2025-09-23T17:38:46-05:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 2707 COLBY AVENUE SUITE 801 EVERETT WA 98201 990 2024-01-01 390827305 MARINE CREDIT UNION MARI 2623891758 300 2ND ST N STE 400 LA CROSSE WI 54601 JOE LIETHEN CFO 2623891758 2025-09-23 1 1 EMINA O CRESSWELL P01217304 4252597227 2025-09-23 2024 2025-03-06 01:10:19Z TOM KNOTHE 300 2ND ST N STE 400 LA CROSSE WI 54601 123847259 0 2157 X WWW.MARINECU.COM X CU 1949 WI WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. 7 6 502 0 53393 0 0 0 80478500 87366048 5885437 4671916 131095 215123 86495032 92253087 178686 160394 0 0 42369204 40167802 0 0 0 36205792 44005256 78753682 84333452 7741350 7919635 1045976901 1035353224 937610834 918543900 108366067 116809324 WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. WE WILL INCREASE THE NUMBER AND PERCENTAGE OF CUSTOMERS AVAILING THEMSELVES OF A VARIETY OF HIGH QUALITY SERVICES. 0 0 DEPOSIT TAKING - MARINE CREDIT UNION ACTS AS A FINANCIAL INTERMEDIARY IN EACH OF THE COMMUNITIES IT SERVES. EACH OF OUR 75,446 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 48,894 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $743,749,622 OF INSURED FUNDS ON BEHALF OF OUR DEPOSITORS. MORTGAGE LENDING - MARINE CREDIT UNION IS AN INTEGRAL PART OF THE COMMUNITIES WE SERVE BY PROVIDING LOANS TOTALING OVER $130,416,798 DURING 2024. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $594,672,559 AS OF DECEMBER 31, 2024. CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2024 WE GRANTED A TOTAL OF $116,020,843 IN CONSUMER LOANS. THESE LOANS ARE USED BY OUR BORROWERS TO CONSOLIDATE DEBT, PURCHASE GOODS SUCH AS AUTOMOBILES AND RECREATIONAL VEHICLES AND TO FINANCE CONTINUING EDUCATION EXPENSES. THE TOTAL CONSUMER LOAN PORTFOLIO IS GREATER THAN $241,964,066. 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 1 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 19623 0 1 502 1 1 1 0 0 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 0 0 0 0 1 1 1 1 1 1 1 0 WI X JOE LIETHEN 2623891758 300 2ND ST N STE 400 LA CROSSE WI 54601 TOM KNOTHE CHAIR 6.25 X X 35021 0 0 BRIAN RUDE FIRST VICE-CHAIR 5.00 X X 27500 0 0 WILLIAM MAAS SECOND VICE-CHAIR 5.00 X X 27500 0 0 JONATHON HORNE THIRD VICE-CHAIR 5.00 X X 27500 0 0 ANNE SNOW FOURTH VICE-CHAIR 5.00 X X 29479 0 0 CARLES JELEN FIFTH VICE-CHAIR 5.00 X X 4583 0 0 JASMINE JOHNSON SIXTH VICE-CHAIR 5.00 X X 4583 0 0 MIC MICHELS TREASURER 5.00 X X 27500 0 0 MARK REED SECRETARY 5.00 X X 27500 0 0 DARRICK WEEKS PRESIDENT & CEO 40.00 X 610318 0 49137 WILLIAM JAMES CHIEF RISK OFFICER 40.00 X 578227 0 51601 JOSEPH LIETHEN CHIEF FINANCIAL OFFICER 40.00 X 384018 0 44554 JACK KALANDER CHIEF INFORMATION OFFICER 40.00 X 452760 0 45827 KENNETH BROSSMAN CHIEF LENDING OFFICER 40.00 X 345737 0 44554 BLAKE HERRING CHIEF HUMAN RESOURCE OFFICER 40.00 X 345547 0 42830 JOUMANA MCDAD - CHIEF SERVICE DELIVERY & EXPERIENCE OFFICER 40.00 X 319723 0 36099 CHRISTINA TESSMER VP OF COMPLIANCE & AUDIT 40.00 X 301434 0 40122 LAURA MUELLER VP OF MEMBER EXPERIENCE & DIGITAL 40.00 X 294293 0 37204 STEPHEN NEUMANN VP OF COLLECTIONS 40.00 X 275166 0 48116 JOSHUA MOORE SVP OF MORTGAGE LENDING 40.00 X 262616 0 40535 MICHAEL SPILLANE SVP OF CUSTOMER ANALYTICS 40.00 X 258312 0 48823 4639317 0 529402 69 0 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE ROAD SUITE 260 FARMINGTON HILLS MI 48334 SOFTWARE MAINTENANCE 1099543 MILLS MARKETING 612 SENECA STREET STORM LAKE IA 50588 MARKETING 958997 ALKAMI TECHNOLOGY INC DEPT 2223 PO BOX 122223 DALLAS TX 753122223 SOFTWARE & SERVICES 820107 SALESFORCECOM INC PO BOX 203141 DALLAS TX 753203141 SOFTWARE & SERVICES 721987 MICROSOFT CORPORATION 1950 N STEMMONS FWY STE 5010 DALLAS TX 75207 SOFTWARE & SERVICES 510332 40 LOAN INTEREST 522100 68933616 68933616 FEE INCOME 522100 16366208 16319765 46443 OTHER OPERATING INCOME 522100 1301832 1294882 6950 PARTICIPATION LOANS 522100 764392 764392 87366048 4872282 4872282 306328 91205 215123 215123 215123 29970073 1332528 29971230 1531737 -1157 -199209 -200366 -200366 92253087 87312655 53393 4887039 150394 10000 3562097 27914860 738694 5729905 2222246 147602 166463 995 4760351 2107573 2348781 3487122 1349859 644226 15530983 1823439 55720 PROVISION FOR LOAN LOSS 6910612 CARD PROCESSING 2781067 LOAN SERVICING EXPENSE 415196 UBI TAXES -6799 1482066 84333452 42940566 61304425 23502249 10780780 650756 944559 19585620 20144273 830793119 824797272 2885089 3277958 31464591 13879514 18714991 17585077 69967720 60658095 6622146 5677463 12607280 12017534 17707365 18165788 1045976901 1035353224 13486462 11425489 674092 790613 2349461 1720853 119500000 120000000 801600819 784606945 937610834 918543900 X 0 0 0 0 108366067 116809324 108366067 116809324 1045976901 1035353224 7919635 523622 0 X 0 1 X 1 0 1 71583 27699 43884 1 X 3412009 3412009 17293022 6706568 10586454 1454449 485624 968825 7786819 5721394 2065425 1518292 965928 552364 17585077 MEMBER SHARES 782957157 DEFERRED COMPENSATION 1526716 LEASE LIABILITY 123072 784606945 X PART IV, LINE 1B: MCU SERVICES SECONDARY MARKET LOANS FOR FHLB/MPF XTRA PROGRAM. PART IV, LINE 2B: ESCROW ACCOUNTS WERE HELD AT BORROWER LEVEL FOR TAXES AND INSURANCE. PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION WILL BE FILING ITS TAX RETURNS FOR CALENDAR YEAR 2024 AND HAS FILED ITS TAX RETURNS FOR CALENDAR YEAR 2023 FOR ACTIVITIES DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2023 CALENDAR YEAR. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S CONSOLIDATED FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2024 OR 2023. THE CREDIT UNION'S 2022 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL TAXING AUTHORITIES, AND 2021 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY STATE TAXING AUTHORITIES. 1 MARINE CREDIT UNION FOUNDATION INC 300 2ND ST N STE 400 LA CROSSE WI 54601 261564606 501(C)(3) 140394 0 GENERAL SUPPORT SALVATION ARMY 237 N MACY ST FOND DU LAC WI 54935 362167910 501(C)(3) 10000 0 GENERAL SUPPORT 2 0 SCHOLARSHIP 10 10000 PART I, LINE 2: MARINE CREDIT UNION REVIEWS THE SUBRECIPIENT'S ADMINISTRATION OF FUNDS AND ANY REQUIRED NON-FEDERAL CONTRIBUTIONS. X X X 0 1 0 DARRICK WEEKS PRESIDENT & CEO 462177 0 138880 0 9261 0 15250 0 33887 0 659455 0 0 0 WILLIAM JAMES CHIEF RISK OFFICER 300245 0 277721 0 261 0 15250 0 36351 0 629828 0 0 0 JACK KALANDER CHIEF INFORMATION OFFICER 243397 0 209102 0 261 0 13240 0 32587 0 498587 0 0 0 JOSEPH LIETHEN CHIEF FINANCIAL OFFICER 276347 0 107400 0 271 0 11500 0 33054 0 428572 0 0 0 KENNETH BROSSMAN CHIEF LENDING OFFICER 248466 0 96820 0 451 0 11500 0 33054 0 390291 0 0 0 BLAKE HERRING CHIEF HUMAN RESOURCE OFFICER 248466 0 96820 0 261 0 10236 0 32594 0 388377 0 0 0 JOUMANA MCDAD - CHIEF SERVICE DELIVERY & EXPERIENCE OFFICER 233462 0 86000 0 261 0 3195 0 32904 0 355822 0 0 0 CHRISTINA TESSMER VP OF COMPLIANCE & AUDIT 127515 0 173734 0 185 0 7383 0 32739 0 341556 0 0 0 LAURA MUELLER VP OF MEMBER EXPERIENCE & DIGITAL 154604 0 135202 0 4487 0 5644 0 31560 0 331497 0 0 0 STEPHEN NEUMANN VP OF COLLECTIONS 192248 0 82657 0 261 0 13746 0 34370 0 323282 0 0 0 MICHAEL SPILLANE SVP OF CUSTOMER ANALYTICS 185179 0 72103 0 1030 0 12712 0 36111 0 307135 0 0 0 JOSHUA MOORE SVP OF MORTGAGE LENDING 187020 0 71589 0 4007 0 9964 0 30571 0 303151 0 0 0 PART I, LINE 4B CERTAIN OFFICERS AND KEY EMPLOYEES PARTICIPATE IN THE SPLIT-DOLLAR LIFE INSURANCE ARRANGEMENT THAT IS TREATED AS A SPLIT-DOLLAR LOAN UNDER TREASURY REGULATIONS SECTION 1.7872-15. SHAWN HANSON FORMER CEO SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 8216367 11633503 0 1 1 ADAM KEER FORMER CHIEF EXPERIENCE OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 1596910 2174368 0 0 1 WILLIAM JAMES CHIEF RISK OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 2671783 3205949 0 0 1 JACK KALANDER CHIEF INFORMATION OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 1800000 2180972 0 0 1 KENNETH BROSSMAN CHIEF SALES OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 550000 750886 0 0 1 KATIE TOLOKKEN FORMER CHIEF OPERATING OFFICER SDLI DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 166701 166701 0 0 1 JOE LIETHEN CHIEF FINANCIAL OFFICER VEHICLE LOAN X 48089 31894 0 1 1 20144273 FORM 990, PART VI, SECTION A, LINE 6 PARTICIPATION IN THIS CREDIT UNION IS LIMITED TO THOSE WHO QUALIFY FOR MEMBERSHIP AS DEFINED IN THE CREDIT UNION'S CHARTER AND BYLAWS. THIS GENERALLY CONSISTS OF PERSONS WHO RESIDE OR ARE EMPLOYED BROWN, CALUMET, CHIPPEWA, CLARK, COLUMBIA, CRAWFORD, DANE, DODGE, DUNN, EAU CLAIRE, FOND DU LAC, GRANT, GREEN, GREEN LAKE, IOWA, JEFFERSON, KENOSHA, LA CROSSE, LAFAYETTE, MANITOWOC, MARQUETTE, MILWAUKEE, MONROE, OUTAGAMIE, OZAUKEE, RACINE, RICHLAND, ROCK, SAUK, SHEBOYGAN, TAYLOR, TREMPEALEAU, VERNON, WALWORTH, WASHINGTON, WAUKESHA, WAUSHARA, AND WINNEBAGO COUNTIES IN WISCONSIN; ALLAMAKEE, CEDAR, CLAYTON, CLINTON, DALLAS, FAYETTE, MUSCATINE, POLK, SCOTT, AND WINNESHIEK COUNTIES IN IOWA; FILLMORE, HOUSTON, OLMSTED, AND WINONA COUNTIES IN MINNESOTA; AND ROCK ISLAND COUNTY IN ILLINOIS AND OTHER SELECT EMPLOYEE GROUPS WHO HAVE PETITIONED FOR MEMBERSHIP. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM, OR THEIR SPOUSES MAY BE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS WOULD NEED TO APPROVE DECISIONS SUCH AS CHANGE OF NAME OR A MERGER DECISION. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B AN INITIAL REVIEW OF THE 990 IS PERFORMED BY THE CFO. ANY REVISIONS THAT NEED TO BE MADE ARE COMPLETED AND THE REVISED 990 IS PRESENTED TO THE CEO PRIOR TO THE REPORT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS, OFFICERS, AND KEY EMPLOYEES ARE REQUIRED TO VERIFY THE EXISTENCE OF ANY CONFLICTS OF INTEREST ANNUALLY, IN WRITING, AT THE ORGANIZATIONAL MEETING. THE ORGANIZATION MONITORS AND ENFORCES COMPLIANCE WITH THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 CEO: ANNUALLY, THE BOARD OF DIRECTORS APPROVES COMPENSATION AS RECOMMENDED BY THE COMPENSATION COMMITTEE. BASE COMPENSATION IS TARGETED TO THAT OF PEER FINANCIAL INSTITUTIONS OF SIMILAR SIZE AND COMPLEXITY. INCENTIVE PAY AND BASE PAY INCREASES OR DECREASES ARE DRIVEN BY THE PERFORMANCE OF THE EXECUTIVE VERSUS PRE-DETERMINED GOALS AND OBJECTIVES WHICH ARE ALIGNED WITH THE MISSION AND STRATEGY OF THE ORGANIZATION. THE CEO IS GIVEN QUARTERLY AND ANNUAL PERFORMANCE EVALUATIONS WHICH FACTOR INTO COMPENSATION DISCUSSIONS. OTHER OFFICERS AND KEY EMPLOYEES: BASE COMPENSATION IS DRIVEN BY MARKETPLACE TRENDS AND OTHER COMPETITIVE FACTORS. INCENTIVE PAY AND BASE PAY INCREASES ARE DRIVEN BY THE PERFORMANCE OF EACH EMPLOYEE VERSUS PRE-DETERMINED GOALS AND OBJECTIVES WHICH ARE ALIGNED WITH THE MISSION AND STRATEGY OF THE ORGANIZATION. ALL EMPLOYEES ARE EVALUATED AGAINST OBJECTIVE AND SUBJECTIVE CRITERIA ON A MONTHLY AND ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 BYLAWS ARE AVAILABLE UPON REQUEST AND ANNUAL FINANCIAL STATEMENTS ARE POSTED ON THE ORGANIZATION'S WEBSITE. ADVANTAGE FINANCIAL SERVICES LLC 127 WEST AVENUE NORTH LA CROSSE WI 54601 800018187 HOLDING COMPANY WI 51 50411 MARINE CREDIT UNION