2013-11-04T13:46:12-06:00 2012-12-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT SUITE 500 AUBURN HILLS MI 48326 990 2012-01-01 381250516 CREDIT UNIONS CHARTERED IN THE STATE OF 222 LAKE TRUST CREDIT UNION CRED 5172677200 7927 NEMCO WAY NO 100 BRIGHTON MI 48116 BRIAN MCVEIGH 5172677200 2013-10-29 1 LYNNE M HUISMANN P00053811 2483757100 2012 2016-03-07 17:11:31Z DAVID SNODGRASS 7927 NEMCO WAY NO 100 BRIGHTON MI 48116 256900719 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. 12 11 472 12 376921 -319165 0 0 78613523 76523136 7814521 4718806 820875 809537 87248919 82051479 0 0 0 0 26898280 26296220 0 0 0 55570430 51419848 82468710 77716068 4780209 4335411 1516907106 1562253286 1374423320 1409974035 142483786 152279251 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 155,575 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL PRODUCTS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 1 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 0 0 1 40589 0 1 472 1 1 1 0 0 0 0 0 X 12 11 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X BRIAN MCVEIGH 5172677218 7927 NEMCO WAY BRIGHTON MI 48116 LAWRENCE LEHMAN 10.00 X X 351 0 0 SHANE LOVELETTE 5.00 X X 3999 0 0 JAMES BONNER 5.00 X X 2904 0 0 RAY SEIDL 10.00 X X 6100 0 0 JAMES BARNES 4.00 X 1524 0 0 KIMBERLY BISHOP 4.00 X 40 0 0 PHILIP CZECH 4.00 X 0 0 0 RICK LABER 4.00 X 865 0 0 ROBERT PEPLOWSKI 4.00 X 1660 0 0 BERNICE SULLIVAN 4.00 X 925 0 0 DENNIS TOCHMAN 4.00 X 1965 0 0 FREDA VELZEN 4.00 X 539 0 0 DAVID SNODGRASS 40.00 X 448669 0 34485 BRIAN MCVEIGH 40.00 X 233359 0 33294 CAROL GALIZIA 40.00 X 237757 0 26159 JANE KILE 40.00 X 211109 0 18058 RAYNOR ZILLIGTT 40.00 X 176727 0 30675 KEVIN NEUGENT 40.00 X 180070 0 31003 CHARLES HENSLEY 40.00 X 172093 0 16433 SHEILA COLLINS 40.00 X 162941 0 24667 KARA STUEWE 40.00 X 161217 0 29399 STEPHEN WINNIGER 0.00 X 112119 0 396 SUSAN HUGHES 0.00 X 166005 0 0 2282938 0 244569 20 1 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT, DEBIT & ATM CARD SERVICES 3051087 CU COOPERATIVE SYSTEMS 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 SERVICE CENTER & DR/ATM CARD TRANSACTION 973210 PWB MARKETING COMMUNICATIONS 2723 SOUTH STATE STREET ANN ARBOR MI 48104 MARKETING SERVICES 705604 OPEN SOLUTIONS PO BOX 416564 BOSTON MA 02241 CORE SYSTEM PROVIDER 410078 BANCVUE LTD PO BOX 527 LUBBOCK TX 79408 PROFESSIONAL SERVICES RELATED TO REWARDS 361239 23 MEMBER LOAN INCOME 522100 56503614 56503614 FEE INCOME 522100 20019522 20019522 76523136 6613233 6613233 94726 116148 -21422 -21422 -21422 168920000 3918665 168220549 6512543 699451 -2593878 -1894427 -1894427 INSURANCE INCOME 525990 649422 454038 195384 NON-MEMBER ATM INCOME 525990 181537 181537 830959 82051479 83590407 376921 -1915849 1263901 18318083 1037150 3946095 1730991 220866 179114 237677 2354722 2148648 4960212 4041504 4260043 817981 530050 6838304 PROVISION FOR LOAN LOSS 9358281 DIVIDENDS AND INTEREST 7541520 LOAN SERVICING 3565559 NCUSIF PREMIUM 1268326 3097041 77716068 13269056 13110998 80299571 52633933 2596006 5089240 926351637 1006037603 1810159 1470399 54778241 14403372 39606979 40374869 349644613 339241021 64283992 60779814 39045093 43515409 1516907106 1562253286 13045334 10989605 825077 709014 21359074 17176622 1339193835 1381098794 1374423320 1409974035 X 16560477 16560477 0 0 125923309 135718774 142483786 152279251 1516907106 1562253286 X 4335411 415147 5044907 X X 0 1 X 1 0 0 1 X 9064282 9064282 29319791 6198256 23121535 16394168 8205116 8189052 40374869 FEDERAL HOME LOAN BANK STOCK 5963800 F MORTGAGE BASED SECURITIES 170327971 F BANK CDS 13045520 F US GOVERNMENT & FEDERAL AGENCY SECURITIES 78779865 F CORPORATE BONDS 39585430 F MUTUAL FUNDS 31538435 F 339241021 MEMBERS' SHARES AND SAVINGS ACCOUNTS 1381098794 1381098794 82167627 116148 116148 82051479 0 82051479 77832216 116148 116148 77716068 0 77716068 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 116,148. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENT EXPENSE 116,148. X X 1 1 X X X X 1 1 0 DAVID SNODGRASS 368805 0 0 0 79864 0 12500 0 21985 0 483154 0 0 0 BRIAN MCVEIGH 213118 0 10400 0 9841 0 11309 0 21985 0 266653 0 0 0 CAROL GALIZIA 211452 0 10364 0 15941 0 5974 0 20185 0 263916 0 0 0 JANE KILE 191426 0 9961 0 9722 0 10209 0 7849 0 229167 0 0 0 RAYNOR ZILLIGTT 168612 0 6532 0 1583 0 8690 0 21985 0 207402 0 0 0 KEVIN NEUGENT 171856 0 6600 0 1614 0 9018 0 21985 0 211073 0 0 0 CHARLES HENSLEY 164197 0 6400 0 1496 0 8654 0 7779 0 188526 0 0 0 SHEILA COLLINS 156205 0 6230 0 506 0 7083 0 17584 0 187608 0 0 0 KARA STUEWE 154645 0 6230 0 342 0 8231 0 21168 0 190616 0 0 0 STEPHEN WINNIGER 111225 0 0 0 894 0 0 0 396 0 112515 0 0 0 SUSAN HUGHES 166005 0 0 0 0 0 0 0 0 0 166005 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. CEO WAS PROVIDED TEMPORARY HOUSING UNTIL FAMILY MOVED TO MICHIGAN AND IS INCLUDED AS TAXABLE INCOME ON HIS W-2 IN THE AMOUNT OF $35,836. PART I, LINES 4A-B PART I, LINES 4A-B: SEVERANCE BASED ON CHANGE-OF-CONTROL AGREEMENT: SUSAN HUGHES - $166,005 CONTRIBUTIONS TO EXECUTIVE SERP PLANS: STEPHEN L. WINNINGER - $75,000 DAVID SNODGRASS PRESIDENT & CEO EXECUTIVE SERP LOAN X 3928234 3928234 0 1 1 BRIAN MCVEIGH SENIOR VP OF CORP SVCS EXECUTIVE SERP LOAN X 1161006 1161006 0 1 1 5089240 FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE AMENDED IN 2012 TO CHANGE A MEMBERSHIP REQUIREMENT FOR EMPLOYER GROUPS OR OTHER ORGANIZED GROUPS LOCATED WITHHIN 25 MILES OF A CREDIT UNION OFFICE TO REQUIRE THEM TO SUBMIT A WRITTEN REQUEST FOR SERVICE AND TO GIVE THE COMMISSIONER POWER TO ADD OR REVOKE SUCH GROUPS, TO ADD A COMMERCIAL CREDIT COMMITTEE, AND TO CHANGE THE BOARD SIZE FROM 17 TO 12 MEMBERS. 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 11 FORM 990 IS REVIEWED BY VP OF FINANCE, SENIOR VP CORPORATE SERVICES & CFO, AND THE BOARD TREASURER/AUDIT COMMITTEE CHAIR, PRIOR TO FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS ANNUALLY COMPLETE 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 EXECUTIVE COMMITTEE APPROVES 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 (LAST UPDATE WAS IN JULY 2011). ALSO PERFORMANCE EVALUATION COMPLETED BY BOARD EXECUTIVE COMMITTEE 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: NET CHANGE IN PENSION & POST RETIREMENT HEALTH 4,137,325. EQUITY ACQUIRED IN MERGER 907,582. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES TO THE OVERSIGHT OR SELECTION PROCESS DURING THE YEAR. MEMBERS FINANCIAL SERVICES LLC 15800 NORTH HAGGERTY PLYMOUTH MI 48170 364516718 INSURANCE AND FINANCIAL SERVICES MI 10161 117447 LAKE TRUST CREDIT UNION