2021-10-04T15:45:07-05:00 2020-12-31 382492570 DOEREN MAYHEW 305 WEST BIG BEAVER ROAD TROY MI 48084 990 2020-01-01 381379433 PFCU PFCU 5176477571 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 TAMMY L BENGEL CFO 5176477571 2021-09-29 1 TAMMY BENGEL 999009999 ROBERT PARKS P00740435 2482443000 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z HARVEY HOSKINS 9077 CHARLOTTE HIGHWAY PORTLAND MI 488758417 31747235 0 X WWW.PFCU4ME.COM X 1947 MI WE ARE COMMITTED TO THE COMMUNITIES THAT WE SERVE BY PROVIDING PRODUCTS AND SERVICES TO EXCEED THEIR LIFELONG GOALS. WE WILL BE OUR MEMBERS' PRIMARY FINANCIAL INSTITUTION. 7 7 196 7 94873 25600 0 0 28050314 29100100 3857459 2647135 0 0 31907773 31747235 75373 57323 0 0 13056996 13987421 0 0 0 16286033 15171125 29418402 29215869 2489371 2531366 578173637 691413181 512554542 622741229 65619095 68671952 X LOCAL PEOPLE DEDICATED TO HOMETOWN SERVICE ONE MEMBER AT A TIME, ANYTIME. 0 1 AS OF DECEMBER 31, 2020, PFCU SERVED 52,698 MEMBERS WITH REGULAR SHARES, CLUB ACCOUNTS, SHARE DRAFTS, CERTIFICATES OF DEPOSIT, MONEY MARKETS AND INDIVIDUAL RETIREMENT ACCOUNTS. PFCU GREW IN TOTAL ASSETS FROM APPROXIMATELY $577,000,000 AT THE END OF 2019 TO APPROXIMATELY $670,000,000 AT THE END OF 2020. AS OF DECEMBER 31, 2020, PFCU PROVIDED 36,702 LOANS INCLUDING PERSONAL, HOME EQUITY, MORTGAGE AND CREDIT CARD TYPE LOANS. PFCU OFFERED AUTOMATED TELLER MACHINES ITM MACHINES AND VARIOUS INSURANCE PROGRAMS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 10277 0 1 196 1 1 1 0 0 0 0 0 0 0 X 7 7 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 DANIEL SCHRAUBEN SECRETARY 1.00 X 0 0 0 MICHAEL WARD CHAIRPERSON 1.00 X 0 0 0 RONALD GREEN BOD MEMBER 1.00 X 0 0 0 ERIN GORMAN BOD MEMBER 1.00 X 0 0 0 VIRGIL BUDD BOD MEMBER 1.00 X 0 0 0 CHAD BURKE BOD MEMBER 1.00 X 0 0 0 FRANK MASON TREASURER 1.00 X 0 0 0 BRAD MCFAUL VICE CHAIRPERSON 1.00 X 0 0 0 TAMMY L BENGEL CFO 40.00 X 158527 0 16222 HARVEY HOSKINS CEO 40.00 X 291566 0 45645 ELIZABETH BLUNDY SVP OF HUMAN RESOURCES 40.00 X 111981 0 25401 JOE KRIEGER SVP LENDING 40.00 X 134756 0 31651 MICHELE MAKLEY EXECUTIVE VP 40.00 X 182607 0 16766 ANNA WILLSON PROJECT MANAGER 40.00 X 356270 0 15234 CICELY VAWTER SVP INFORMATION TECHNOLOGY 40.00 X 133786 0 27908 1369493 0 178827 7 0 1 0 WORLDPAY 8500 GOVERNORS HILL DR SYMMES TOWNSHIP OH 45249 DEBIT/CREDIT CARDS 1485348 Q2 SOFTWARE 2975 REGENT BLVD STE 100 IRVING TX 75320 ADMINISTRATION OF HOME BANKING SOFTWARE 460956 INFORMA BUSINESS SYSTEMS 5170 HARTSHORN DR FLUSHING MI 48433 ATMS/ITMS 414343 VISA PO BOX 672051 DALLAS TX 75267 VISA ADMIN 177026 TRANS UNION LLC PO BOX 99506 CHICAGO IL 606939506 CREDIT REPORTS 126496 14 LOANS TO MEMBERS 522100 20995211 20995211 FEES/CHARGES/OTHER 522100 8010016 8010016 FINANCE AND INSURANCE 520000 94873 94873 29100100 2647135 2647135 31747235 31652362 94873 0 X 47323 10000 511960 8626260 1239115 2844503 765583 99810 80309 124286 644843 2934479 1103564 590976 70102 1103 2834414 71262 1170843 108827 UNRELATED BUSINESS INCO 5376 DEBIT/CREDIT EXPENSES 1560108 LOAN SERVICING 1500164 PROVISION FOR LOAN LOSS 1360062 910597 29215869 6040091 5562744 34106225 90196519 607290 992020 411528119 434868990 1531338 1878072 17697488 6899725 11559860 10797763 61918925 86772243 31550065 40656201 4146579 3859477 15185145 15829152 578173637 691413181 4034832 4633876 10000000 0 498519710 618107353 512554542 622741229 X 0 0 0 0 65619095 68671952 65619095 68671952 578173637 691413181 2531366 521491 0 X X 0 1 X 1 0 1642398 1642398 11483496 3311682 8171814 515979 515979 0 4055615 3072064 983551 10797763 PERPETUAL CONTRIBUTED CAPITAL 1131500 C FHLB STOCK 1249500 C CERTIFICATES OF DEPOSIT 32002179 C NON-NEGOTIABLE CERTIFICATES OF DEPOSIT 6273022 C 40656201 MEMBER SHARE AND SAVINGS 618107353 618107353 X 31747235 0 31747235 0 31747235 29215869 0 29215869 0 29215869 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE, FROM FEDERAL INCOME TAXES ON INCOME RELATED TO THE EXEMPT PURPOSE OF THE CREDIT UNION. 1 SCHOLARSHIPS 10 10000 SCHEDULE I, PART III DURING 2020, SCHOLARSHIPS WERE GRANTED TO 10 HIGH SCHOOL OR HOME-SCHOOLED SENIORS. SCHOLARSHIPS ARE AWARDED TO STUDENTS BASED ON CITIZENSHIP, ATTITUDE AND FINANCIAL NEED. APPLICANTS HAD TO BE PFCU MEMBERS IN GOOD STANDING. SCHOLARSHIP RECIPIENTS MUST ENROLL IN AN ACCREDITED UNIVERSITY, VOCATIONAL OR TECHNICAL COLLEGE IN THE FALL FOLLOWING HIGH SCHOOL GRADUATION AND THE FUNDS AWARDED MUST BE USED WITHIN ONE YEAR. X 1 0 0 ANNA WILLSON PROJECT MANAGER 45543 0 7200 0 303527 0 9686 0 5548 0 371504 0 0 0 HARVEY HOSKINS CEO 264320 0 14378 0 12868 0 27231 0 18414 0 337211 0 0 0 MICHELE MAKLEY EXECUTIVE VP 163196 0 8636 0 10775 0 15566 0 1200 0 199373 0 0 0 TAMMY L BENGEL CFO 144296 0 7745 0 6486 0 15022 0 1200 0 174749 0 0 0 JOE KRIEGER SVP LENDING 124629 0 6910 0 3217 0 13237 0 18414 0 166407 0 0 0 CICELY VAWTER SVP INFORMATION TECHNOLOGY 126924 0 5564 0 1298 0 9494 0 18414 0 161694 0 0 0 PART I, LINE 4A ANNA WILSON RECEIVED SEVERANCE OF $253,333 DURING 2020. FORM 990, PART III, LINE 3 THE CREDIT UNION HAS ITMS AT THE EAST REGION BRANCHES. THE CAPABILITIES OF THOSE MACHINES WERE ADJUSTED TO ALSO ACT AS ATM MACHINES. WE ALSO CLOSED OUR CORUNNA BRANCH LOCATION DURING THE SUMMER OF 2020. 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. THE BOARD OF DIRECTORS COLLECTIVELY DETERMINES THE CEO'S COMPENSATION UTILIZING THE CUNA SALARY SURVEY AS A REFERENCE. THE CEO AND THE EXECUTIVE V.P. DETERMINE THE SALARY FOR THE CFO AND UTILIZE THE CUNA SALARY SURVEY AS A REFERENCE. 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 124,286. FORM 990, PART IX, LINE 24E MAINTENANCE 804,080. TRAINING/DEVELOPMENT/EDUCATION 56,420. MISCELLANEOUS 50,097. 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.