Looking into the future is a challenging, but necessary part of sound financial management. As we plan for METRO’s continued success in the coming years, we can be certain that steady growth is essential for maintaining our capacity to serve our members. One important and attractive way to promote this vital growth involves opening METRO’s membership to local residents. We believe it will be highly beneficial for METRO to expand its charter by converting to a state regulated community credit union.

This strategic enhancement will allow METRO to continue to serve each of our municipal employee groups and provide the same opportunity for everyone who lives or works in the local community. Accordingly, we strongly encourage each member to vote in favor of METRO’s proposed charter revision.  Below are some frequently asked questions.  If you have any other questions, please contact Dick Marra or Sal Fragale at 847-670-0456.

Thank you for your support.

FREQUENTLY ASKED QUESTIONS ABOUT OUR CHANGE IN CHARTER

2. Why do Metro’s Directors and management want to convert to a state credit union charter? Our sponsoring municipalities have not been increasing their staffing. Many municipalities have been offering early retirement programs resulting in lower employee levels. Therefore, Metro’s market for members has been shrinking instead of growing.

3. Why is it important for Metro’s market to grow? New members will increase Metro’s deposits. As a result, Metro’s lending capabilities will increase. This translates into keeping loan rates competitive with other lenders. As Metro increases its financial resources it can also offer additional services such as other investment alternatives, and possibly additional ATM locations and full service branches.

4. Why does Metro’s charter need to be changed? Our current federal charter has restrictions preventing us from going into new markets and serving additional customers.

5. How does Metro benefit from a state of Illinois credit union charter? An Illinois credit union charter allows for opening our doors to more people. We can contact people, like you, who live in your community but don’t work for a municipality. Your friends and neighbors will able to become members of Metro.

6. What communities will be served by Metro? Metro will be open to all residents living/working in the communities shown in the accompanying map:

Click map or here to see larger size

7. How will this affect me? The personal service that you have enjoyed at Metro will remain our first priority. Our future growth depends on Metro continuing to be a member friendly and accommodating credit union helping its members first.

8. Will Metro offer all the same products and services? Yes, we will continue to offer the same products offered today. With growth, we expect to offer additional products and services such as personal financial consulting and a broader range of investment products to name just two possibilities

9. Will I be able to write checks and withdraw money exactly as I could before the change? Yes, there will be no changes in policy concerning the availability of your funds.

10. Will this change my payroll deduction capability? No, your sponsoring employer will continue to offer the same payroll deduction services you have been enjoying previously as a member of Metro

11. Will my accounts still be federally insured? Yes, the safety of your money will be unchanged. We will continue to provide the security of insured accounts protected by the National Credit Union Association (NCUA).

12. How does Metro change its charter? The regulatory process requires that Metro’s members vote on the charter conversion proposal. You will receive a formal notice explaining the conversion proposal and announcing the date, time and location of the special ballot meeting.

13. Are there any costs associated with changing Metro’s charter? Metro will spend approximately $30,000 to change its charter. All of these expenses have been included in Metro’s regular operating budget. About one-third of these costs relate to changing signs and forms; the remaining two-thirds relate to one-time legal and regulatory expenses.

14. Do I need to attend this special meeting? No. You will receive your member ballot with the meeting notice and instructions for returning your ballot, if you choose not to attend the meeting.

15. What do I have to do? You will be asked to vote to authorize a change in Metro’s charter.

16. Which box should I mark when I vote? The directors and management of Metro recommend a vote to “FOR the (Charter) conversion”. Mark the appropriate box on the ballot and return it to Metro promptly.

17. What can I do to help METRO grow? Tell your friends and neighbors about Metro and why you are a member. Then bring them in to meet our friendly staff and learn more about our cost effective financial services.

18. When will this change become effective? Metro’s Directors and management expect to begin operating as a community.