2026-05-12T17:02:58-05:00 2025-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVE STE 303 MIAMI FL 33193 990 2025-01-01 381379433 PFCU PFCU 5176477571 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 TAMMY BENGEL CFO 5176477571 2026-05-12 1 AUBREY CLEGG P01076395 3052328272 2026-05-11 2025 2025-03-06 01:10:19Z MICHELE MAKELEY 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 52072439 0 X WWW.PFCU4ME.COM X 1947 MI PFCU WILL DELIVER FINANCIAL WELL-BEING WITH VALUE, CONVENIENCE, AND EXCEPTIONAL SERVICE. 8 8 226 8 137668 60314 0 0 41112399 44219112 7437682 7765227 0 0 48550081 51984339 165490 164960 0 0 16508437 18012272 0 0 0 26542981 26301121 43216908 44478353 5333173 7505986 818132214 834245780 735764595 741188517 82367619 93057263 THE MISSION OF PFCU IS TO DELIVER FINANCIAL WELL-BEING TO ITS MEMBERS BY PROVIDING COMPREHENSIVE AND PROGRESSIVE FINANCIAL SERVICES AT FAIR AND REASONABLE RATES AND TERMS ACCOMPANIED BY FIRST-RATE SERVICE. 0 0 AT THE END OF DECEMBER 2025, PFCU SERVED 57,035 MEMBERS WITH REGULAR SHARES, CLUB ACCOUNTS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, MONEY MARKETS AND INDIVIDUAL RETIREMENT ACCOUNTS. PFCU TOTAL ASSETS INCREASED FROM $818.1 MILLION AS OF DECEMBER 31, 2024 TO $834.2 MILLION AS OF DECEMBER 31, 2025. AT THE END OF DECEMBER 2025 PFCU HAD 41,287 LOANS OUTSTANDING INCLUDING PERSONAL, HOME EQUITY, MORTGAGE, AND CREDIT CARD TYPES. THE BALANCE OF TOTAL LOANS APPROXIMATED $552,312,000. PFCU OFFERS AUTOMATED TELLER MACHINES AND VARIOUS INSURANCE PRODUCTS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 1 12509 0 1 226 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X TAMMY BENGEL 5176477571 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 MICHAEL WARD CHAIRPERSON 1.00 X 0 0 0 ERIN GORMAN BOD MEMBER 1.00 X 0 0 0 CHAD BURKE VICE CHAIRPERSON 1.00 X 0 0 0 LEO MADARANG BOD MEMBER 1.00 X 0 0 0 CHRISTINE ROCKEY SECRETARY 1.00 X 0 0 0 JOHN KUTAS BOD MEMBER 1.00 X 0 0 0 TERRY GREGORICKA TRESURER 1.00 X 0 0 0 HOLLY RIDENOUR BOD MEMBER 1.00 X 0 0 0 TAMMY L BENGEL CHIEF FINANCIAL OFFICER 40.00 X 252917 0 119288 MICHELE MAKLEY CHIEF EXECUTIVE OFFICER 40.00 X 392454 0 240057 THERESA BURGESS CHIEF MEMBER EXPERIENCE OF 40.00 X 188852 0 63053 LEANNE HIXSON CHIEF LENDING OFFICER 40.00 X 201427 0 61231 SEAN KREBS CHIEF TECHNOLOGY OFFICER 40.00 X 168250 0 48426 JOSEPH KRIEGER EXECUTIVE VICE PRESIDENT 40.00 X 268128 0 46923 LAURA SORENSON VICE PRESIDENT OF MARKETING 40.00 X 168835 0 32999 1640863 0 611977 18 0 1 0 INFORMA BUSINESS SYSTEMS 5170 HARTSHORN DR FLUSHING MI 48433 ATMS/ITMS 1543875 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD STE 260 FARMINGTON HILLS MI 48834 CORE SYSTEM 1401031 Q2 SOFTWARE PO BOX 205970 DALLAS TX 75320 HOME BANKING SOFTWARE 1224272 A & K CONSTRUCTION 3671 CHERRY LANE AVE SE ADA MI 49301 CONSTRUCTION 320524 THE CASE GROUP 28175 HAGGERTY RD NOVI MI 48377 CONSULTING 226857 18 LOANS TO MEMBERS 522100 33011937 33011937 FEES/CHARGES/OTHER 522100 11069507 11069507 FINANCE AND INSURANCE 520000 137668 137668 44219112 7743181 7743181 110146 88100 22046 22046 22046 51984339 51846671 137668 0 X 161260 3700 1004716 11418075 1566336 3003078 1020067 189789 54122 428619 757857 3505930 1397278 663421 339199 7375573 85262 932744 181120 UNRELATED BUSINESS INCO -1477 LOAN SERVICING 2989790 DEBIT/CREDIT EXPENSES 2800048 PROVISION FOR LOAN LOSS 2750778 1851068 44478353 7373074 7366457 103893482 114473920 302552 -117610 2700000 2700000 500528205 551136570 2401803 3103684 21836979 10481865 10230244 11355114 118958417 81715260 38735600 40001600 2724290 2433410 30284547 20077375 818132214 834245780 4016358 4260913 731748237 736927604 735764595 741188517 X 0 0 0 0 82367619 93057263 82367619 93057263 818132214 834245780 7505986 3183658 0 X X 0 1 X 1 0 2052358 2052358 12729478 4865776 7863702 1146493 958351 188142 5908650 4657738 1250912 11355114 MEMBER SHARE AND SAVINGS 736927604 736927604 X 51984339 0 51984339 0 51984339 44478353 0 44478353 0 44478353 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL AND STATE INCOME TAXES. 1 PFCU FOUNDATION 9077 CHARLOTTE HIGHWAY PORTLAND MI 48875 993075308 501(C)(3) 25000 0 CHARITABLE CONTRIBUTION TO EMPOWER INDIVIDUALS AND COMMUNITIES BY PROVIDING TOOLS AND RESOURCES THAT PROMOTE FINANCIAL LITERACY, HEALTH AND WELLNESS, AND SUSTAINABLE AGRICULTURE IONIA FREE FAIR ASSOCIATION 317 S DEXTER ST IONIA MI 48846 380680310 12000 0 CHARITABLE CONTRIBUTION TO THE ORGANIZATION IN SUPPORT OF THE ANNUAL AGRICULTURAL FAIR THAT IS FREE FOR ALL TO ATTEND JUNIOR ACHIEVEMENT 4090 LAKE DR SE GRAND RAPIDS MI 49546 381557861 12050 0 CHARITABLE CONTRIBUTION TO THE ORGANIZATION IN SUPPORT OF ITS MISSION TO INSPIRE AND PREPARE YOUNG PEOPLE FOR SUCCESS CALEDONIA COMMUNITY SCHOOLS 9050 KRAFT AVE SE CALEDONIA MI 49316 386002005 7500 0 CHARITABLE CONTRIBUTION TO SUPPORT THE SCHOOLS IN BEING A HIGH-QUALITY EARLY LEARNING EXPERIENCE THAT SUPPORTS ACADEMIC, SOCIAL, AND EMOTIONAL GROWTH 4 0 CASH FOR CLASSROOMS (TEACHER GRANTS) 25 3700 SCHEDULE I, PART III CONTRIBUTIONS TO ORGANIZATIONS ARE NOT GRANTS. THEY ARE CHARITABLE CONTRIBUTIONS. THEREFORE, THE CREDIT UNION DOES NOT MONITOR THE ORGANIZATION'S USE OF FUNDS SUBSEQUENT TO DISBURSEMENT. PFCU HONORED 25 TEACHERS IN 2025 WITH DONATIONS THROUGH THEIR CASH FOR CLASSROOMS PROGRAM. THE CREDIT UNION'S GOAL IS TO RECOGNIZE THE DEDICATION AND HARD WORK OF TEACHERS THROUGHOUT THE COMMUNITIES THEY SERVE. TO BE ELIGIBLE TO WIN, THE APPLICANT MUST BE A CURRENT FULL-TIME, PART-TIME, OR SUBSTITUTE TEACHER OF PRE-K -12 AT A PUBLIC, PRIVATE OR CHARTER SCHOOL. TEACHERS CAN BE ENTERED TO WIN BY EITHER NOMINATING THEMSELVES OR NOMINATIONS CAN BE SUBMITTED FOR A TEACHER. ENTRIES WILL BE CARRIED OVER WEEK TO WEEK, TEACHERS WILL CONTINUE TO BE ELIGIBLE TO WIN UNLESS THEY ARE SELECTED AS A WINNER. WINNERS WILL WIN A TOTAL OF UP TO $150 TO USE ON ANYTHING FOR THEIR CLASSROOM. TEACHERS ARE NOT REQUIRED TO PROVIDE RECEIPTS OR ANY FURTHER INFORMATION ONCE THEY ARE MAILED THEIR CHECK. X 1 1 X X 0 1 0 MICHELE MAKLEY CHIEF EXECUTIVE OFFICER 349100 0 17230 0 26124 0 238371 0 1686 0 632511 0 0 0 TAMMY L BENGEL CHIEF FINANCIAL OFFICER 236905 0 11804 0 4208 0 117602 0 1686 0 372205 0 0 0 JOSEPH KRIEGER EXECUTIVE VICE PRESIDENT 254164 0 12784 0 1180 0 25873 0 21050 0 315051 0 0 0 LEANNE HIXSON CHIEF LENDING OFFICER 187006 0 9631 0 4790 0 40181 0 21050 0 262658 0 0 0 THERESA BURGESS CHIEF MEMBER EXPERIENCE OF 178562 0 8961 0 1329 0 46496 0 16557 0 251905 0 0 0 SEAN KREBS CHIEF TECHNOLOGY OFFICER 150634 0 7628 0 9988 0 29007 0 19419 0 216676 0 0 0 LAURA SORENSON VICE PRESIDENT OF MARKETING 99859 0 55048 0 13928 0 24954 0 8045 0 201834 0 0 0 PART I, LINE 4B THE EXECUTIVE VP, JOSEPH KRIEGER, PARTICIPATES IN A SUPPLEMENTAL RETIREMENT BENEFITS ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANT. UPON THE PARTICIPANT'S DEATH, THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST, PLUS KEY-PERSON INSURANCE PROCEEDS. CERTAIN EMPLOYEES PARTICIPATE IN A 457(F) PLAN. THE FOLLOWING AMOUNTS WERE ACCRUAL TOWARD EACH OF THE PARTICIPANTS' PLANS: MICHELE MAKLEY: $188,584 TAMMY BENGEL: $93,584 THERESA BURGESS: $19,035 SEAN KREBS: $16,205 LEANNE HIXSON: $20,458 THE CREDIT UNION OFFERS A DEFERRED CASH AGREEMENT TO CERTAIN EMPLOYEES. THE EMPLOYEES REPORTED IN PART VII WHO PARTICIPATE IN THE DEFERRED CASH AGREEMENT ARE LISTED BELOW ALONG WITH THE THE AMOUNTS ACCRUED FOR EACH DURING 2025 FOR THE FUTURE BENEFIT PAYOUT EXPECTED TO OCCUR IN THE SUBSEQUENT YEAR: MICHELE MAKLEY: $14,477 LAURA SORENSON: $14,706 THERESA BURGESS: $9,298 SEAN KREBS: $3,201 LEANNE HIXSON: $3,761 JOSEPH KRIEGER EXECUTIVE VP SPLIT DOLLAR X 2700000 2700000 0 1 1 2700000 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR" PLAN. ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANT NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD, THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANT MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION'S FIELD OF MEMBERSHIP HAS AUTHORITY TO ELECT AND RE-ELECT THE BOARD OF DIRECTORS AND THE MEMBERS OF THE SUPERVISORY COMMITTEE EVERY TWO YEARS. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11B WE HAVE ENGAGED DOEREN MAYHEW TO PREPARE FORM 990. ONCE THEY HAVE COMPLETED A DRAFT OF THE FILING, THE VICE PRESIDENT OF ACCOUNTING WILL REVIEW THE FORM. ONCE APPROVED, FORM 990 IS E-FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HAS A CONFLICT OF INTEREST CLAUSE IN THE EMPLOYEE HANDBOOK. THIS HANDBOOK IS REVIEWED AND SIGNED BY EACH EMPLOYEE EACH YEAR. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD CHAIR PERFORMS A REVIEW OF THE CEO, USING INPUT FROM THE COLLECTIVE BOARD OF DIRECTORS. THE BOARD CHAIRMAN CONSULTS WITH THE CHRO TO DETERMINE AVERAGE INCREASES FOR THE LEADERSHIP TEAM, THEN ASSIGNS THE APPROVED INCREASE BASED ON THIS AVERAGE, TAKING INTO CONSIDERATION THE CURRENT MARKET SALARY FOR THE POSITION, USING COMPEASE. THE CEO AND EXECUTIVE V.P. DETERMINE THE SALARY FOR THE CFO USING THE COMPENSATION PROGRAM, COMPEASE" FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES ARE NOT MADE AVAILABLE TO THE PUBLIC. QUARTERLY FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC ON THE NCUA'S WEBSITE VIA THE 5300 CALL REPORT FILING. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL EXPENSES 428,619. FORM 990, PART IX, LINE 24E MAINTENANCE 1,626,176. MISCELLANEOUS 156,641. TRAINING/DEVELOPMENT/EDUCATION 68,251. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. PFCU FOUNDATION 9077 CHARLOTTE HIGHWAY PORTLAND MI 48875 993075308 CHARITABLE MI 501(C)(3) PF PFCU 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0