2020-11-24T14:39:48-06:00 2019-12-31 420714325 RSM US LLP 801 NICOLLET MALL WEST TOWER STE 1100 MINNEAPOLIS MN 554022526 990 2019-01-01 953442691 PREMIER AMERICA CREDIT UNION PREM 8187724021 19867 PRAIRIE STREET CHATSWORTH CA 91311 BRAD CUNNINGHAM SVP/CFO 8187724021 2020-11-23 1 KACIE MCEWEN P01599614 6123324300 2020-11-23 68.47.31.197 2020-11-23 13:27:29 CS 4166832020321041de67 2020-11-16 P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 03529DF6567CFB0D20C3C8C4F0F8DA9C5BDC3671 2019 2021-04-22 16:20:28Z RODOLFO J PEREIRA 19867 PRAIRIE STREET CHATSWORTH CA 91311 117051676 0 1526 X WWW.PREMIERAMERICA.COM X 1957 CA A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST ITS MEMBERS. 8 8 450 12 1160805 0 0 0 92962640 104892424 8373640 11671622 108622 111410 101444902 116675456 127021 40730 19611506 36148287 32173469 31849063 0 0 0 25957061 29190926 77869057 97229006 23575845 19446450 2673451881 2832715240 2395928463 2535421144 277523418 297294096 X A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, PREMIER AMERICA CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 THE CREDIT UNION ENCOURAGED AND PROMOTED SAVINGS AND ACQUIRED 14,115 NEW MEMBERS IN 2019. TOTAL MEMBERSHIP STOOD AT 116,238 AS OF DECEMBER 31, 2019 WHILE DEPOSIT BALANCES GREW BY $139 MILLION COMPARED TO THE PREVIOUS YEAR, AND THE ORGANIZATION CONTINUED TO PAY MEMBERS FAVORABLE DIVIDEND RATES ON THEIR SAVINGS. THE CREDIT UNION MET MORTGAGE NEEDS OF FIRST TIME HOME BUYERS AND REFINANCING NEEDS OF EXISTING HOMEOWNERS, ALLOWING THEM TO TAKE ADVANTAGE OF LOWER INTEREST RATES. LOWER INTEREST RATES WERE MADE POSSIBLE BY BEING A FNMA MORTGAGE LOAN SELLER AND SERVICER. DURING THE YEAR, THE ORGANIZATION GRANTED 570 REAL ESTATE LOANS AND HOME EQUITY LINES OF CREDIT TOTALING $445 MILLION TO ITS MEMBERS. THE CREDIT UNION'S CORE VALUES AND PURPOSE DRIVE OUR COMMITMENT TO SERVING MEMBERS AND LOCAL COMMUNITIES. IN 2019, OUR DEDICATION TO GIVING BACK WAS OF PARAMOUNT IMPORTANCE AS PREMIER AMERICA DONATED $92,680 TO LOCAL CHARITIES AND COMMUNITY ORGANIZATIONS AND TEAM MEMBERS INVESTED 580 HOURS OF SERVICE TO NON-PROFIT ORGANIZATIONS. PREMIER AMERICA IS FOCUSED ON PROVIDING SAFE, RESPONSIBLE AND AFFORDABLE FINANCIAL SERVICES TO HELP MEMBERS REACH THEIR DREAMS. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 33114 0 1 450 1 1 1 0 0 0 0 0 1 0 X 8 8 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X SUSAN LINARD 8187724176 19867 PRAIRIE STREET CHATSWORTH CA 91311 MARJORIE MCNAUGHT SENIOR VP LOAN ADMINISTRATOR 40.00 X 3829573 0 17021 TONI DANIELS SENIOR VP CHIEF ADMINISTRATIVE OFFICER 40.00 X 1162166 0 29617 RODOLFO PEREIRA PRESIDENT & CEO 40.00 X 931315 0 37091 W BRAD CUNNINGHAM SENIOR VP, CFO 40.00 X 391346 0 23950 KELLY KARREN FINANCIAL ADVISOR 40.00 X 246061 0 30530 JASON DEREK LEE FINANCIAL ADVISOR 40.00 X 220676 0 35997 ERNESTO NORONA SENIOR VP CHIEF LOAN OFFICER 40.00 X 203150 0 41402 JANAKIRAMANA YANDAPALLI SENIOR VP, CHIEF TECHNOLOGY OFFICER 40.00 X 204247 0 23426 MONTE BENNETT REGIONAL MARKETING REP 40.00 X 195056 0 19992 MARCI GIRARDI SENIOR VP, CHIEF EXPERIENCE OFFICER 40.00 X 180923 0 27517 LINSEY FERRO REGIONAL MARKETING REP 40.00 X 176741 0 20402 JAMES RITTER VP, COMMERCIAL LOAN RELATIONSHIPS 40.00 X 166628 0 24574 WILLIAM COLE CHAIR 1.00 X X 0 0 0 GARY HOLMEN VICE CHAIR 1.00 X X 0 0 0 KURT FORD SECRETARY/TREASURER 1.00 X X 0 0 0 LARRY COLSON DIRECTOR 1.00 X 0 0 0 JOHN DE VERE JR DIRECTOR 1.00 X 0 0 0 ERIC GOLDNER DIRECTOR 1.00 X 0 0 0 JOANN KLONOWSKI DIRECTOR 1.00 X 0 0 0 ROGER LUBIG DIRECTOR (THRU JULY 19) 1.00 X 0 0 0 LARRY MARTIN DIRECTOR 1.00 X 0 0 0 7907882 0 331519 47 0 1 0 NCR CORPORATION PO BOX 740641 LOS ANGELES CA 90074 ONLINE BANKING 1271578 JACK HENRY AND ASSOCIATES PO BOX 609 MONETT MO 65708 DATA PROCESSING 1119702 CU ENGAGE LLC 450 CARILLION PARKWAY SUITE 130 ST PETERSBURG FL 33716 CONSULTING 549449 FINANCIAL STATEMENT SERVICE INC 3300 SOUTH FAIRVIEW ST SANTA ANA CA 92704 STATEMENT PRINTING/MAILING 512330 XO COMMUNICATION A VERIZON COMPANY PO BOX 15043 ALBANY NY 12212 COMMUNICATIONS 441118 47 INCOME FROM MEMBER LOANS 522100 89885993 89885993 SERVICE CHARGES & OTHER FEES 522100 6239422 5989048 250374 INTERCHANGE INCOME 522100 5339856 5339856 INVESTMENT BROKERAGE COMMISSIONS 523000 2110774 2110774 OTHER MISC INCOME 522100 1316379 405948 910431 104892424 11752276 11752276 406976 295566 111410 111410 111410 80654 -80654 -80654 -80654 116675456 103731619 1160805 11783032 40730 36148287 7111398 17850669 3163042 1728977 1994977 210616 481553 8740 1499021 1356173 8351998 3559281 232360 2972230 450246 176073 1880770 182906 LOAN PROCESSING EXPENSE 3186062 PROVISION FOR LOAN LOSS 3000000 CORE DEPOSIT PREMIUM AM 911826 GOODWILL AMORTIZATION 122960 608111 97229006 300217830 356971963 6113578 6650538 2172641719 2209327455 3485921 2916462 35590892 20071787 15310801 15519105 119396000 191218963 14570864 14809218 5483679 4448893 36231489 30852643 2673451881 2832715240 19461272 19770985 2376467191 2515650159 2395928463 2535421144 X 0 0 0 0 277523418 297294096 277523418 297294096 2673451881 2832715240 X 19446450 300986 23242 X 0 1 X 1 0 8740 8740 8740 0 CALIFORNIA NEVADA CREDIT UNION PAC 1201 K ST SUITE 105C SACRAMENTO CA 95814 942329967 8740 PART I-A, LINE 1: THE CREDIT UNION MAKES CONTRIBUTIONS TO SUPPORT CANDIDATES OR POLITICAL ACTION COMMITTEES PROMOTING CREDIT UNION CAUSES. 3731592 3731592 15347465 8264466 7082999 6565858 4770863 1794995 9945977 7036458 2909519 15519105 MEMBERS' SHARES 2515650159 2515650159 X 116675457 0 116675457 0 116675457 97205764 -23242 -23242 97229006 0 97229006 PART X, LINE 2: AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS REQUIRING RECOGNITION IN THE FINANCIAL STATEMENTS. 1 CREDIT UNION FOR KIDS 3201 CALIFORNIA STREET SAN FRANCISCO CA 94118 870387205 501(C)(3) 16720 SPONSOR CREDIT UNION KIDS WINE AUCTION NORTHRIDGE HOSPITAL FOUNDATION 18300 ROSCOE BLVD NORTHRIDGE CA 91328 237444901 501(C)(3) 5318 VICTORY FOR VICTIMS FUNDRAISING WALK 2 PART I, LINE 2: GRANTS ARE GIVEN TO ORGANIZATIONS BASED ON CREDIT UNION INDUSTRY RELATIONSHIPS AND COMMUNITY RELEVANCE IN THE FORM OF CASH AND EVENT SPONSORSHIPS. UNDER THE PAY IT FORWARD PROGRAM OF THE CREDIT UNION, CASH DONATIONS OF $250 EACH ARE GIVEN TO LOCAL NON-PROFIT CHARITABLE ORGANIZATIONS NOMINATED BY CREDIT UNION MEMBERS. GRANTS EXCEEDING $250 ARE GIVEN ONLY TO WELL-KNOWN ESTABLISHED CHARITABLE ORGANIZATIONS WHOSE ACTIVITIES ARE COMMON KNOWLEDGE AND RECOGNIZED IN THE COMMUNITY SUCH AS THE AMERICAN CANCER SOCIETY, CHILDREN'S MIRACLE NETWORK HOSPITALS, HABITAT FOR HUMANITY, GIRLS AND BOYS SCOUTS OF AMERICA LOCAL TROOPS, AMERICAN RED CROSS, AND OTHER SIMILAR ORGANIZATIONS. X X X 1 1 X X X 0 1 0 MARJORIE MCNAUGHT SENIOR VP LOAN ADMINISTRATOR 3683754 0 145819 0 0 0 14903 0 2494 0 3846970 0 0 0 TONI DANIELS SENIOR VP CHIEF ADMINISTRATIVE OFFICER 1031188 0 130978 0 0 0 15619 0 14348 0 1192133 0 0 0 RODOLFO PEREIRA PRESIDENT & CEO 670489 0 260826 0 0 0 18326 0 20432 0 970073 0 0 0 W BRAD CUNNINGHAM SENIOR VP, CFO 300072 0 91274 0 0 0 17007 0 11735 0 420088 0 0 0 KELLY KARREN FINANCIAL ADVISOR 246061 0 0 0 0 0 17014 0 14088 0 277163 0 0 0 JASON DEREK LEE FINANCIAL ADVISOR 220676 0 0 0 0 0 14646 0 21440 0 256762 0 0 0 ERNESTO NORONA SENIOR VP CHIEF LOAN OFFICER 203150 0 0 0 0 0 9664 0 32056 0 244870 0 0 0 JANAKIRAMANA YANDAPALLI SENIOR VP, CHIEF TECHNOLOGY OFFICER 179247 0 25000 0 0 0 9464 0 14669 0 228380 0 0 0 MONTE BENNETT REGIONAL MARKETING REP 195056 0 0 0 0 0 11855 0 8307 0 215218 0 0 0 MARCI GIRARDI SENIOR VP, CHIEF EXPERIENCE OFFICER 180923 0 0 0 0 0 11328 0 16632 0 208883 0 0 0 LINSEY FERRO REGIONAL MARKETING REP 176741 0 0 0 0 0 389 0 20103 0 197233 0 0 0 JAMES RITTER VP, COMMERCIAL LOAN RELATIONSHIPS 166628 0 0 0 0 0 1366 0 25341 0 193335 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL - THE CREDIT UNION WILL PAY FOR FIRST CLASS TRAVEL ONLY WHEN FLYING TIME FOR A PARTICULAR FLIGHT IS FIVE HOURS OR MORE. TRAVEL FOR COMPANIONS - THE CREDIT UNION WILL PAY FOR THE SPOUSE OR ONE COMPANION'S PLANE FARE FOR OUT OF TOWN OFFICIAL TRAVELS (CONFERENCES), HOTEL ACCOMODATIONS (SHARED ROOM) AND MEALS. A 1099-MISC IS FILED WHEN THE TOTAL EXPENSES INCURRED FOR THE COMPANION REACHES THE REPORTABLE AMOUNT. TAX INDEMNIFICATION AND GROSS UP PAYMENTS - THE CREDIT UNION GROSSES UP FOR TAX ON CERTAIN NON-CASH BENEFITS REPORTED IN THE RECIPIENT'S W-2. PART I, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NONQUALIFIED RETIREMENT PLAN: MARJORIE MCNAUGHT - $3,552,524 DISTRIBUTION RECEIVED IN 2019 TONI DANIELS - 762,350 DISTRIBUTION RECEIVED IN 2019 RODOLFO PEREIRA FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL 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 THE DRAFT FORM 990 PREPARED BY THE TAX ACCOUNTANT IS REVIEWED BY SENIOR MANAGEMENT. CORRECTIONS ARE ADDRESSED AT EACH STAGE OF THE REVIEW BEFORE THE FINAL REPORT IS FILED BY THE TAX PREPARER FOR THE CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS CONTAINED IN THE CODE OF RESPONSIBILITY AND ETHICS THAT EACH EMPLOYEE IS REQUIRED, ANNUALLY, TO ACKNOWLEDGE. VIA WRITTEN POLICY, ALL EMPLOYEES AND OFFICIALS ARE MADE AWARE OF THE CREDIT UNION'S COMPLIANCE REQUIREMENTS INCLUDING, BUT NOT LIMITED TO, THE CONFLICTS OF INTEREST POLICY. STANDARD CREDIT UNION PROCEDURES AND REQUIREMENTS ARE CONSISTENTLY APPLIED TO ANY BUSINESS TRANSACTION BY DIRECTORS, OFFICERS, AND EMPLOYEES. IF A DECISION IS REQUIRED REGARDING A BUSINESS TRANSACTION THAT COULD POTENTIALLY RISE TO A PERCEPTION OF A CONFLICT OF INTEREST, THE INVOLVED PARTY WILL RECUSE HIM OR HERSELF FROM DISCUSSION AND REVIEW OF THE TRANSACTION. TRANSACTIONS INVOLVING INDIVIDUAL ACCOUNTS ARE MONITORED BY THE INTERNAL AUDITOR ON A REGULAR BASIS. FORM 990, PART VI, SECTION B, LINE 15 EXTENSIVE ANNUAL SURVEYS ARE CONDUCTED FOR KEY POSITIONS IN THE CREDIT UNION INCLUDING, BUT NOT LIMITED TO, TOP MANAGEMENT AND KEY EMPLOYEES. THESE SURVEYS ARE PROVIDED BY PROFESSIONAL COMPENSATION ANALYSTS WHO WORK DIRECTLY WITH DATA WITHIN THE FINANCIAL INDUSTRY FIELD. THESE SURVEYS PROVIDE TOTAL COMPENSATION INFORMATION THAT RANGES FROM BROAD MACRO ISSUES TO SPECIFIC ELEMENTS OF TOTAL COMPENSATION STRUCTURES. FORM 990, PART VI, SECTION C, LINE 19 UNAUDITED FINANCIAL STATEMENTS ARE POSTED MONTHLY IN ALL BRANCHES. THE ANNUAL REPORT CONTAINING AUDITED FINANCIAL STATEMENTS IS AVAILABLE AT THE CREDIT UNION'S WEBSITE AND DISTRIBUTED TO ATTENDING MEMBERS DURING ANNUAL MEETINGS. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: CHANGE IN MARKET VALUE OF SERP 23,242.