MCU Joins Credit Unions Around the World in Celebrating the Credit Union Difference on International Credit Union Day

October 1, 2009, New York City - "Your Money, Your Choice, Your Credit Union" is the theme for this year's International Credit Union Day which will take place on Thursday, October 15th and MCU, the oldest credit union in New York State, joins credit unions the world over in celebration of the credit union difference as financial service providers.

"In this difficult economy it is more important than ever that people understand that difference," said MCU President/CEO, Kam Wong. "At MCU our primary focus is on what is good for our members…not how to generate profits for stockholders. Our mission is to serve our large diverse community of account holders with competitive financial services, foster financial education, and be a good corporate member of the communities we serve. That's the MCU difference-and our credit union philosophy has not changed since we were incorporated back in 1916," he concluded.

Because credit unions are not for profit financial cooperatives, earnings after operating costs and reserve requirements go back to its members in better savings and loan rates and lower cost products and services. Today, there are over 177 million members all over the world who are served by credit unions, some of them in small and impoverished areas where few financial services are otherwise available. In the United States alone, credit unions are celebrating 100 years of service, and MCU has been there for its members 93 of those years. Its rich history began in 1916 as an outgrowth of concern by then Mayor, John Purroy Mitchel, who wanted city employees to have a way to save at reasonable rates and a low cost borrowing alternative to loan sharks. At the end of its first year of incorporation MCU had 19 charter members and $570 in total deposits. Today, it is a full service financial institution with over 316,000 members and $1.5 billion in assets.

About Municipal Credit Union

Municipal Credit Union (MCU) is the oldest credit union in New York State and one of the oldest and largest in the country. Established in 1916 and headquartered in New York City, today MCU has assets of over $1.5 billion and offers a full range of financial services to over 316,000 members. With branches in New York City, Westchester and Long Island, members also have access to the credit union’s large and growing ATM network. Eligibility to open accounts at MCU is available to New York City and Yonkers municipal employees; state and federal employees who work in the five boroughs; health care professionals who work in New York State; members of select industry groups; employees of private colleges in New York City and private and public colleges in Nassau, Suffolk, and Westchester; certain family members, and qualifying retirees. MCU is an equal opportunity lender and deposits are federally insured to at least $250,000 by the National Credit Union Administration (NCUA), a U.S. government agency. For more information about Municipal Credit Union, visit www.nymcu.org

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