2024-11-11T06:36:14-06:00 2023-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2023-01-01 940755684 PATELCO CREDIT UNION PATE 8003588228 3 PARK PLACE DUBLIN CA 94568 MICHAEL MATHENY CONTROLLER 8003588228 2024-11-06 1 0 HARRY A KALAJIAN JR CPA P00464296 6174399700 2024-11-05 2023 2024-10-15 13:58:12Z ERIN M MENDEZ 3 PARK PLACE DUBLIN CA 94568 457861966 0 1526 X WWW.PATELCO.ORG X CREDIT UNION 1936 CA PROVIDES A BROAD RANGE OF LOAN & DEPOSIT PRODUCTS AND OTHER FINANCIAL SERVICES TO ITS MEMBERS LOCATED PRIMARILY IN NORTHERN CALIFORNIA 11 10 857 10 143910 0 0 0 262887836 343409429 37225393 86112642 14604426 15562309 314717655 445084380 374736 322402 0 0 98597354 114867215 0 0 0 144434019 257323843 243406109 372513460 71311546 72570920 9073686000 9714731000 8327271000 8885282000 746415000 829449000 X THE ORGANIZATION IS A FULL SERVICE STATE-CHARTERED CREDIT UNION THAT PROVIDES A BROAD RANGE OF LOAN AND DEPOSIT PRODUCTS AND OTHER FINANCIAL SERVICES TO ITS MEMBERS LOCATED PRIMARILY IN NORTHERN CALIFORNIA USING VARIOUS CHANNELS INCLUDING BRANCHES, A CALL CENTER AND THE INTERNET. 0 0 PATELCO CREDIT UNION IS A STATE-CHARTERED CREDIT UNION THAT IS COMMITTED TO PROVIDING ITS MEMBERS WITH SUPERIOR FINANCIAL SERVICES. ITS PRIMARY FUNCTION IS TO PROVIDE LOANS TO ITS MEMBERS AS WELL AS ACCEPT DEPOSITS FROM THEM. IN 2023, THE CREDIT UNION PROVIDED MEMBERS WITH 2,366 NEW REAL ESTATE LOANS TOTALING $660,475,000 AND 46,537 NEW CONSUMER LOANS TOTALING $879,477,000. AS OF DECEMBER 31, 2023, THERE WERE 1,050,733 DEPOSIT ACCOUNTS TOTALING $8,061,532,852. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 228154 0 1 857 1 1 1 0 0 0 0 0 0 0 X 11 10 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X X MICHAEL MATHENY 9254604677 3 PARK PLACE DUBLIN CA 94568 JESSE RIVERA CHAIRPERSON/DIRECTOR 5.00 X X 0 0 0 VICKIE RATH TREASURER/DIRECTOR 5.00 X X 0 0 0 TRACEY SCOTT SECRETARY/DIRECTOR 5.00 X X 0 0 0 ROBERT MCCORMISH DIRECTOR 5.00 X 0 0 0 RACE CHEN DIRECTOR 5.00 X 0 0 0 PETER HANEL DIRECTOR 5.00 X 0 0 0 COLLEEN CABEY DIRECTOR 5.00 X 0 0 0 DEBBIE CHAW 2ND VICE CHAIR/DIRECTOR 5.00 X X 0 0 0 GARICK ZILLGITT 1ST VICE CHAIR/DIRECTOR 5.00 X X 0 0 0 JEFFREY PARKS DIRECTOR 5.00 X 0 0 0 ERIN MENDEZ PRESIDENT/CEO/DIRECTOR 40.00 X X 1434352 0 309867 ROLLAND JURGENS CHIEF FINANCIAL OFFICER 40.00 X 462998 0 53310 ARMAND ABHARI SVP, OPERATIONS 40.00 X 243862 0 36189 JOSHUA GARRISON VP, CONSUMER LENDING 40.00 X 316308 0 42356 VINCENT SALINAS VP, HOME LOANS 40.00 X 362993 0 23003 AMEET SETH SVP, DELIVERY 40.00 X 406059 0 50177 SUSAN MAKRIS CHIEF ADMINISTRATIVE OFFICER 40.00 X 502019 0 387153 MELISSA MORGAN CHIEF RETAIL OFFICER 40.00 X 544370 0 387153 KALYAN MAJMUNDAR CHIEF TECHNOLOGY OFFICER 40.00 X 549158 0 48823 MITSUHO WADA CHIEF LENDING OFFICER 40.00 X 535006 0 457939 YEN PHAM EXT HOME LOAN CONS 40.00 X 575585 0 33204 EMMANUEL PABLO FINANICAL ADVISOR II 40.00 X 937505 0 53310 AJU ASAR SVP, STRATEGY, PLANNING, & EXECUTION 40.00 X 421584 0 44428 DAVID FONG SVP, INTERNAL AUDIT 40.00 X 495911 0 47640 ANGELA JEFFERS SVP, GENERAL COUNSEL 40.00 X 534411 0 33455 8322121 0 2008007 278 0 1 0 MORTGAGE CADENCE LLC 28662 NETWORK PLACE CHICAGO IL 606731286 MORTGAGE SERVICES 769957 GRANT THORNTON LLP 171 N CLARK STREET SUITE 200 CHICAGO IL 60601 ACCOUNTING SERVICES 646472 MOSS ADAMS LLP 265 E RIVER PARK CIRCLE SUITE 110 FRESNO CA 93720 ACCOUNTING SERVICES 515830 EXCEL BUILDING SERVICES LLC 5 RAVINE DRIVE MATAWAN NJ 07747 JANITORIAL SERVICES 469004 HEARTLAND VALUATION SERVICE LLC 2139 TAPO STREET STE 221 SIMI VALLEY CA 93063 APPRAISAL SERVICES 340180 44 INTEREST ON LOANS TO MEMBERS 522100 308655584 308655584 INTERCHANGE FEE INCOME 522100 17929124 17929124 SERVICE CHARGES 522100 16263306 16263306 ATM FEES 524298 561415 417505 143910 343409429 83828816 83828816 2758065 0 2758065 2758065 2758065 12765852 2295560 12777586 0 -11734 2295560 2283826 2283826 INVESTMENT ADVISORY INCOME 522100 6936796 6936796 MISC INCOME 900099 4858737 4858737 CREDIT INSURANCE REVENUE 522100 1008711 1008711 12804244 445084380 358827828 143910 86112642 322402 5357122 84612731 5587036 12903479 6406847 2340400 1992555 663942 6286846 6612206 5468400 15061205 19113913 1184729 130751955 3971148 802270 PROVISION FOR CREDIT LO 37931620 LOAN SERVICING EXPENSES 7225364 ATM/CREDIT CARDS 6210274 ATM & OTHER PROCESSING 5254502 6452514 372513460 26301818 24839688 524416436 1130465215 24160000 29336962 22253398 6442626461 6678076031 10445769 5972033 142321932 45043068 100048831 97278864 1550956678 1329020622 162690074 147182473 24410546 24410546 207629387 225895168 9073686000 9714731000 70645551 73749147 15374262 15228603 8241251187 8796304250 8327271000 8885282000 X 0 0 0 0 746415000 829449000 746415000 829449000 9073686000 9714731000 X 72570920 28376122 -18696000 782958 X X 0 1 X 1 0 0 1 X 10712519 10712519 88446834 11243342 77203492 17945288 13888056 4057232 25217291 19911670 5305621 97278864 REGULAR SHARES 1108629889 SHARE DRAFTS 1413201512 MONEY MARKET ACCOUNTS 2681269330 SHARE CERTIFICATES 2843203519 FHLB/FRB ADVANCES 750000000 8796304250 X PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW ACCOUNT IN CONNECTION WITH THE MORTGAGE LOANS. THE CREDIT UNION COMPLIES WITH ALL FEDERAL & STATE LAWS REGARDING DISCLOSURES AND OPERATION OF THESE ACCOUNTS. PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AT ISSUE FOR MANY YEARS. DURING 2007, THE IRS ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA (TAM) TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED, AND PRESENTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" OF BEING SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE LIKELY THAN NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. THE CREDIT UNION IS NOT SUBJECT TO EXAMINATION BY U.S. FEDERAL AND STATE TAX AUTHORITIES FOR TAX YEARS BEFORE 2017. 0 ALAMEDA COUNTY COMMUNITY FOOD BANK 7900 EDGEWATER DRIVE OAKLAND CA 94621 942960297 501(C)(3) 0 17000 CHARITABLE DONATIONS CALIFORNIA CREDIT UNION LEAGUE - PARTNERS FOR ADVOCACY SHAPIRO CUS 1172 2855 EAST GUASTI RD ONTARIO CA 91761 940357265 501(C)(6) 0 6000 CHARITABLE DONATIONS CHILDREN'S HOSPITALS-WINE AUCTION 205 W 700 S SALT LAKE CITY UT 841012715 870387205 501(C)(3) 0 44600 CHARITABLE DONATIONS FOOD BANK OF CONTRA COSTA & SOLANO 4010 NELSON AVENUE CONCORD CA 94520 942418054 501(C)(3) 0 11000 CHARITABLE DONATIONS HABITAT FOR HUMANITY EAST BAYSILICON VALLEY 2619 BROADWAY OAKLAND CA 94612 943053687 501(C)(3) 0 50000 CHARITABLE DONATIONS MERCED COUNTY FOOD BANK 2000 W OLIVE AVE MERCED CA 95348 800093563 501(C)(3) 0 6000 CHARITABLE DONATIONS NATIONAL CU FOUNDATION 5710 MINERAL POINT RD MADISON WI 537054454 391383650 501(C)(3) 0 43000 CHARITABLE DONATIONS REDWOOD EMPIRE FOOD BANK 3990 BRICKWAY BOULEVARD SANTA ROSA CA 95403 680121855 501(C)(3) 0 11000 CHARITABLE DONATIONSCHARITABLE DONATIONS SAN FRANCISCO FOOD BANK 900 PENNSYLVANIA AVENUE SAN FRANCISCO CA 94107 943041517 501(C)(3) 0 12000 CHARITABLE DONATIONS SECOND HARVEST OF SILICON VALLEY 750 CURTNER AVENUE SAN JOSE CA 95125 942614101 501(C)(3) 0 12000 CHARITABLE DONATIONS THE FAMILY GIVING TREE 606 VALLEY WAY MILPITAS CA 95035 770284682 501(C)(3) 0 40000 CHARITABLE DONATIONS WOCCU WORLD FUND DONATION 1010 E WASHINGTON AVE STE 306 MADISON WI 53703 391143339 501(C)(6) 0 10420 CHARITABLE DONATIONS WORLDWIDE FOUNDATION FOR CREDIT UNIONS 5710 MINERAL POINT RD MADISON WI 53705 396093210 501(C)(3) 0 30000 CHARITABLE DONATIONS 11 2 X 1 1 X X X 0 1 0 ERIN MENDEZ PRESIDENT/CEO/DIRECTOR 942748 0 470000 0 21604 0 289250 0 20617 0 1744219 0 0 0 MITSUHO WADA CHIEF LENDING OFFICER 395296 0 132551 0 7159 0 428050 0 29889 0 992945 0 0 0 EMMANUEL PABLO FINANICAL ADVISOR II 46343 0 889867 0 1295 0 26400 0 26910 0 990815 0 0 0 MELISSA MORGAN CHIEF RETAIL OFFICER 370949 0 167111 0 6310 0 376400 0 10753 0 931523 0 0 0 SUSAN MAKRIS CHIEF ADMINISTRATIVE OFFICER 343465 0 153117 0 5437 0 376400 0 10753 0 889172 0 0 0 YEN PHAM EXT HOME LOAN CONS 33630 0 541915 0 40 0 18935 0 14269 0 608789 0 0 0 KALYAN MAJMUNDAR CHIEF TECHNOLOGY OFFICER 374220 0 170518 0 4420 0 26400 0 22423 0 597981 0 0 0 ANGELA JEFFERS SVP, GENERAL COUNSEL 367406 0 164224 0 2781 0 26400 0 7055 0 567866 0 0 0 DAVID FONG SVP, INTERNAL AUDIT 342962 0 148601 0 4348 0 26400 0 21240 0 543551 0 0 0 ROLLAND JURGENS CHIEF FINANCIAL OFFICER 418500 0 41193 0 3305 0 26400 0 26910 0 516308 0 0 0 AJU ASAR SVP, STRATEGY, PLANNING, & EXECUTION 300070 0 114650 0 6864 0 17719 0 26709 0 466012 0 0 0 AMEET SETH SVP, DELIVERY 291900 0 107957 0 6202 0 23267 0 26910 0 456236 0 0 0 VINCENT SALINAS VP, HOME LOANS 271239 0 90495 0 1259 0 20739 0 2264 0 385996 0 0 0 JOSHUA GARRISON VP, CONSUMER LENDING 241486 0 69673 0 5149 0 19933 0 22423 0 358664 0 0 0 ARMAND ABHARI SVP, OPERATIONS 238941 0 1595 0 3326 0 19323 0 16866 0 280051 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - THE CREDIT UNION PROVIDES TRAVEL FOR COMPANIONS BENEFITS TO THE BOARD MEMBERS AND REPORTS APPLICABLE AMOUNTS AS TAXABLE BENEFITS. PART I, LINE 4B THE CREDIT UNION HAS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP). THE SERP IS A NONQUALIFIED RETIREMENT PLAN, WITH PARTICIPATION LIMITED TO EXECUTIVES SELECTED BY THE CREDIT UNION'S BOARD OF DIRECTORS. THE PURPOSE OF THE SERP IS TO RETAIN CERTAIN KEY EXECUTIVES BY PROVIDING ENHANCED BENEFITS ONLY AT RETIREMENT. IN 2018, THE CREDIT UNION RESTRUCTURED THE SERP RESULTING IN ALL YEARS OF CREDITED SERVICE FOR THE PURPOSES OF BENEFIT ACCRUALS FREEZING ONCE THE CARRYING VALUE REACHES $1.6 MILLION. AT DECEMBER 31, 2023 AND 2022, THE CARRYING AMOUNT OF THE FROZEN SERP WAS $1.6 MILLION. IN 2021, THE CREDIT UNION ESTABLISHED A NEW SERP FRAMEWORK FOR FUTURE CONSIDERATION TO ATTRACT AND/OR RETAIN KEY SENIOR EXECUTIVE TALENT AND IN 2022 IMPLEMENTED THREE 457(F) SERP'S. FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022, $1.1 MILLION AND $882 THOUSAND, RESPECTIVELY, OF SERP EXPENSE WAS RECORDED FOR THESE THREE SERP'S. ERIN MENDEZ - $262,850 SUSAN MAKRIS - $350,000 MELISSA MORGAN - $350,000 MITSUHO WADA - $401,650 ERIN MENDEZ CEO/PRESIDENT/DIRECTOR SPLIT-DOLLAR LOAN X 12200000 11521432 0 1 1 SUSAN GRUBER FORMER SVP/CFO SPLIT-DOLLAR LOAN X 3800000 3680692 0 1 1 KALYAN MAJMUNDAR CHIEF TECHNOLOGY OFFICER SPLIT-DOLLAR LOAN X 7000000 7051274 0 1 1 22253398 SCHEDULE L, PART II SOME OF THE OFFICERS, DIRECTORS AND KEY EMPLOYEES HAVE LOANS OUTSTANDING FROM THE CREDIT UNION. THESE LOANS WERE OBTAINED IN THE ORDINARY COURSE OF BUSINESS OF THE CREDIT UNION ON THE SAME TERMS AVAILABLE TO ALL MEMBERS. BASED ON THE SCHEDULE L INSTRUCTIONS, THESE LOANS ARE NOT DISCLOSED. FORM 990, PART IV, LINE 26 - LOANS TO AND/OR FROM INTERESTED PERSONS: SOME OF THE OFFICERS, DIRECTORS AND KEY EMPLOYEES HAVE LOANS OUTSTANDING FROM THE CREDIT UNION. THESE LOANS WERE OBTAINED IN THE ORDINARY COURSE OF BUSINESS OF THE CREDIT UNION ON THE SAME TERMS AVAILABLE TO ALL MEMBERS. BASED ON THE SCHEDULE L INSTRUCTIONS, THESE LOANS ARE NOT DISCLOSED. FORM 990, PART VI, SECTION A, LINE 6 PATELCO CREDIT UNION AND SUBSIDIARY (THE CREDIT UNION) IS A STATE-CHARTERED CREDIT UNION ORGANIZED UNDER THE PROVISIONS OF THE CALIFORNIA CREDIT UNION ACT. PARTICIPATION IN THE CREDIT UNION IS LIMITED TO THOSE INDIVIDUALS WHO QUALIFY FOR MEMBERSHIP, INCLUDING INDIVIDUALS WHO LIVE, WORK, WORSHIP OR ATTEND SCHOOL IN ONE OF A SPECIFIED GROUP OF ELIGIBLE LOCATIONS IN NORTHERN CALIFORNIA AND OTHER PARTS OF THE UNITED STATES. THE FIELD OF MEMBERSHIP IS DEFINED IN THE CREDIT UNION'S BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERS ELECT BOARD OF DIRECTORS WITH VARIED TERMS AT AN ANNUAL MEETING HELD EACH YEAR. FORM 990, PART VI, SECTION A, LINE 7B THE CREDIT UNION MEMBERS ELECT BOARD OF DIRECTORS WITH VARIED TERMS AT AN ANNUAL MEETING HELD EACH YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CONTROLLER AND THE CHIEF FINANCIAL OFFICER PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE (IRS) AND ANY CHANGES ARE INCOPORATED INTO THE FORM 990 PRIOR TO FILING WITH THE IRS. THE FORM 990 IS AVAILABLE TO ALL BOARD MEMBERS UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES AND OFFICIALS ARE SUBJECTS TO CREDIT UNION CONFLICT OF INTEREST POLICIES. VIOLATIONS COULD BE SUBJECT TO DISCRIPLINARY ACTION. ALL IN-HOUSE ACCOUNTS HELD WITH THE CREDIT UNION ARE SUBJECT TO INTERNAL REVIEW. FORM 990, PART VI, SECTION B, LINE 15 ALL MANAGEMENT POSITIONS HAVE COMPENSATION SET BY THE POLICIES AND GUIDELINES APPROVED BY BOARD OF DIRECTORS OR CEO. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY POSTING THEM IN EACH OF ITS RETAIL BRANCHES AS WELL AS POSTING THEM TO ITS WEBSITE AT PATELCO.ORG. ITS ANNUAL FINANCIAL STATEMENTS ARE INCLUDED WITHIN PATELCO'S ANNUAL REPORT THAT IS POSTED TO THE CREDIT UNION WEBISTE. PATELCO'S FINANCIAL DATA IS ALSO AVAILABLE TO THE PUBLIC VIA THE NCUA WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN OTHER COMPREHENSIVE INCOME 782,958. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS OF PATELCO CREDIT UNION DURING THE TAX YEAR 2023. PATELCO INSURANCE SERVICES INC 5050 HOPYARD RD PLEASANTON CA 94568 943068709 INS & INVESTMENTS CA PATELCO CREDIT UNION C 485288 2323864 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 PATELCO INSURANCE SERVICES O 53760 FMV PATELCO INSURANCE SERVICES Q 145382 FMV PATELCO INSURANCE SERVICES M 485288 FMV