the lobby of the Manhattan VA
in mid-August. This machine has handled
thousands of transactions due to its location
in the lobby. This was installed for the
benefit of our VA members who need cash
when our Branch on the second floor is
either closed or handling long lines.
The changing of our name was discussed for
years to become more inviting to members
of all of our Employer Groups. The naming
process, from its selection to trademarking
it to picking the associated logo, was completed
over the summer, and we received
NCUA approval in August. More has to be
done before the transition is completed, such
as new brochures and issuing new plastics
that will reflect the new branding. Please
note that all plastics, checks and account
information continue to be valid and usable.
Although the numbers are preliminary and
unaudited at this point, we can say that 2009
was a good year for Greater Metro. Assets
increased to over $81.7 million at the end
of December 2009. This $16 million or 24%
increase in asset growth over 2008
is significant since it was made
up solely of increased member
shares.
 Looking Ahead
to 2010?
We have the assets, now
we need the members.
Most of the asset increase came
from our existing members.
Although we are all happy about
the growth, in order to sustain our
long-term viability, the Credit Union
needs to add new members. One of our initiatives
for attracting new members (aided by
the name change) will be to reintroduce ourselves
as the financial institution of choice
to our other Employer Groups. One, for
example, is the Visiting Nurses of NY. This is
an eleven thousand employee institution of
which we've only scratched the surface with
membership.
We have the assets, now we need
the loans.
One of the Credit Union's
goals is to get funds to our members. This is
especially important in these times when so
many institutions have clamped down on
making funds available. A selfish but basic
business reason is that in order to be able to
offer higher savings rates, the Credit Union
must earn on higher rates itself. We have
been doing this by judiciously investing in
guaranteed and insured instruments, but the
higher yielding and preferable instruments
are loans. We will ensure you that the Credit
Union understands its obligation to its overall
membership and to the NCUA Insurance
Fund to be judicious in its lending. Products
will be developed and promoted throughout
the year to help meet our member needs but
will never be at the expense of sacrificing our
due diligence.
We've had the turmoil, now we
need stability.
Our building fire and the
financial market crisis was a great deal to
overcome. On the disaster recovery aspect,
we passed with flying colors. Although
tedious, running into the Queens post office
daily to get our mail, bringing it back to our
partnered Credit Union to post it and then
bringing the checks cross-town to transmit
the check images occurred without fail for
four months. Statements went out and calls
were handled. On the financial crisis, we
became a safe port of call for many of our
members who transferred funds from bailed
out and struggling institutions to earn above
market savings rates with us. The proof is our
asset growth.
With the economy recovering, we plan to
do even more for our members in order
to keep their level of trust and of course
their funds.
TOP
Our Annual Meeting
Our annual meeting was held on July 8, 2009. It was
at this meeting that the audited financial results of
2008 were made available. The audit was conducted
by the Certified Accounting firm of Wojeski & Co.,
and similar to other 2009 initiatives, was delayed due
to the Credit Union's displacement caused by the
fire in the Long Island City location. The first
half of 2009 was also spent waiting on how our
regulator, the NCUA, would address the losses of
several large Corporate Credit Unions and how the
related "bailout" expenses would affect natural
person credit unions such as Greater Metro.
The actual impact caused by the NCUA's
Stabilization Expense and recorded on the books
in 2008 was only $98 thousand. This category of
expense will be a recurring one that will change
annually based on the reported losses of the
Corporate Credit Unions and should go away as the
financial markets recover. As you can see from the
accompanying schedule, net income from the year
2008 was close to $6 million.
The primary contributing factor to this income was
the sale of our building at Queens Plaza in April of
2008. Assets increased $14.6 million to $65.8 million,
or 28%, over 2007, which was a direct result of
member funds moving away from banks to the safety
of credit unions during the last four months of 2008,
as well as from the proceeds from the building sale.
Besides reporting on the financial well being of our institution, the
announcement of your newly elected Directors to the Board took place.
The nomination process, which took place earlier in the year, yielded two
candidates to fill the two seats being vacated. Mr. Robert Morrison and
Mr. Jerome LoMonte were elected to fill the three-year terms.
TOP
Board of Director Elections 2010
At a duly held board meeting, Chairman Robert Morrison appointed
three members to serve on the nominating committee in order to accept
applications from credit union members wishing to run for the two seats
whose terms are expiring in 2010.
Any member who is at least 18 years of age may submit his or her name
for consideration of being selected by the Nominating Committee and
placed on the ballot for election to the Board. Applications or resumes
should include the member's qualifications and experiences that would
show how his or her election would benefit the Credit Union and the
membership. A letter should also be included stating that if elected,
the member has every intention of serving on the Board and would also
agree to background and credit checks.
All applications should be sent to the following address:
Nominating Committee
Greater Metro Federal Credit Union
31-10 37th Avenue
Suite 403
Long Island City, NY 11101
Applications must be received by February 28, 2010 to be
considered. Applicants not selected by the Nominating
Committee but still wishing to run for the Board would still
have the opportunity through a petition process, which will
be detailed at a later date.
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Direct Deposit Your Tax Refund
Get It Fast and Easy
If you authorize a Direct Deposit order on your 2009 tax returns,
your overpayment refund will be deposited into your Credit Union
account. Instead of waiting weeks for the check to arrive, with
Direct Deposit, the funds will be available to you immediately.
On the IRS tax forms 1040, 1040A and 1040EZ, choose either
your Checking or Savings Account for the deposit account. Be
sure to include your account number and the Credit Union's ABA
routing number - 221475605.
TOP
 Auto Loans
Great Rates and Coverage
With rates as low as 4.09% APR * for New Vehicles and
4.69% APR* for Used Vehicles, it pays to contact us before
you finalize your purchase. Please note that rates will vary
depending on credit scores and may change without notice.
 For further protection, you can add GAP coverage and
Mechanical Warranty Coverage to your loan at less than what
Dealers are offering.
Make sure you ask our Member Service Representative about
these offerings when applying for your loan.
Insurance and Title Requirements
Although the Credit Union hopes to provide you with the
funds you need to put you behind the wheel of your dream
car, each member is then obligated to maintain an appropriate
amount of insurance coverage naming the Credit Union as
the Loss Payee.
Failure to do so may result in the Credit Union purchasing
and assessing insurance to you. This amount would be charged
to your savings or checking account and may be a higher
amount than what you could have obtained on your own.
This borrower responsibility for insurance is in addition to
ensuring that the Credit Union is named as a lien holder with
the Department of Motor Vehicles.
The above steps are required to protect the assets of the
Credit Union and its Members.
*APR=Annual Percentage Rate. Rates are subject to change without notice. Other rates and terms available. Contact
the Credit Union for complete details.
**$20,000 borrowed for 5 years at 4.89% APR. $15,000 borrowed for 5 years at 5.49% APR. Members can borrow
up to $75,000 for a new or used vehicle with terms up to 72 months
TOP
It's IRA Season
Many of you have IRAs with the Credit Union, and many of you may want to
open new IRA accounts. April 15th isn't only important because of it being
"Tax Day," it is also important for making prior year contributions to your IRAs.
Below is some general information on IRAs but it is important to discuss your
retirement account decisions with your tax and/or investment advisors.
Traditional IRAs: These IRA plans are the original, but their annual
contribution limits have increased to $5,000 or $6,000, depending on age.
Plus, generally, amounts in your IRA, including earnings, are not taxed until
they are distributed.
Roth IRAs: Contribution amounts for a Roth IRA are the same as the
Traditional variety, but an important difference is that your earnings grow taxfree
if certain qualifications are met. Your contributions are non-deductible, but
a tax-free withdrawal of earnings at retirement is an amazing benefit.
Coverdell Education IRAs: Save money for your child's education on a taxfavored
basis with a Coverdell Education IRA. These IRAs now have increased
contribution limits of $2,000. Tax on earnings is deferred until the funds are
withdrawn, and if used for qualified education purposes, the entire withdrawal
can be tax-free.
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Change in On-Line
Banking Security
Long overdue and necessary to better safeguard
member funds, your access to account information
and the ability to transact will require changes to
security. Although less is easier to remember, it is
also easier for hackers to figure them out, and that
is why we are requiring all members to follow the
prompts after logging into "It's Me 247" to upgrade
their passwords and security settings.
Beginning February 15, 2010, any member signing
on to "It's Me 247" will be required to upgrade their
security. Please follow the prompts on the secured
website. If you encounter any problems please call
Member Services at 718-361-1002.
Please be aware that changes will also be made to
ARTIE, our telephone response system.
TOP
Credit and Debit Card Information
We are in the process of redesigning our plastics to incorporate our new name. The Credit Union is
still reviewing the manner in which new cards will be issued and will inform the membership as soon
as it is decided.
Please remember that your current cards are valid and usable.
Over The Limit Fees Are Being Removed
To meet new Consumer Protection legislation requirements on our Credit Card product, we are removing
"over the limit fees." In order to be compliant, the Credit Union considered two options. One would require
each cardholder to respond whether they agree to "opt in" to have such a fee assessed to their account in the
event that they went over their credit line. To avoid what many argue is an administrative nightmare
associated with the preceding option, the Credit Union is simply removing this fee.
Consequently, the Credit Union will no longer allow balances to go over the approved credit limits.
TOP
Holiday Closings
New Year's Day - January 1, 2010
Martin Luther King, Jr. Day - January 18, 2010
Presidents' Day - February 15, 2010
Memorial Day - May 31, 2010
Independence Day (observed) - July 5, 2010
Labor Day - September 6, 2010
Columbus Day - October 11, 2010
Veteran's Day - November 11, 2010
Thanksgiving Day - November 25, 2010
Christmas (observed) - December 24, 2010
New Year's Day (observed) - December 31, 2010
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