2012-05-14T15:19:29-05:00 2011-12-31 420714325 MCGLADREY LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2011-01-01 741951016 RIGHT CHOICE FEDERAL CREDIT UNION RIGH 8326881318 9621 W SAM HOUSTON PARKWAY N HOUSTON TX 77064 MELISSA DOMINGUES 8326881318 2012-05-14 1 GERALD B KISSELL P00092658 6123324300 2011 2016-02-24 21:20:13Z FIRST SERVICE CREDIT UNION DAVID BLEAZARD 9621 W SAM HOUSTON PARKWAY N HOUSTON TX 77064 21284731 0 X WWW.FSCU.COM X 1977 TX PROVIDE FINANCIAL SERVICES THAT ENHANCE MEMBER'S LIVES 10 10 97 13 1440482 -74455 0 0 14794217 20461615 577388 823116 0 0 15371605 21284731 0 0 1522087 1589998 5723725 7806037 0 0 0 9229475 10849276 16475287 20245311 -1103682 1039420 119166074 317935450 109896199 292368325 9269875 25567125 FIRST SERVICE CREDIT UNION IS A COOPERATIVE CREDIT UNION THAT PROVIDES FINANCIAL PRODUCTS AND SERVICES TO MEMBERS. 0 0 FIRST SERVICE CREDIT UNION OFFERS SAVINGS ACCOUNTS TO MEMBERS OF ALL AGES THAT PAY DIVIDENDS ON A MONTHLY BASIS. WE HAD APPROXIMATELY 44,744 MEMBER-OWNED SAVINGS ACCOUNTS AS OF DECEMBER 31, 2011. MEMBERS CAN ACCESS THEIR SAVINGS ACCOUNTS THROUGH OUR BRANCH NETWORK, INCLUDING OUR NATIONWIDE SHARED BRANCHING NETWORK. THEY CAN ALSO ACCESS THEIR ACCOUNTS VIA HOME BANKING, TELEPHONE, AND ATMS. WE ALSO OFFER SPECIAL SAVINGS ACCOUNTS FOR OUR CHILDREN AND TEENAGE MEMBERS TO ENCOURAGE THE DEVELOPMENT OF CONSISTENT SAVINGS HABITS. FIRST SERVICE CREDIT UNION OFFERS CHECKING ACCOUNTS FOR OUR MEMBERS. SOME OF OUR CHECKING ACCOUNTS ALSO PAY DIVIDENDS ON A MONTHLY BASIS. THEY CAN ALSO BE ACCESSED THROUGH OUR BRANCH NETWORK, INCLUDING OUR NATIONWIDE SHARED BRANCHING NETWORK. JUST AS WITH SAVINGS ACCOUNTS, CHECKING ACCOUNTS CAN BE ACCESSED VIA HOME BANKING, TELEPHONE, AND ATMS. CHECKING ACCOUNTS ARE ALSO ELIGIBLE FOR FREE DEBIT CARDS THAT CAN BE ACCESSED WITHOUT A PIN AT MOST MERCHANTS THAT ACCEPT VISA. MEMBERS CAN ALSO PAY BILLS FROM THEIR CHECKING ACCOUNT USING OUR FREE BILL PAY SERVICE. FIRST SERVICE CREDIT UNION OFFERS A VARIETY OF LOAN TYPES, SUCH AS VEHICLE, UNSECURED, BOAT, MOTORCYCLE, RECREATIONAL, AND REAL ESTATE AT VERY COMPETITIVE RATES WITH NO PRE-PAYMENT PENALTIES. 0 0 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5567 0 1 97 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X THE ORGANIZATION 8326881318 9621 W SAM HOUSTON PARKWAY N HOUSTON TX 77064 WAYNE TAYLOR 1.00 X X 0 0 0 DAVID ITZ 1.00 X X 0 0 0 PAUL LOVE 1.00 X X 0 0 0 GARY GODWIN 1.00 X X 0 0 0 ANDREA MANGIAVACCHI 1.00 X 0 0 0 JANET HILL 1.00 X 0 0 0 DOUG ESMOND 1.00 X 0 0 0 THOMAS SMITH 1.00 X 0 0 0 JACK BARTELL 1.00 X 0 0 0 DAVID ITZ 1.00 X 0 0 0 MILLICENT CHANCELLOR 1.00 X 0 0 0 FRED STAHELIN 1.00 X 0 0 0 BILLY NEELY 1.00 X 0 0 0 MERV SWAN 1.00 X 0 0 0 DAVID BLEAZARD 50.00 X 216681 0 24113 MELISSA DOMINGUES 50.00 X 113581 0 11608 DEBRA LITTLE 50.00 X 106248 0 11175 JERRY SHRODE 50.00 X 226868 0 25645 663378 0 72541 4 0 1 0 STATE NATIONAL 1900 L DON DODSON BEDFORD TX 76120 SINGLE INTEREST INSURANCE FOR LOANS 1800323 AMERICAN SERVICE GROUP PO BOX 3400 CONROE TX 77305 GAP AND WARRANTY COVERAGE ON LOANS 666328 BLUE CROSSBLUE SHIELD OF TEXAS PO BOX 660049 DALLAS TX 752660049 INSURANCE COVERAGE FOR EMPLOYEES 505870 JACK HENRY PO BOX 503328 ST LOUIS MO 631503328 CORE PROCESSOR 371368 INNOVATIVE COMPUTING SOLUTIONS 403 2ND ST SEALY TX 77474 IT CONSULTING AND PURHCASE HARDWARE 203306 12 INCOME FROM LOANS 522100 12363465 12363465 OTHER FEES & CHARGES I 522100 6430736 4990254 1440482 MISC. INCOME 522100 1667414 1667414 20461615 791352 791352 27656 4108 27656 4108 31764 31764 21284731 19021133 1440482 823116 1589998 365983 6080776 891443 467835 106973 180302 710444 2862589 1149831 817241 27105 149747 1039329 PROVISION FOR LOAN LOSS 2372295 NCUA STABALIZATION EXPE 573435 SECURITY EXPENSE 393157 LOAN SERVICING 337168 129660 20245311 2372855 21260643 175583 6202715 98270826 213755893 268810 746481 17228773 6528997 2108291 10699776 1965188 37181567 12514598 18672363 1489923 9416012 119166074 317935450 759791 13584878 23652 76422 109112756 278707025 109896199 292368325 X 0 0 0 0 9269875 25567125 9269875 25567125 119166074 317935450 X 1039420 15257830 X 0 1 1 X 0 0 1 1491023 1491023 8725466 1233003 7492463 316274 247405 68869 6696010 5048589 1647421 10699776 BANK CERTIFICATES AND DEPOSITS 15243337 C INVESTMENT IN CUSO - CUAC 100000 F FHLB CAPITAL STOCK 149600 F FHLB DEMAND DEPOSIT ACCOUNT 190105 F SWCC INVESTMENT 38040 F INSURANCE ASSET - DEFERRED PREMIUMS 666641 F INVESTMENT IN CUSO - MEMBER HOME LOAN 500000 F CUBS 1784640 F 18672363 MEMBER SHARES AND CDS 278018347 OTHER LIABILITIES 688678 278707025 21284731 20245311 1039420 32656 15225174 15257830 16297250 21284731 0 21284731 0 21284731 20245311 0 20245311 0 20245311 PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW TO PAY TAXES AND INSURANCE ON BEHALF OF ITS MORTGAGE LOAN MEMBERS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: MANAGEMENT HAS EVALUATED THE CREDIT UNION'S TAX POSITIONS AND CONCLUDED THAT THE CREDIT UNION HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENTS TO THE FINANCIAL STATEMENTS. PART XI, LINE 8 - OTHER ADJUSTMENTS: CAPITAL ACQUIRED IN MERGER 15,225,174. X 1 1 X X X X X 0 0 0 DAVID BLEAZARD 166694 0 49987 0 0 0 10304 0 13809 0 240794 0 0 0 JERRY SHRODE 190289 0 36579 0 0 0 13168 0 12477 0 252513 0 0 0 PART I, LINE 1A A GOLF CLUB MEMBERSHIP IS PROVIDED FOR THE CEO THAT IS USED PRIMARILY FOR BUSINESS USE, BUT THE CLUB ACCESS IS AVAILABLE FOR PERSONAL USE. THE PORTION USED FOR PERSONAL USE IS TAXED TO THE CEO. 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 11 FORM 990 IS REVIEWED BY THE CFO AND CEO, ALONG WITH THE BOARD OF DIRECTORS, PRIOR TO BEING FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE EMPLOYEE HANDBOOK CLEARLY DEFINES WHEN A CONFLICT OF INTEREST ARISES AND REQUIRES EACH EMPLOYEE TO MAKE PROMPT AND FULL DISCLOSURE TO THE PRESIDENT/CEO OF ANY SITUATION THAT MAY INVOLVE AN EXISTING OR A POTENTIAL CONFLICT OF INTEREST. ADDITIONALLY, EMPLOYEES ARE ENCOURAGED TO GO TO THE COMPLIANCE OFFICER FOR CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE HR DEPARTMENT CONDUCTS COMPENSATION SURVEYS FOR EACH POSITION AND DETERMINES A RANGE BASED ON LEVEL OF RESPONSIBILITY WITHIN THE CREDIT UNION. THEN, EACH EMPLOYEE RECEIVES AN ANNUAL REVIEW, AND THEY RECEIVE A PAY INCREASE IF THEIR REVIEW SCORE IS WITHIN A RANGE THAT ALLOWS FOR AN INCREASE. FORM 990, PART VI, SECTION C, LINE 19 WE HAVE A NOTICE ON OUR WEBSITE THAT SAYS OUR GOVERNING DOCUMENTS ARE AVAILABLE FOR MEMBERS TO REVIEW BY CONTACTING THE CREDIT UNION. A LINK TO OUR ANNUAL REPORT IS ALSO ON OUR WEBSITE, AND OUR STATEMENT OF FINANCIAL CONDITION IS DISPLAYED IN EACH OF OUR LOBBIES. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 32,656. CAPITAL ACQUIRED IN MERGER 15,225,174. TOTAL TO FORM 990, PART XI, LINE 5: 15,257,830.