MCU- WHO ARE WE

The Municipal Credit Union was founded in 1916 by the then New York City Major John
Purroy Mitchell who was concerned about the financial plight of city employees. At the
end of the first year MCU had only 19 members; whole deposits totaled $570.

Today MCU has approximately 400,000 members and over 2 billion dollars in assets. It
is one of the largest and oldest credit unions in the United States. MCU offers its
membership a wide variety of high quality, low cost services ranging from basic savings
and installment loans to high dividend earning IRAs and certificate accounts, home
equity lines of credit, mortgages and visa cards.

WHO ARE WE…

In 1916, when the average annual wage was under $1,200 and the cost of living in New York City was climbing steeply,
the Municipal Credit Union opened its doors for business. Private bankers had curtailed loans and interest rates had
risen.

The then NYC Mayor John P. Mitchell sought a way to provide city employees access to credit at low cost. At
Mitchell’s request, the city chamberlain, Henry Bruere, came up with the idea of a credit union. Bruere determined that
forming a credit union was feasible under New York State banking law and in November of 1916, we opened for
business in the Municipal Building at One Centre Street, where our banking operations remained until 1983.

The Credit Union has seen significant asset and member growth since 1916, when we had 19 members with total
deposits of $570. Today, MCU has approximately 400,000 members and over $1.8 billion in assets. We are one of the
largest and oldest credit unions in the United States. Our membership not only includes city employees, but also has
expanded eligibility to state employees, workers in health-care facilities, both public and private, and their respective,
immediate households.

MCU offers its membership fourteen full-service branch facilities at which they may transact business: Manhattan, East
Side, Brooklyn, Brooklyn Postal, Coney Island, Queens, East Meadow, Elmont, Bronx- 150th Street, Co-op City, Staten
Island, Yonkers, Nyack and Spring Filed Gardens. MCU also offers express branch options with Member Service
representatives to handle their expeditious needs: East Meadow, Melville, Georgetown and Flatbush Junction.
Municipal Credit Union has marshaled the benefits of technology to provide members with alternate vehicles to access
their accounts. MCU Cash connection proprietary ATMs have been installed in all of our branches and at non-branch
locations, thus providing additional sites for member convenience. Our first step in this direction was the installation of
two ATMs in the District Council 37 headquarters, one in the Brooklyn TA site, and a stand-alone facility in the Queens
Centre Mall. Today, there are many ATMs throughout the metropolitan area accessible to the membership.

Members may also access their accounts through Touch Tone Teller. This automated voice response system, which was
introduced in 1986, enables members to obtain account information and perform a variety of monetary transactions.
Home Banking, Bill Pay, E-statements are some of the convenient services offered to the membership. And, of course,
members can receive account information by calling our Contact Center weekdays, Monday, Tuesday, Wednesday, and
Friday from 8:00 a.m. to 5:00 p.m., Thursday from 8:00 am to 7:00 pm, and on Saturdays, from 9:00 a.m. to 1:00 p.m.

The services Municipal Credit Union offers members have grown from when we first opened our doors. We offer
members a full portfolio of financial services, including mortgage programs, Visa cards, IRAs, Share Certificates,
Insured Money Market accounts, and, of course, never forgetting our roots, various loan products.

Members may arrange to make deposits to savings accounts and payments to credit union loans automatically, per pay
period, through automatic payroll deduction. Direct deposit is also available. Furthermore, each member account is
insured up to $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency.

While we’ve grown considerably in our almost 100 years, we have not grown out of the original concept of credit union
philosophy-service to our members by providing financial self-empowerment. We have not grown out of putting
members’ needs and wants first.

Build lifetime quality financial relationships with
each member by providing competitive products

and excellent service.

To become our members’ preferred financial
institution by achieving excellence in service delivery.

 Act with integrity, honesty and enthusiasm.
 Respect others – treat others as we would like to be treated.
 Be dedicated and loyal.
 Communicate with each other – foster cooperation.
 Share knowledge and information.
 Deliver on all promises – be accountable.

BOARD OF DIRECTORS

Honorable Sylvia G. Ash, Chair Mark Brantley, Director
James Durrah, 1st Vice Chair Tessa I. Hackett- Vieira
Richard Wagner, 2nd Vice Chair Beryl Major, Director
Loretta Y. Jones, 3rd Vice Chair Joy Schwartz, Director
S. Nana Osei-Bonsu, Treasurer Thomas E. Diana, Director Emeritus

Qqqq Shirley Jenkins, Secretary The Board of Directors is comprised of a voluntary group of
people legally charged with the responsibility to govern MCU.
The Board set policies which are carried out by management.

Mario Matos, Jr., Asst. Treasurer Boards of Directors Responsibilities also include:
Carol A. Duncanson, Asst. Secretary
 Determine the Organization's Mission and Purpose
 Select the Chief Executive Officer
 Support the CEO and Review His or Her Performance
 Ensure Effective Organizational and Strategic Planning
 Ensure Adequate Resources

SUPERVISORY COMMITTEE

Giovanni Porcelli, Chairman

Almeta Coaxum, Member

Cheryl Wright, Member

Joseph Guagliardo, Member

Karen Lucas, Secretary

The Supervisory Committee is an independent body whose function is to monitor the operations of the credit union to
ensure compliance with both internal and external controls.
The Supervisory Committee duties are to:
 Perform or select a qualified individual to perform the annual audit, member account verification, and periodic

internal audits of operational audits throughout the year.
 Present the Annual Report at the Shareholders Annual Meeting.
 The SC is a voluntary position and its members are elected by the Municipal Credit Union membership.

KAM WONG, President & CEO

Kam Wong Kam Wong is the President and Chief Executive Officer of New York’s Municipal
Credit Union (MCU). MCU, the oldest credit union in New York State and one of
President/CEO the oldest and largest credit unions in the country, has more than 350,000 members
and over $2.0 billion in assets.

Mr. Wong has been at MCU for more than 30 years, joining the credit union in
1981. In 1988, he became MCU’s Chief Financial Officer, a position in which he
was instrumental in developing the credit union’s solid fiscal and investment
policies. Mr. Wong was named MCU’s President in 2006 and assumed the
additional role of Chief Executive Officer in 2007.

Mr. Wong was born in Hong Kong and lived there until the age of 19 when he and
his family immigrated to the United States. He started his career in accounting
positions at Banco do Brasil and Chase Manhattan Bank before coming to Municipal
Credit Union.

Mr. Wong is a Certified Management Accountant and a Certified Financial Manager
as designated by the Institute of Certified Management Accountants. He earned his
Bachelor of Business Administration in accounting from Baruch College, at the City
University of New York, and an MBA in finance from Dowling College of New
York. Mr. Wong has also completed executive training coursework from the
University of Pennsylvania’s Wharton School of Business, Cornell University’s
Johnson School of Management, and the University of Virginia’s Darden School of
Business.