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Municipal Credit Union history
Municipal Credit Union company history timeline
Since its opening in 1916 to this date, MCU had approved more than $250 million in loans to more than 175,000 members and paid more than $9 million in dividends.
Municipal Credit Union was founded in 1916 for municipal workers in New York City.
April 1920 – MCU's president is part of a committee to consider the formation of a state league of credit unions.
April 1920 – MCU helps American Express start a credit union.
March 1922 – The Credit Committee raises the loan amount from 10% of annual salary to 15%.
April 1926 – MCU begins to issue checks to individual creditors in cases where loans are for debt consolidation.
In 1926, Chicago Municipal Employees Credit Union is officially chartered and opens an office in room 207 of City Hall.
In 1927, Chicago’s first airport, the Chicago Municipal Airport (later known as Midway) is completed.
June 1929 – A new by-laws amendment allows an officer or employee of the state of New York residing in the City of New York to also be elected to membership.
December 1929 – MCU has nine employees with salaries totaling $15,197.
January 1930 – Total members: 12,647; Total shares: $1.42 million; Total loans: $1.46 million.
October 1931 – Amid Great Depression, MCU employees agree to donate 1% of their bimonthly salary to a special fund to help unemployed civil servants.
January 1932 – MCU is reported to be the largest state-chartered credit union.
January 1933 – The state Banking Department approves MCU's request to establish Christmas Club accounts, which pay 2% interest.
December 1933 – MCU reports no chargeoff of bad loans during 1933 despite the Depression.
In 1933, the first Major League Baseball All-Star Game is played at Comiskey Park.
March 1936 – MCU begins remitting funds for its 11 employees to the newly established Social Security Administration.
November 1936 – Municipal Credit Union joins the Credit Union National Association.
In 1937, City of Greensboro workers pooled their resources and created Greensboro Municipal.
An MCU branch in 1937. (Courtesy of MCU)
January 1940 – Total members: 26,206; Total shares: $4.15 million; Total loans: $3.48 million.
January 1940 – MCU has 18 employees whose salaries total $33,814.
May 1941 – MCU is authorized to act as an issuing agent for Series E Defense Savings Bonds.
March 1946 – To assist returning veterans, MCU begins accepting applications for loans up to $5,000 with a 4.5% interest rate.
In 1946, CMECU celebrates its 20th anniversary at 105 W. Madison with a three-person staff.
January 1947 – MCU does not charge delinquent interest on loans to members serving in the armed forces.
In 1947, the Chicago Transit Authority (CTA) begins local transit operations.
January 1950 – Total members: 38,028; Total shares: $9.84 million; Total loans: $9.54 million.
MCU employees in 1950. (Courtesy of MCU/MCU)
May 1951 – MCU adopts a pension plan for its employees.
April 1954 – MCU, in coordination with the state Credit Union League, agrees to sponsor two cooperative housing projects of more than 400 units called Chatham Towers and Chatham Green.
In 1955, Richard J. Daley is elected Mayor of Chicago for the first time.
July 1956 – The MCU board moves to allow an increase in the loan amount from 10% of the member's annual salary to 20%.
In 1956, Public Building Commission is founded.
February 1957 – As directed by the Banking Department, MCU hires its first outside auditing firm.
January 1960 – Total members: 48,000; Total shares: $12.13 million; Total loans: $12,32 million
January 1961 – MCU begins paying dividends semiannually.
In 1964, relocated to 127 N. Dearborn, CMECU has grown to five employees and 5,000 members.
November 1966 – MCU celebrates its 50th anniversary at the New York Downtown Athletic Club.
April 1968 – MCU begins offering joint accounts.
June 1968 – The board, by resolution, authorizes management to enter its first data processing contract with the Service Bureau.
November 1969 – The New York City Housing Authority becomes the first city agency to offer payroll deduction to MCU members.
January 1970 – Total members: 52,397; Total shares: $27.98 million; Total loans: $28.78 million
July 1970 – The city Health and Hospitals Corp. is formed, and its employees immediately become eligible for MCU membership.
September 1971 – MCU relocates its back office from the Manhattan Municipal Building to 156 William St
April 1972 – City Controller Abraham Beame announces a payroll deduction plan for city workers.
In 1976, CMECU turns 50 as the United States celebrates the Bicentennial.
January 1980 – Total members: 137,774; Total shares: $89.89 million; Total loans: $61.03 million.
In 1981, the credit union begins offering checking accounts / “share drafts”.
In 1983, Harold Washington is elected Chicago’s first African-American mayor.
(From l.) MCU CEO Bill Porter, Mayor Ed Koch and MCU Board Director Shirley Jenkins in 1984. (Courtesy of MCU/MCU)
In 1984, CMECU reaches $14 million in assets.
January 1985 – The MCU Bronx branch opens on E. 150th St
October 1986 – The Touch Tone Teller system is established.
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In 1986, following the collapse of Hyfin Credit Union amidst charges of fraud and embezzlement, Hyfin was merged with Municipal Credit Union.
September 1991 – MCU begins offering youth accounts.
In 1993, CMECU relocates to 180 N. Lasalle, Suite 1600, begins offering Visa credit cards and becomes the first credit union in Illinois to offer a combination ATM/debit card.
July 1998 – Nyack Hospital Employees Federal Credit Union joins MCU ranks.
In 1998, the Chicago Bulls win their sixth NBA Championship in 8 years.
May 2001 – "MCU OnLine," a PC-based home banking tool, is introduced.
In 2004, CMECU assumes operation of Austin/ West Garfield Federal Credit Union, and opens the credit union’s first branch office at 4909 West Division Street.
In 2005, Public Building Commission joins CMECU Family.
In 2005, Chicago White Sox win their first World Series in 88 years.
In 2007, CMECU starts offering fixed rate first mortgages and Home Equity loans.
In 2008, the Chicago Public Schools join the CMECU family.
2008 – MCU opens the Oceanside, L.I., branch at 3411 Long Beach Road and the East Meadow, L.I., branch at 1 Merrick Ave.
January 2010 — Total members: 313,269; Total shares: $1,28 billion; Total loans: $1.2 billion.
June 2010 — The Brooklyn Cyclones play their first game at the newly named MCU Park (formerly KeySpan Park) in Coney Island.
In 2010, the Chicago Blackhawks win the Stanley Cup.
In 2011, CMECU celebrates its 85th Anniversary.
January 2012 – MCU launches its first mobile banking app.
In 2012, CMECU moves to new offices on the 10th floor at 18 S. Michigan Ave.
In 2013, the Chicago Police Commanding Officers and Sergeants Credit Union and The Health Care Associations Federal Credit Union merge with CMECU.
April 2014 – MCU establishes the Build a Better School Initiative, a public-private-sector partnership to help city schools.
In 2015, CMECU opens its third branch, new South-COS location.
In 2016, the Gage building owners, employees and vendors join the CMECU family.
In 2016, Chicago Cubs win their first World Series in 108 years.
In 2018, CMECU is approved for expanded geographical boundaries to provide financial services for additional residents, employees, employers and family members of those who work or live in Cook County.
Members can continue to conduct normal financial transactions, deposit and access funds, make loan payments, and use shares during the conservatorship." https://www.ncua.gov/newsroom/press-release/2019/municipal-credit-union-conserved
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Municipal Credit Union competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Wilmington Trust | 1985 | $1.1B | 2,672 | 38 |
| Stifel Financial | 1890 | $49.8M | 7,100 | 147 |
| AllianceBernstein | 1967 | $4.1B | 3,450 | 124 |
| Centerview Partners | 2006 | $45.7M | 125 | - |
| Conning | 1912 | $131.6M | 350 | - |
| AIG | 1919 | $43.3B | 49,600 | 600 |
| Charles Schwab | 1971 | $1.6B | 32,000 | 722 |
| Prudential Retirement Insurance And Annuity Co | - | $57 | 41,671 | - |
| America First Credit Union | 1939 | $547.4M | 7,500 | 42 |
| Bethpage Federal Credit Union | 1941 | $250.0M | 852 | 21 |
Municipal Credit Union history FAQs
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