2025-11-13T16:17:51-06:00 2024-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2024-01-01 941521987 MERIWEST CREDIT UNION MERI 4089725222 5615 CHESBRO AVENUE SAN JOSE CA 95123 JIHONG HUANG CFO 4089725222 2025-11-12 1 1 NATALIE HULL CPA P00089332 8189549700 2024 2025-03-06 01:10:19Z LISA PESTA 5615 CHESBRO AVENUE SAN JOSE CA 95123 110386749 0 X WWW.MERIWEST.COM X CREDIT UNION 1961 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 295 14 95019 3059 0 0 86819720 91549884 13592856 15367655 667004 3469210 101079580 110386749 12900 15380 0 0 32607436 34690924 0 0 0 65960135 70162881 98580471 104869185 2499109 5517564 2193062292 2097171871 2037083386 1936561997 155978906 160609874 X MERIWEST CREDIT UNION IS A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG 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, MERIWEST 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 MERIWEST CREDIT UNION PROVIDED MEMBERS 1,176 REAL ESTATE BASE LOANS TOTALING OVER 750 MILLION IN 2024. MERIWEST CREDIT UNION PROVIDED MEMBERS 19,629 CONSUMER LOANS TOTALING OVER $320 MILLION IN 2024. MERIWEST CREDIT UNION OFFERED LOANS, DEPOSITS AND OTHER SERVICES TO 79,486 MEMBERS IN 2024. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 1 1 0 1 25912 0 1 295 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X JIHONG HUANGCFO 4083633200 5615 CHESBRO AVENUE SAN JOSE CA 95123 DRARTHUR L JUE CHAIRPERSON 2.00 X 0 0 0 SCOTT TIMPE VICE CHAIRMAN 2.00 X 0 0 0 HARSHA VYAS TREASURER 2.00 X 0 0 0 ROSARIO MONGE SECRETARY 2.00 X 0 0 0 UDEY CHAUDHRY BOARD MEMBER 2.00 X 0 0 0 EDWIN MACH BOARD MEMBER 2.00 X 0 0 0 STEVE GOVEIA BOARD MEMBER 2.00 X 0 0 0 STAN CHAPMAN BOARD MEMBER 2.00 X 0 0 0 JIM HICKS BOARD MEMBER 2.00 X 0 0 0 PHILIP FLUEGEMANN SUPV CMTE CHAIRPERSON 2.00 X 0 0 0 TAYLOR LEE SUPV CMTE MEMBER 2.00 X 0 0 0 JASON LAKER SUPV CMTE MEMBER 2.00 X 0 0 0 LISA MARIE PESTA PRESIDENT/CEO 40.00 X 607283 0 30371 BRIAN HENNESSEY SVP, CHIEF FINANCIAL OFFICER 40.00 X 453159 0 51305 CHAD MAZE SVP, CHIEF OPERATING OFFICER 40.00 X 394390 0 49925 LINA ESTHER HESS VP, CHIEF TECHNOLOGY OFFICER 40.00 X 308353 0 50138 JIHONG HUANG VP, CHIEF TREASURY OFFICER 40.00 X 293123 0 33820 MELISSA A CLEBORNE VP, CHIEF HUMAN RESOURCES OFFICER 40.00 X 251621 0 27735 CYNTHIA DELACERDA WATSON VP, CHIEF RISK & OPERATIONS OFFICER 40.00 X 242483 0 37229 IAN K FOO VP, CHIEF RETAIL OFFICER 40.00 X 228395 0 31720 GENNADY FICHTENHOLZ VP, DIGITAL STRATEGY AND ENGAGEMENT 40.00 X 251720 0 34420 ERNESTO SEGOVIA VP, NETWORK OPERATIONS AND SECURITY 40.00 X 249676 0 26663 MARTINA VALENTINE PRESIDENT, MERIWEST MORTGAGE 40.00 X 230607 0 44401 BRANDI HOFFMAN-OOKA VP, CONSUMER & FINTECH LENDING 40.00 X 183018 0 7972 OMAR MASLIC FINANCIAL ADVISOR 40.00 X 314331 0 16142 KEITH FRANCE SENIOR FINANCIAL ADVISOR 40.00 X 306393 0 24594 ANDREW NGUYEN FINANCIAL ADVISOR 40.00 X 274007 0 31211 JEAN CHRISTOPHER LABEAU AVP INFORMATION TECHNOLOGY DEVELOPMENT 40.00 X 222948 0 12765 JOHN KWAN AVP ASSISTANT CONTROLLER 40.00 X 209083 0 32220 5020590 0 542631 67 0 1 0 JACK HENRY PO BOX 609 MONETT MO 65708 IT SERVICES 1508322 DIGITAL FIRST HOLDINGS LLC PO BOX 740641 LOS ANGELES CA 900740641 IT SERVICES 930169 ELKINS RETAIL ADVERSTISING INC 274 E HAMILTON AVE SUITE H CAMPBELL CA 95008 ADVERSTISING SERVICES 745437 CARDTRONICS USA INC PO BOX 7411058 CHICAGO IL 606741058 IT SERVICES 402772 FGS FACILITIES GROUP 260 PONTIAC WAY FREMONT CA 94539 JANITORIAL SERVICES 372021 36 INTEREST ON LOANS 522100 81427004 81427004 OTHER OPERATING INCOME 522100 7901644 7846750 54894 FEE INCOME 522100 2221236 2181111 40125 91549884 15367655 15367655 OTHER NON-INTEREST INC 522100 3326878 3326878 GAIN ON SALES OF LOANS 522100 142321 142321 GAIN ON EQUITY TRADING 522100 11 11 3469210 110386749 110291730 95019 0 13480 1900 5020590 21046661 2481193 4295072 1847408 245185 318116 1427990 1935865 7451919 1849134 2168017 279169 43378446 1169684 432581 PROVISION FOR LOAN & LE 7108556 LOAN SERVICING EXPENSE 1280181 MISC OPERATING EXPENSE 856881 OPERATING FEES 256703 4454 104869185 12504768 10983156 62848894 67617240 5257269 12293739 8045610 7824733 28146789 23751676 5125680 4395113 297214416 284966466 1761245652 1657216994 40820003 51874430 2193062292 2097171871 25231400 23253776 2011851986 1913308221 2037083386 1936561997 X 0 0 0 0 155978906 160609874 155978906 160609874 2193062292 2097171871 X 5517564 -1808354 921758 X X 0 1 X 1 0 1843986 1843986 5252697 4952967 299730 12259389 11038213 1221176 8790717 7760496 1030221 4395113 ALL OTHER INVESTMENTS 12842117 F TOTAL LOANS AND LEASES 1624845204 F NCUA INSURANCE DEPOSIT 15561673 C DEPOSITS IN COMMERCIAL BANKS 3968000 C 1657216994 TOTAL SHARES AND DEPOSITS 1658308221 BORROWINGS 255000000 1913308221 X PART X, LINE 2: 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 DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD SHOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT PERIOD. X X X 0 1 0 LISA MARIE PESTA PRESIDENT/CEO 570547 0 0 0 36736 0 5990 0 24381 0 637654 0 0 0 BRIAN HENNESSEY SVP, CHIEF FINANCIAL OFFICER 441728 0 0 0 11431 0 23000 0 28305 0 504464 0 0 0 CHAD MAZE SVP, CHIEF OPERATING OFFICER 392320 0 0 0 2070 0 15986 0 33939 0 444315 0 0 0 LINA ESTHER HESS VP, CHIEF TECHNOLOGY OFFICER 296922 0 0 0 11431 0 23000 0 27138 0 358491 0 0 0 JIHONG HUANG VP, CHIEF TREASURY OFFICER 291053 0 0 0 2070 0 0 0 33820 0 326943 0 0 0 MELISSA A CLEBORNE VP, CHIEF HUMAN RESOURCES OFFICER 243349 0 0 0 8272 0 0 0 27735 0 279356 0 0 0 CYNTHIA DELACERDA WATSON VP, CHIEF RISK & OPERATIONS OFFICER 240541 0 0 0 1942 0 0 0 37229 0 279712 0 0 0 IAN K FOO VP, CHIEF RETAIL OFFICER 225116 0 2500 0 779 0 0 0 31720 0 260115 0 0 0 GENNADY FICHTENHOLZ VP, DIGITAL STRATEGY AND ENGAGEMENT 248018 0 0 0 3702 0 0 0 34420 0 286140 0 0 0 ERNESTO SEGOVIA VP, NETWORK OPERATIONS AND SECURITY 241611 0 0 0 8065 0 0 0 26663 0 276339 0 0 0 MARTINA VALENTINE PRESIDENT, MERIWEST MORTGAGE 225567 0 0 0 5040 0 23000 0 21401 0 275008 0 0 0 BRANDI HOFFMAN-OOKA VP, CONSUMER & FINTECH LENDING 179715 0 0 0 3303 0 3640 0 4332 0 190990 0 0 0 OMAR MASLIC FINANCIAL ADVISOR 311208 0 2515 0 608 0 0 0 16142 0 330473 0 0 0 KEITH FRANCE SENIOR FINANCIAL ADVISOR 295133 0 9622 0 1638 0 0 0 24594 0 330987 0 0 0 ANDREW NGUYEN FINANCIAL ADVISOR 269984 0 2515 0 1508 0 0 0 31211 0 305218 0 0 0 JEAN CHRISTOPHER LABEAU AVP INFORMATION TECHNOLOGY DEVELOPME 213753 0 7547 0 1648 0 0 0 12765 0 235713 0 0 0 JOHN KWAN AVP ASSISTANT CONTROLLER 199011 0 7162 0 2910 0 0 0 32220 0 241303 0 0 0 PART I, LINE 4B THE CREDIT UNION OFFERS EXECUTIVE RETENTION PLANS FOR CERTAIN KEY MEMBERS OF MANAGEMENT. THESE NONQUALIFIED 457(F) PLANS TYPICALLY PROVIDE A RETENTION PAYMENT IN THE AMOUNT SPECIFIED IN THE PARTICIPATION AGREEMENT BY REMAINING EMPLOYED WITH THE CREDIT UNION UNTIL THE CLIFF VESTING DATE FOR SUCH PAYMENT. THERE WAS NO LIABILITY UNDER THE EXECUTIVE RETENTION PLANS AS OF SEPTEMBER 30, 2024 AND 2023. TO HELP OFFSET THE COSTS OF EXECUTIVE RETENTION AND OTHER RETIREMENT PLANS, THE CREDIT UNION PURCHASED CREDIT UNION OWNED LIFE INSURANCE (CUOLI) POLICIES FROM MIDLAND NATIONAL LIFE INSURANCE COMPANY (RATED A+ SUPERIOR BY AM BEST). THE CASH SURRENDER VALUE OF THE CUOLI POLICIES OWNED UNDER THE PLAN WAS APPROXIMATELY $9,376,000 AND $9,147,000 AS OF SEPTEMBER 30, 2024 AND 2023, RESPECTIVELY, WHICH WAS INCLUDED IN OTHER ASSETS. THE ANNUALIZED AVERAGE YIELD ON THE LIFE INSURANCE POLICIES WAS 2.65% AND 2.53% AS OF SEPTEMBER 30, 2024 AND 2023, RESPECTIVELY. DURING THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023, THE CREDIT UNION RECOGNIZED $228,903 AND $219,731, RESPECTIVELY, IN OTHER NON-INTEREST INCOME RELATED TO THE INCREASE IN CASH SURRENDER VALUE. LISA PESTA OFFICER FIRST MORTGAGE X 456000 316931 0 1 1 LISA PESTA OFFICER HOME EQUITY LOAN X 57000 12837 0 1 1 LINA HESS OFFICER FIRST MORTGAGE X 510400 403223 0 1 1 MELISSA CLEBORNE OFFICER HOME EQUITY LOAN X 91686 29445 0 1 1 MELISSA CLEBORNE OFFICER FIRST MORTGAGE X 680000 604998 0 1 1 JIHONG HUANG OFFICER FIRST MORTGAGE X 2000000 1800392 0 1 1 JIHONG HUANG OFFICER HELOC X 692800 358410 0 1 1 JIHONG HUANG OFFICER ECO NEW AUTO X 78522 55906 0 1 1 CYNTHIA WATSON OFFICER FIRST MORTGAGE X 637000 563820 0 1 1 GENNADY FICHTENHOLZ OFFICER HELOC X 250000 122560 0 1 1 GENNADY FICHTENHOLZ OFFICER FIRST MORTGAGE X 548250 489103 0 1 1 ERNESTO SEGOVIA KEY EMPLOYEE FIRST MORTGAGE X 180000 43061 0 1 1 AMJAD ELIAS HCE HELOC X 243429 226892 0 1 1 AMJAD ELIAS HCE FIRST MORTGAGE X 400000 315479 0 1 1 JOHN KWAN HCE FIRST MORTGAGE X 350000 276748 0 1 1 LISA PESTA OFFICER FUND PURCHASE OF CASH VALUE LIFE INSURANCE POLICY X 6673934 6673934 0 1 1 12293739 FORM 990, PART VI, SECTION A, LINE 6 MERIWEST CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. MERIWEST CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF MERIWEST CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED BY OUR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS MADE AVAILABLE TO THE ORGANIZATION'S GOVERNING BODY FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C A COPY OF THE EMPLOYEE HANDBOOK IS INCLUDED AS PART OF THE BOARD'S CONSENT CALENDAR ANNUALLY AND ALL STAFF REVIEW AND ACKNOWLEDGE COMPLIANCE WITH THE EMPLOYEE HANDBOOK ON AN ANNUAL BASIS. THE BOARD'S CONFLICT OF INTEREST POLICY IS REVIEWED AND ACKNOWLEDGED AT ONBOARDING. FORM 990, PART VI, SECTION B, LINE 15 THE COMPANY HAS PURCHASED AN ANNUAL SUBSCRIPTION TO A COMPENSATION PROGRAM CALLED BALANCED COMP. THIS MANAGES ALL OUR SALARIES. IN ADDITION HR PARTICIPATES IN 3-4 CREDIT UNION SALARY SURVEYS FOR EXECUTIVES. THIS INFORMATION IS ALSO PROVIDED TO THE PERSONNEL PRACTICES COMMITTEE OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION FINANCIAL CENTERS MONTHLY. THE CONFLICT OF INTEREST POLICY IS POSTED ON THE CREDIT UNION WEBSITE ANNUALLY IN THE NOMINATION PACKET. THE ANNUAL REPORT IS PUBLISHED ON THE CREDIT UNION WEBSITE AND IT CONTAINS ANNUAL FINANCIAL STATEMENTS AS WELL. OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST PROVIDED THERE IS NO RULE OR REGULATION GOVERNING PROHIBITION OF GIVING OUT THE INFORMATION. FORM 990, PART XI, LINE 9: CHANGES IN OTHER COMPREHENSIVE INCOME 921,758. FORM 990, PART XI, LINE 2C THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. SECTION 1.263(A)-1(F) DE MINIMIS SAFE HARBOR ELECTION: MERIWEST CREDIT UNION 5615 CHESBRO AVENUE SAN JOSE, CA 95123 TAXPAYER IDENTIFICATION NUMBER: 94-1521987 FOR THE YEAR ENDING DECEMBER 31, 2024. MERIWEST CREDIT UNION IS MAKING THE DE MINIMIS SAFE HARBOR ELECTION UNDER REG. SEC.1.263(A)-1(F). MERIWEST MORTGAGE COMPANY LLC 5615 CHESBRO AVE SUITE 120 SAN JOSE CA 951233046 470847322 FINANCIAL PRODUCTS, MORTGAGE CA 5466377 35561812 MERIWEST CREDIT UNION MERIWEST WEALTH ADVISORS LLC 5615 CHESBRO AVE SUITE 120 SAN JOSE CA 951233046 811392554 FINANCIAL PRODUCTS CA 347431 0 MERIWEST CREDIT UNION 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 MERIWEST MORTGAGE COMPANY LLC P 1039022 ACTUAL AMOUNT PAID MERIWEST MORTGAGE COMPANY LLC Q 98468 ACTUAL AMOUNT PAID MERIWEST WEALTH ADVISORS LLC Q 376611 ACTUAL AMOUNT PAID MERIWEST MORTGAGE COMPANY LLC A 47184 ACTUAL AMOUNT PAID MERIWEST WEALTH ADVISORS LLC A 1500 ACTUAL AMOUNT PAID MERIWEST WEALTH ADVISORS LLC P 155094 ACTUAL AMOUNT PAID