Spring 2013


At Last!
Long Overdue, this Newsletter will be the first in its scheduled Quarterly distributions. It will be delivered with your quarterly statements and posted on our website. E-Statement recipients will also receive them in the mail.

We’re Always Here For All Of You!

In order to provide our membership with competitive rates on

Savings and Borrowing, we have had to manage the bottom line in

an environment where earnings are hard to come by. Deferring some

of the projects on new products and services has been necessary.

Taking care of our members’ daily needs is a priority and although it

may appear at times that hold times are long, every member leaving

a message will get a call back from a Member Service Representative the same day. Aside from the day to day services that many of you
are used to receiving, we are working to roll out new products and
services during the remainder of 2013. One product, however, that
has been out in the open and taken advantage of by many of our
members has been our Mortgage product. An area that we shied away
from over the years and directed members to our real estate lending
vendors has now become our prime area of focus. By doing so we have
been able to offer members very competitive rates as well as building a
solid revenue stream for the Credit Union.

Nothing much has changed in the economy as rates remain low and Washington continues to be gridlocked on most issues. Where Washington has not been gridlocked is in the area of placing more compliance requirements on financial institutions in order to protect consumers. Although Credit Unions have not been the problem, we are burdened with the effort and cost of placing new compliance rules into effect.

Greater Metro monitors the savings rates of many institutions to ensure that the rates we offer our members are among the highest!

here 4 you group

A continued positive sign for Greater Metro is the loyalty of its membership. The Credit Union increased
assets in 2012 by $7mm finishing the year at $97mm. We expect to reach the $100mm asset milestone during 2013.


annual meeting info

2013 Annual Meeting And Board Elections!

The Annual Meeting is scheduled to be held at Greater Metro’s main office in Long Island City at 6 p.m. on Wednesday, June 26, 2013.

Reports will be provided on the results and operations for 2012 and the election results for the two Board of Director positions will be announced.

The Nominating Committee appointed by the Chairman of the Board received two applications for the two Board seats expiring this year and filed these names with the Secretary of the Board.

Vincent D’Agostino and Robert Ambrose have been nominated to serve on the Board of Directors. They would fill the seats of the two expired positions. Their terms will be for three years.

Members who would still want to be considered for these positions may place their names for consideration through the petition process.

Those interested members must submit their applications to the main office of Greater Metro FCUat 31-10 37th Avenue, Suite 403, Long Island City, NY 11101, Attention: Thomas Amato, Secretary of the Board. A petition must accompany the application and must have the signatures of 1% of the members (57 members).

These applications and petitions must be received by May 15, 2013.


Report On Last Year’s Annual Meeting

The Credit Union held its 2012 Annual Meeting to report the results of 2011 on Wednesday, June 20, 2012. The audited financial statements were released reporting that Greater Metro’s assets grew 3% in 2011 to finish the year at $90mm. Income doubled over that of 2010 but was still only $150k after paying member dividends and the annual regulatory assessment.

The results of our annual Board Elections were announced naming Robert Morrison and Thomas Amato as Directors to serve three year terms.

Jerry LoMonte, a volunteer for over thirty years, stepped away from an active role in the oversight of this Credit Union. His involvement began while an IBM Employee. He will now serve as a non-voting Director Emeritus where others will draw on his knowledge and experience of the Credit Union industry and more specifically of our Credit Union. We all thank Jerry for his many years of service!

This Year’s Annual Meeting is scheduled for

Wednesday, June 26, 2013


hurricane Sandy

The Hurricane has left its mark throughout the Metropolitan area. Localities are still struggling in their recovery. The Manhattan Campus, dark for almost four months is finally on its way to become fully operational. Repairs and cleaning of the facility continue, but most of the water damage has been taken care of through the efforts of the VA Administration. Departments began occupying the facility in stages on March 4, 2013.

The Credit Union Branch on the second floor will be re-opening in the near future as the priority is and should be geared to services for our Veterans. When most of the employees were relocated to the Brooklyn VA, Greater Metro reached out to the executives of DVA Federal Credit Union to expand their Shared Branch services. Already offering these services at the Fort Hamilton facility, they obliged by adding the service at the Brooklyn VA.

Our ATM in the Manhattan Campus lobby was maintained and replenished as needed during the building shutdown but is now being utilized at pre-hurricane levels. Please take advantage of the machine until our branch is reopened.



Greater Metro Credit Union Needs You!

Credit Unions are member-owned cooperatives. Although there is a paid staff to conduct the day to day operations, the “Management” of the institution is by the Volunteer Elected Officials from among its members.

That’s correct. From all of You!

We understand that with all of the demands coming from one’s own responsibilities to home, family and work, volunteering may not appear possible. But if you have some time, you can serve on a Committee to become familiar with the workings of your Credit Union and eventually take on the responsibilities of an elected official.

Those of you who are retired can bring valuable experience to the table. Those of you currently working at one of our sponsored employer groups can better present the needs of your fellow worker/members.

Please call to speak to a Board or Committee member to discuss ways you can become involved. Remember, Greater Metro is your Credit Union!


bill payBill Pay

A service that the Credit Union provides for its members is
Bill Pay. We are part of a much larger group of users which
keeps the cost of providing this service reasonable. In order
to pass along additional cost benefits to the Credit Union,
a few changes occurred on the back office side at the end
of 2012. These changes affected the ability of Credit Union
Member Service Representatives to access member Bill Pay
transactions on behalf of members. Members must now
submit their own “Payment Inquiries” online through a
link in the Bill Pay feature if there’s an error or if there
are questions about the transaction.


shared branchingShared Branching

For many years Greater Metro has subscribed to the UsNet Universal Sharing Network. This membership provides our members the convenience of conducting in person transactions at over 5,000 Credit Union locations nationally. Most Credit Unions on Long Island participate. Find a location at www.universalsharing.com.

Recently we added another network – Xtend Shared Branching. This network includes our partner Credit Unions who utilize our Core Processor. Although most of the Credit Unions are located in the Great Lakes Region, there are a few here in New York. They are the following:

Progressive CU, 131 W. 33rd St. 7th floor, New York, NY 212-695-8900

Consumers FCU, 425 Neptune Ave. Brooklyn, NY 718-266-2204

Lower East Side Peoples CU, 37 Avenue B, New York, NY 212-529-8197

Lower East Side Peoples CU, 2052 Adam Clayton Powell, New York, NY 212-222-0328

Phone numbers and other location can be accessed at http://search.xtendcu.com/branches/find/xtend


Holiday Closings

Memorial Day – Monday, May 27

Independence Day – Thursday, July 4

Labor Day – Monday, September 2

Columbus Day (observed) – Monday, October 14

Veterans’ Day – Monday, November 11

Thanksgiving Day – Thursday, November 28

Christmas (observed) – Wednesday, December 25


contact info