Trouble continues in New York City for MCU. (Source: Shutterstock)
The beleaguered $3 billion Municipal Credit Union in New York City posted a net income loss of $82.7 million at the end of last year's fourth quarter while its average employee salary and benefit costs have continued to be extraordinarily high at $310,481 compared to a peer average of $83,322, according to NCUA financial performance reports.
What's more, a landlord that leases office space for one of the six branches that MCU plans to close on Friday filed a lawsuit against the credit union, claiming it failed to meet conditions to nullify the lease agreement. Court records showed the NCUA did not notify the landlord that it was pulling out of the lease agreement until Dec. 27, 2019, after determining the lease was "burdensome," and that canceling the lease would "promote the orderly administration of the credit union's affairs."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
