2017-09-06T11:59:46-05:00 2016-12-31 381357951 PLANTE & MORAN PLLC 2601 Cambridge Ct Ste 500 Auburn Hills MI 48326 990 2016-01-01 381250516 CREDIT UNIONS CHARTERED IN THE STATE OF 222 LAKE TRUST CREDIT UNION CRED 8882677200 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 DAVID SNODGRASS PRESIDENT & CEO 8882677200 2017-08-25 1 LYNNE M HUISMANN P00053811 2483757100 2017-08-25 67.59.56.33 2017-08-25 08:47:50 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 C3EE01AB0E15093E8109592E704D6522710D22E3 2016 2021-01-29 14:40:06Z LAKE TRUST CREDIT UNION DAVID SNODGRASS 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 95657097 0 1359 X WWW.LAKETRUST.ORG X 1943 MI MEMBERS WILL UNDERSTAND AND EXPERIENCE THE BENEFITS OF A CREDIT UNION RELATIONSHIP AT A COST JUSTIFIED BY THE RESULTS. MEMBERS HAVE THE CAPABILITY TO EXERCISE CONTROL OVER THEIR FINANCIAL LIVES WHILE SHARING IN THE SUCCESS OF THE ORGANIZATION. MEMBERS EXPERIENCE REWARDS OF A MUTUALLY BENEFICIAL RELATIONSHIP BASED ON ADVOCACY AND TRUST RESULTING IN TRUST AND LOYALTY. MEMBERS VALUE THE LINK BETWEEN THEIR BENEFITS AND THEIR OWNERSHIP. 9 9 493 9 284047 -198203 0 0 72538653 75393781 2662958 2458375 1102432 1128892 76304043 78981048 10000 10375 0 0 25624354 28970794 0 0 0 45468881 45005516 71103235 73986685 5200808 4994363 1680739543 1775026639 1509100243 1598930778 171639300 176095861 X MEMBERS WILL UNDERSTAND AND EXPERIENCE THE BENEFITS OF A CREDIT UNION RELATIONSHIP AT A COST JUSTIFIED BY THE RESULTS. MEMBERS HAVE THE CAPABILITY TO EXERCISE CONTROL OVER THEIR FINANCIAL LIVES WHILE SHARING IN THE SUCCESS OF THE ORGANIZATION. MEMBERS EXPERIENCE REWARDS OF A MUTUALLY BENEFICIAL RELATIONSHIP BASED ON ADVOCACY AND TRUST RESULTING IN TRUST AND LOYALTY. MEMBERS VALUE THE LINK BETWEEN THEIR BENEFITS AND THEIR OWNERSHIP. 0 0 PROMOTED THRIFT TO 175,762 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL PRODUCTS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 1 0 0 1 96192 0 1 493 1 1 1 0 0 0 0 0 X 9 9 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X DIANA SCOTT 8882677200 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 SHANE LOVELETTE CHAIRPERSON 10.00 X X 760 0 0 JAMES BONNER DIRECTOR 4.00 X 3622 0 0 RAY SEIDL TREASURER 10.00 X X 0 0 0 JAMES BARNES SECRETARY 5.00 X X 2088 0 0 KIMBERLY BISHOP DIRECTOR 4.00 X 0 0 0 PHILIP CZECH DIRECTOR 4.00 X 1896 0 0 RICK LABER DIRECTOR 4.00 X 3334 0 0 BERNICE SULLIVAN DIRECTOR 4.00 X 0 0 0 DENNIS TOCHMAN VICE CHAIRPERSON 5.00 X X 3451 0 0 FREDA VELZEN DIRECTOR (THROUGH 3/22) 4.00 X 1473 0 0 ROBERT PEPLOWSKI DIRECTOR (THROUGH 3/22) 4.00 X 0 0 0 DAVID SNODGRASS CEO AND PRESIDENT 40.00 X 618436 0 26200 BRIAN MCVEIGH SR VP, ADMIN, FIN (THROUGH 5/20) 40.00 X 111647 0 10879 JANE KILE SR VP, MEMBER EXPERIENCE 40.00 X 246787 0 24760 DANIELLE BREHMER SR VP, BRAND, STRATEGY + C 40.00 X 215422 0 15949 RAYNOR ZILLGITT VP GENERAL COUNSEL 40.00 X 197490 0 24133 KARA STUEWE VP TREASURY 40.00 X 183028 0 22712 JACK MARTIN VP INFORMATION TECHNOLOGY 40.00 X 188005 0 24064 DIANA SCOTT VP FINANCE 40.00 X 175477 0 13414 ANDREA MOSHER VP CREDIT ADMINISTRATION 40.00 X 190171 0 21268 2143087 0 183379 26 0 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT, DEBIT & ATM CARD SERVICES 4245560 FISERV 75 REMITTANCE DR DEPT 1649 CHICAGO IL 60675 CORE SYSTEM PROVIDER 1781734 CU COOPERATIVE SYSTEMS 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 SERVICE CENTER & DR/ATM CARD TRANSACTION 1168947 SYNERGI MEDIA LLC 400 S STATE ST SUITE 400 ZEELAND MI 49464 ADVERTISING SERVICES 936850 IDSCOM 747 E WHITCOMB AVENUE MADISON HEIGHTS MI 48071 PROCESSING & MAILING OF NOTICES & STATEM 626878 26 MEMBER LOAN INCOME 522100 56437282 56437282 FEE INCOME 522100 18956499 18956499 75393781 3253601 3244003 9598 49831 36761 13070 13070 13070 9228000 6616062 9194966 7444322 33034 -828260 -795226 -795226 INSURANCE INCOME 525990 945151 841373 103778 NON-MEMBER ATM INCOME 525990 170671 170671 1115822 78981048 79479157 284047 -782156 10375 1286702 21398716 876123 3663121 1746132 186346 105000 122819 1815021 1600549 4383048 5204430 5279221 667692 2554363 6885866 PROVISION FOR LOAN LOSS 5641208 DIVIDENDS AND INTEREST 3832521 LOAN SERVICING 3245320 ATM SERVICE AND OPERATI 2266222 1215890 73986685 11751167 10006022 87901176 85064751 5877142 8379083 1239740759 1351452701 2029014 2354543 90510028 26018290 70109780 64491738 32065373 28329284 125222278 118819290 50267281 46763102 55775573 59366125 1680739543 1775026639 8586661 10364700 635208 181739 26000000 41000000 1473878374 1547384339 1509100243 1598930778 X 16560477 16560477 0 0 155078823 159535384 171639300 176095861 1680739543 1775026639 X 4994363 -221899 -315903 X X 0 1 X 1 0 0 1 X 8921841 8921841 57893727 11248545 46645182 244289 182996 61293 23450171 14586749 8863422 64491738 FEDERAL HOME LOAN BANK STOCK 4453100 F MORTGAGE BASED SECURITIES 80419870 F BANK CDS 15028714 F US GOVERNMENT & FEDERAL AGENCY SECURITIES 18917606 F 118819290 MEMBERS' SHARES AND SAVINGS ACCOUNTS 1547384339 1547384339 79017809 36761 36761 78981048 0 78981048 74023446 36761 36761 73986685 0 73986685 Part IV, Line 2b: CUSTODIAL ACCOUNTS ARE MAINTAINED FOR MORTGAGES PREVIOUSLY SOLD TO FREDDIE MAC OR FANNIE MAE. Part XI, Line 2d - Other Adjustments: RENTAL EXPENSES 36,761. Part XII, Line 2d - Other Adjustments: RENT EXPENSE 36,761. 1 LAKE TRUST CREDIT UNION FOUNDATION 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 455332078 501(C)(3) 10375 COMMUNITY ASSISTANCE 1 Part I, Line 2: LAKE TRUST CREDIT UNION HAS OVERSIGHT OF THE LAKE TRUST CREDIT UNION FOUNDATION AND MONITORS THE USE OF THE GRANT FUNDS. X 1 1 X X X 0 1 0 DAVID SNODGRASS CEO AND PRESIDENT 484520 0 111016 0 22900 0 13250 0 12950 0 644636 0 0 0 JANE KILE SR VP, MEMBER EXPERIENCE 235562 0 0 0 11225 0 11913 0 12847 0 271547 0 0 0 DANIELLE BREHMER SR VP, BRAND, STRATEGY + C 204197 0 0 0 11225 0 10250 0 5699 0 231371 0 0 0 RAYNOR ZILLGITT VP GENERAL COUNSEL 196515 0 0 0 975 0 9975 0 14158 0 221623 0 0 0 KARA STUEWE VP TREASURY 182053 0 0 0 975 0 9296 0 13416 0 205740 0 0 0 JACK MARTIN VP INFORMATION TECHNOLOGY 187030 0 0 0 975 0 9584 0 14480 0 212069 0 0 0 DIANA SCOTT VP FINANCE 174502 0 0 0 975 0 8021 0 5393 0 188891 0 0 0 ANDREA MOSHER VP CREDIT ADMINISTRATION 176517 0 0 0 13654 0 9370 0 11898 0 211439 0 0 0 Part I, Line 1a BOARD MEMBERS ARE ALLOWED TO HAVE THEIR SPOUSE ATTEND A CONFERENCE WITH THEM. A 1099-MISC IS ISSUED FOR EXPENSES INCURRED. Part I, Line 4b PARTICIPANTS IN EXECUTIVE SERP PLANS: DAVID SNODGRASS JANE KILE BRIAN MCVEIGH ALL 3 PARTICIPATED IN A SPLIT DOLLAR COLLATERAL INSURANCE SUPPLEMENTAL RETIREMENT PLAN - THEIR LOANS RELATED TO THIS PLAN ARE SHOWN ON SCHEDULE L DAVID SNODGRASS PRESIDENT & CEO EXECUTIVE SERP LOAN X 3928234 4322789 0 1 1 BRIAN MCVEIGH SR VP, ADMIN, FIN + INTEL/CFO EXECUTIVE SERP LOAN X 1656006 1656000 0 1 1 JANE KILE SR VICE PRESIDENT, MEMBER EXPERIENCE EXECUTIVE SERP LOAN X 2400000 2400294 0 1 1 8379083 Form 990, Part VI, Section A, line 4 BOARD OF DIRECTORS SIZE DECREASED FROM 11 TO 9. Form 990, Part VI, Section A, line 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS Form 990, Part VI, Section A, line 7a MEMBERS ELECT THE GOVERNING BODY Form 990, Part VI, Section A, line 7b ONLY DECISIONS SPECIFIED IN THE BYLAWS ARE REQUIRED TO BE APPROVED BY MEMBERS Form 990, Part VI, Section B, line 11b FORM 990 IS REVIEWED BY VP OF FINANCE, PRESIDENT/CEO, AND THE BOARD TREASURER/AUDIT COMMITTEE CHAIR, PRIOR TO FILING THE RETURN. Form 990, Part VI, Section B, line 12c DIRECTORS ANNUALLY COMPLETE THE CONFLICT OF INTEREST DOCUMENTS. EMPLOYEES MONITORED THROUGHOUT POLICY COMPLIANCE BY SUPERVISOR. DIRECTORS EXCUSE THEMSELVES FROM VOTING IF THERE IS A CONFLICT. Form 990, Part VI, Section B, line 15 BOARD OF DIRECTORS APPROVE COMPENSATION FOR CEO. CEO APPROVES COMPENSATION FOR SVPS AND SVPS APPROVE COMPENSATION FOR VPS, WITH REVIEW BY HUMAN RESOURCES. COMPENSATION CONSULTANT PERFORMS COMPETITIVE MARKET SURVEYS. ALSO PERFORMANCE EVALUATION COMPLETED BY BOARD OF DIRECTORS FOR CEO AND BY CEO FOR SVPS AND BY SVPS FOR VPS. Form 990, Part VI, Section C, line 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990, Part XI, line 9: NET CHANGE IN PENSION & POST RETIREMENT HEALTH -315,903. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES TO THE OVERSIGHT OR SELECTION PROCESS DURING THE YEAR. MEMBERS FINANCIAL SERVICES LLC 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 364516718 INSURANCE AND FINANCIAL SERVICES MI 8531 153401 LAKE TRUST CREDIT UNION LAKE TRUST CREDIT UNION FOUNDATION 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 455332078 ECONOMIC AND COMMUNITY ENHANCEMENT THROUGH EDUCATION AND ENGAGEMENT MI 501(c)(3) Line 7 LAKE TRUST CREDIT UNION 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 LAKE TRUST CREDIT UNION FOUNDATION B 10375 CASH PAYMENT