2025-10-08T10:54:02-05:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 041734980 POLISH NATIONAL CREDIT UNION POLI 4135929495 46 MAIN STREET CHICOPEE MA 01020 CHARLOTTE HANSEN SENIOR VP & CFO 4135929495 2025-10-07 1 0 AUBREY CLEGG P01076395 3052328272 2025-10-07 2024 2025-03-06 01:10:19Z JAMES P KELLY 46 MAIN STREET CHICOPEE MA 01020 45392244 0 X WWW.PNCU.COM X 1921 MA AS A MEMBER-OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE, POLISH NATIONAL CREDIT UNION IS COMMITTED TO OUR MEMBERS. WE WILL UPHOLD OUR FUNDAMENTAL RESPONSIBILITY TO ACTIVELY SERVE PEOPLE WITHIN OUR FIELD OF MEMBERSHIP, AND AS APPROPRIATE, THE COMMUNITIES THEY LIVE IN. WE WILL TREAT ALL MEMBERS WITH RESPECT AND DIGNITY AND WE WILL OFFER HONEST, FAIR DEALS TO ALL MEMBERS. WE WILL DELIVER A RANGE OF LOW-COST PRODUCTS AND SERVICES TO THE DIVERSE ECONOMIC AND SOCIAL MAKE-UP OF OUR MEMBERS AND POTENTIAL MEMBERS. WE WILL LOOK FOR BETTER WAYS TO REACH THE UNDER-SERVED IN OUR FIELD OF MEMBERSHIP AND WE WILL CONTINUALLY, IN ALL FACETS OF OPERATION, DEMONSTRATE THE VALUE OF MEMBERSHIP IN OUR CREDIT UNION.WE WILL MONITOR AND COMMUNICATE OUR SERVICE IN A MEANINGFUL WAY SO THAT MEMBERS, POTENTIAL MEMBERS, LEGISLATORS, REGULATORS AND THE COMMUNITY AT LARGE WILL UNDERSTAND AND APPRECIATE THE UNIQUE ROLE THAT MEMBER-OWNED FINANCIAL COOPERATIVES PLAY IN THEIR LIVES. 13 12 167 12 815154 6420 0 0 27411244 27665129 3171412 3365527 -176099 0 30406557 31030656 295732 106659 0 0 13240943 12824910 0 0 0 13787031 15489233 27323706 28420802 3082851 2609854 727623520 744609359 631942160 647078313 95681360 97531046 X PNCU IS A NON-PROFIT ORGANIZATION THAT IS OWNED BY THE MEMBERS. EACH MEMBER MUST OPEN AN ACCOUNT TO BECOME A MEMBER. EACH MEMBER IS ALLOWED TO CAST ONE VOTE AT THE ANNUAL MEETING. THE SLATE OF THE BOARD OF DIRECTORS IS VOTED BY THE MEMBERS. PNCU HAS 13 BOARD MEMBERS WHO ARE VOLUNTEERS. THEY ARE NOT COMPENSATED FINANCIALLY IN ANY WAY. 0 0 THE CREDIT UNION MAINTAINED 47,883 DEPOSIT ACCOUNTS APPROXIMATING $581,055,000 AS OF DECEMBER 31, 2024. DIVIDENDS AND INTEREST INCOME ON MEMBER DEPOSITS APPROXIMATED $7,032,000 FOR THE YEAR ENDED DECEMBER 31, 2024. AS OF DECEMBER 31, 2024, THE CREDIT UNION HAD 6,143 LOANS OUTSTANDING TOTALING APPROXIMATELY $596,949,000. ADDITIONALLY, APPROXIMATELY 569 SAFE DEPOSIT BOXES WERE USED BY MEMBERS DURING 2024. 0 0 0 0 0 0 0 1 0 1 1 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 15319 0 1 167 1 1 1 0 0 0 0 0 0 0 X 13 12 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X CHARLOTTE HANSEN 4132060626 46 MAIN STREET CHICOPEE MA 01021 JAMES P KELLY PRESIDENT & CEO 40.00 X X 827960 0 75114 EDWARD CZEPIEL DIRECTOR 5.00 X 0 0 0 BENJAMIN DAVIS DIRECTOR 5.00 X 0 0 0 PAUL FEDERICI DIRECTOR 5.00 X 0 0 0 WILLIAM JEBB DIRECTOR 5.00 X 0 0 0 HENRY LENART DIRECTOR 5.00 X 0 0 0 STANLEY MATRAS CLERK OF THE BOARD 5.00 X 0 0 0 ROBERT MORITKO VICE CHAIRMAN 5.00 X 0 0 0 JOHN MURPHY DIRECTOR 5.00 X 0 0 0 RALPH SLATE DIRECTOR 5.00 X 0 0 0 MICHAEL WOISHNIS DIRECTOR 5.00 X 0 0 0 DR ANTHONY ZEPKO DIRECTOR 5.00 X 0 0 0 GARY ZIEMBA BOARD CHAIRMAN 5.00 X 0 0 0 MICHAEL SUGRUE EVP 40.00 X 391521 0 74271 CHARLOTTE HANSEN CFO/SVP 40.00 X 235596 0 67225 KIRK BURNHAM SVP OPERATIONS 40.00 X 187098 0 55967 KATHI DONAHUE SVP COMMERCIAL LENDING 40.00 X 228704 0 53911 NANCY MIRKIN VP COMMERCIAL LENDING 40.00 X 198380 0 54055 MESSANVI EKON VICE PRESIDENT, COMPLIANCE 40.00 X 176237 0 56626 BONNIE RAYMOND SENIOR VICE PRESIDENT MEMB 40.00 X 173482 0 50867 CHRISTOPHER CASALE FINANCIAL SERVICES PROGRAM 40.00 X 167475 0 24851 2586453 0 512887 22 0 1 0 CONNECTICUT ONLINE COMPUTER CENTER 100 EXECUTIVE BOULEVARD SOUTHINGTON CT 06489 CORE SYSTEM PROVIDER 2220595 CONVERGINT TECHNOLOGIES LLC 4 RESEARCH DRIVE BETHEL CT 06801 EQUIPMENT SALE AND SERVICE 419040 XACTUS PO BOX 70784 PHILADELPHIA PA 19176 DATA & VERIFICATION SERVICES 197407 FISERV PO BOX 934057 ATLANTA GA 31193 PAYMENT PROCESSOR 188326 AMERICAN EXPRESS PO BOX 1270 NEWARK NJ 07101 CREDIT CARD 172678 12 INTEREST ON LOANS 522100 22864252 22864252 FEES, CHARGES, OTHER 522100 2400584 2400584 INTERCHANGE INCOME 522100 1585139 1585139 FINANCE AND INSURANCE 520000 815154 815154 27665129 3285095 3285095 14442020 14361588 80432 80432 80432 31030656 30215502 815154 0 X 99159 7500 1914752 7686920 1082621 1340248 800369 17509 191520 543641 466888 1512038 1518986 830565 182875 7032420 927085 181491 DEBIT CARD PROGRAM EXPE 965008 WEB SERVICES 443825 OTHER 428071 LOAN SERVICING 213922 33389 28420802 4309255 4166191 29957144 22312835 2726568 3355266 13376769 13478025 598641064 598348597 465808 512226 23749246 10232920 13978188 13516326 2027100 2793900 50412936 75305213 1874316 1732748 9854372 9088032 727623520 744609359 6383177 5037294 2523884 2532599 41418440 60985597 581616659 578522823 631942160 647078313 X 0 0 0 0 95681360 97531046 95681360 97531046 727623520 744609359 2609854 -760168 0 X X 0 1 X 1 0 0 1 X 2281474 2281474 16350750 6892698 9458052 40897 17639 23258 4727884 3242975 1484909 348241 79608 268633 13516326 ACBB STOCK 54809 C BROKAGE CDS 976181 F CAPITAL SHARES & PERPETUAL CONTRIBUTED CAPITAL 435093 C COCC STOCK 150000 C COLLATERALIZED MORTGAGE OBLIGATIONS 24936795 F MORTGAGE BACKED SECURITIES 48303590 F SMALL BUSINESS ADMINISTRATION 448745 F 75305213 MEMBER DEPOSITS 578522823 578522823 X 31030656 0 31030656 0 31030656 28420802 0 28420802 0 28420802 PART IV, LINE 2B: THE CREDIT UNION COLLECTS (ON A MONTHLY BASIS) PAYMENT FROM THEIR MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY. PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 BOY'S & GIRL'S CLUB OF CHICOPEE 580 MEADOW ST CHICOPEE MA 01013 042166805 501(C)(3) 0 15750 CHARITABLE CONTRIBUTIONS TO INSPIRE AND ENABLE ALL YOUNG PEOPLE, ESPECIALLY THOSE WHO NEED US MOST, TO REALIZE THEIR FULL POTENTIAL AS PRODUCTIVE, RESPONSIBLE, AND CARING CITIZENS. BOY'S & GIRL'S CLUB OF GREATER WESTFIELD 28 W SILVER ST WESTFIELD MA 01085 042464259 501(C)(3) 0 11000 CHARITABLE CONTRIBUTIONS TO INSPIRE AND ENABLE ALL YOUNG PEOPLE, ESPECIALLY THOSE WHO NEED US MOST, TO REALIZE THEIR FULL POTENTIAL AS PRODUCTIVE, RESPONSIBLE, AND CARING CITIZENS. CHICOPEE CHAMBER OF COMMERCE 264 EXCHANGE ST CHICOPEE MA 01013 042316279 501(C)(4) 0 10950 DONATION TO IMPROVE THE OVERALL BUSINESS CLIMATE BY UNITING, GUIDING AND SPEAKING FOR THOSE ENGAGED IN BUSINESS AND INDUSTRY, TOWARD THE ADVANCEMENT OF ECONOMIC AND CIVIL WELL-BEING FOR ALL CITIZENS OF THE GREATER CHICOPEE AREA. CHILDRENS MUSEUM AT HOLYOKE 444 DWIGHT ST HOLYOKE MA 01040 042836882 501(C)(3) 0 7480 DONATIONS TO PROVIDE PARTICIPATORY EXHIBITS AND EDUCATIONAL PROGRAMS THAT INVITE THE INTERACTION OF CHILDREN AND ADULTS TO PROMOTE ENJOYABLE LEARNING AND SELF-DISCOVERY CITY OF CHICOPEE 17 SPRINGFIELD ST CHICOPEE MA 01013 046001385 501(C)(3) 0 6500 CHARITABLE CONTRIBUTIONS ERC5 280 N MAIN ST EAST LONGMEADOW MA 01028 262996479 501(C)(6) 0 17294 DONATION GREATER HOLYOKE YMCA 171 PINE STREET HOLYOKE MA 01040 042128269 501(C)(3) 0 5500 DONATIONS TO HELP DELIVERS ON ITS MISSION BY SERVING AS A PREMIER ORGANIZATION PROMOTING COMMUNITY WELLNESS AND FAMILY ENRICHMENT THROUGH CAUSE-DRIVEN PROGRAMS THAT FOCUS ON YOUTH DEVELOPMENT, HEALTHY LIVING AND SOCIAL RESPONSIBILITY POLISH CENTER OF DISCOVERY & LEARNING 488 NEWTON ST SOUTH HADLEY MA 01075 300058825 501(C)(3) 0 9575 COMMUNITY DEVELOPMENT SAINT STANISLAUS BASILICA 566 FRONT STREET CHICOPEE MA 01013 042111408 501(C)(3) 0 8500 DONATIONS TO HELP BUILDING UPON OUR FOUNDATIONAL ETHNIC HERITAGE AND QUALITY CATHOLIC EDUCATION ST PATRICKS COMMITTEE OF HOLYOKE PO BOX 10058 HOLYOKE MA 01041 042633859 501(C)(3) 0 6610 CHARITABLE CONTRIBUTIONS TO HELP ORGANIZE & RUN ANNUAL PARADE AND RELATED ACTIVITIES IN HOLYOKE, MA. 8 2 SCHOLARSHIPS 15 7500 PART I, LINE 2: THE DONATIONS CITED IN PART II ARE NOT GRANTS. THEY ARE CHARITABLE CONTRIBUTIONS OR DONATIONS AND THUS ARE NOT MONITORED BY THE ORGANIZATION. SCH I, PART III EACH YEAR, PNCU AWARDS HIGH SCHOOL SENIORS FROM SURROUNDING COMMUNITIES WITH A $500 SCHOLARSHIP TO BE USED FOR EDUCATIONAL PURPOSES. ONE RECIPIENT WILL BE SELECTED PER HIGH SCHOOL AND MUST BE ENROLLED IN AN UNDERGRADUATE COLLEGE DEGREE. X 1 1 X X X X X X 0 1 0 JAMES P KELLY PRESIDENT & CEO 542003 0 26268 0 259689 0 43114 0 32000 0 903074 0 0 0 MICHAEL SUGRUE EVP 339366 0 11260 0 40895 0 40892 0 33379 0 465792 0 0 0 CHARLOTTE HANSEN CFO/SVP 224523 0 10284 0 789 0 30719 0 36506 0 302821 0 0 0 KATHI DONAHUE SVP COMMERCIAL LENDING 203719 0 23797 0 1188 0 28968 0 24943 0 282615 0 0 0 NANCY MIRKIN VP COMMERCIAL LENDING 176733 0 20459 0 1188 0 26283 0 27772 0 252435 0 0 0 KIRK BURNHAM SVP OPERATIONS 172904 0 13772 0 422 0 24003 0 31964 0 243065 0 0 0 MESSANVI EKON VICE PRESIDENT, COMPLIANCE 162404 0 13059 0 774 0 22051 0 34575 0 232863 0 0 0 BONNIE RAYMOND SENIOR VICE PRESIDENT MEMB 168770 0 3524 0 1188 0 23102 0 27765 0 224349 0 0 0 CHRISTOPHER CASALE FINANCIAL SERVICES PROGRAM 151941 0 11923 0 3611 0 21017 0 3834 0 192326 0 0 0 FORM 990, SCH J, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO JAMES P. KELLY, MICHAEL SUGRUE, AND BONNIE RAYMOND THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. AT SPECIFIED TIMES, THE PARTICIPANTS 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 PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. JAMES P KELLY PRESIDENT/CEO TO FUND PREMIUMS PAID ON SPLIT DOLLAR LIFE INSURANCE POLICY X 3013025 9023025 0 1 1 MICHAEL SUGRUE EVP TO FUND PREMIUMS PAID ON SPLIT DOLLAR LIFE INSURANCE POLICY X 900000 1350000 0 1 1 BONNIE J RAYMOND CEO OF MERGED ENTITY, PREMIER SOURCE FEDERAL CREDIT UNION) TO FUND PREMIUMS PAID ON SPLIT DOLLAR LIFE INSURANCE POLICY X 910000 3105000 0 1 1 13478025 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. 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 PARTICIPANTS 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 MEMBERS OF THE CREDIT UNION MAY ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR, SUCH AS MERGERS. FORM 990, PART VI, SECTION B, LINE 11B OUR CPA FIRM PREPARES FORM 990. A COMPLETED DRAFT OF FORM 990 IS REVIEWED BY THE CFO/SVP. ONCE THE FINAL DRAFT IS APPROVED, THE FORM IS FILED. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES, OFFICERS AND DIRECTORS RECEIVE THE CODE OF ETHICS POLICY. ANNUALLY, ALL EMPLOYEES, OFFICERS, AND DIRECTORS MUST COMPLETE A COMPLIANCE STATEMENT AND SUBMIT TO HUMAN RESOURCES. ADDITIONALLY, ALL DIRECTORS ARE REQUIRED TO COMPLETE A QUESTIONNAIRE THAT DETAILS ALL RELATED INTERESTS. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION'S BOARD OF DIRECTORS ASSIGNS RESPONSIBILITY TO THE BOARD'S PERSONNEL COMMITTEE. THE PERSONNEL COMMITTEE MEETS ANNUALLY TO DISCUSS THE PERFORMANCE OF THE CEO AND DETERMINES SALARY INCREASES. THE BOARD REVIEWS SALARY INFORMATION FROM SIMILAR-SIZED CREDIT UNIONS. THE PERSONNEL COMMITTEE PRESENTS ITS RECOMMENDATION TO THE FULL BOARD OF DIRECTORS FOR ITS APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC VIA THE WEBSITE, WWW.PNCU.COM. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 543,641. FORM 990, PART IX, LINE 24E PROVISION FOR LOAN LOSSES 33,389. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTTE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. PNCU INSURANCE SERVICES LLC 270 WESTFIELD RD HOLYOKE MA 01040 853678459 PROPERTY AND CASUALTY INSURANCE AGENCY MA 221080 1445585 POLISH NATIONAL CREDIT UNION