EAST WINDSOR, NJ--(Marketwire - October 27, 2010) - The recent McGraw-Hill Federal Credit Union annual board meeting seemed more like a celebration than a report on the credit union's fiscal health. Culminating a year-long sweepstakes, a brand new 2010 Ford Mustang was given away, scholarships were announced, and even a raffle was held. The reason behind the festivities was the recognition of McGraw-Hill Federal Credit Union's 75th anniversary in business.
The meeting was held in the McGraw-Hill building in New York City; it was also webcast live to its more than 16,000 members around the country. MHFCU president and CEO Shawn Gilfedder delivered the keynote address, providing members and the board of directors with a report on the credit union's financial condition as of fiscal year-end June 30, 2010. Gilfedder also presented a commemorative plaque to Jay McGraw, thanking the global publishing and media services company for the 75 year partnership.
Gilfedder highlighted a number of MHFCU's successes during the year ending June 30, 2010, including a record $241.7 million in total assets, and a strong 16.7 percent capital position, which is more than two times the capital level required to be considered a well-capitalized credit union. In addition, McGraw-Hill Federal Credit Union returned 21.9 percent of its gross revenues to its membership in dividends on the credit union's savings products. Membership grew by nearly 5 percent to nearly 17,000 at the time of the meeting.
Jay McGraw, who is the great grandson of company founder James H. McGraw, currently serves as the president of the McGraw-Hill's Research Foundation.
Gilfedder has been president and CEO of McGraw-Hill Federal Credit Union since2007. In addition to his functions with the credit union, he serves as Chairman of the New Jersey Credit Union League.
McGraw-Hill Federal Credit Union is a not-for-profit member owned financial institution. It began serving the employees of McGraw-Hill in 1935, one year after the Federal Credit Union Act's creation. Today, McGraw-Hill Federal Credit Union serves the employees of over 100 companies, including Siemens, Williams-Sonoma, Radio City Music Hall, Emblem Health, Bowne, Gensler, Depository Trust C Corp., and the National Hockey League.
Note: Shawn Gilfedder is available for interviews upon request
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McGraw-Hill Federal Credit Union Celebrates 75th Anniversary
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