In front of an audience of over 1,300 MCU members, President and Chief Executive Officer Kam Wong assured members of the strength and stability of MCU in these tough economic times. Mr. Wong discussed how MCU’s proactive risk management policies, fiscal conservatism, and member-centric credit union philosophy have allowed MCU to remain strong and sound in 2009. Mr. Wong also pointed out how MCU has continued to grow this past year in an effort to meet the needs of each and every one of MCU’s members. Mr. Wong stressed that “we are truly our members’ best advocate in the financial services world because we exist solely to serve their financial needs, and not to increase stock prices.”

Chairman of the Board of Directors Mark Brantley, Esq. spoke to members about MCU’s commitment to better serve membership, and how that commitment has allowed MCU to remain strong through 2009. Chairman Brantley highlighted affordable mortgages, low rate loans, and free home purchase seminars as products and services that fill the needs of membership in the current ecomonic climate. Chairman Brantley also took time to honor former Chairman of the Board Willie James, who, before his passing on October 30th, 2009, worked diligently to ensure that MCU continued to adhere to the credit union philosophy of “people helping people,” a philosophy that will continue to steer MCU in the right direction.

Treasurer James McKeon reported on an excellent financial year for MCU in spite of the economy. Total assets rose to $1.5 billion in 2009, an increase of $88 million over 2008, and member funds grew to $1.3 billion, an $89 million increase from the previous year. Treasurer McKeon, in solidifying Mr. Wong’s message of the financial strength of MCU, pointed to MCU’s net worth ratio of 11.65%, an industry top rating for financial soundness.

Supervisory Committee Chairman Giovanni Porcelli reassured members that despite other financial institutions collapsing under financial pressures, MCU remained profitable. Members can also expect a favorable report in 2010 thanks to the continued vigilance of his Supervisory Committee.

The meeting concluded with a question-and-answer session with President/CEO Kam Wong. Overall, the theme of Strong, Trusted, Growing was echoed throughout the meeting, and MCU members left the 2010 Annual Meeting optimistic about the future of MCU.