2024-09-13T14:31:10-05:00 2023-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2023-01-01 380549595 LOC CREDIT UNION LOCC 2484742200 22981 FARMINGTON ROAD FARMINGTON MI 48336 KARI CIARAMITARO EVP - FINANCE AND ACCOUNTING 2484742502 2024-09-10 1 0 JACK TRACY P01974742 2482443000 2023 2024-08-08 14:25:15Z STEPHEN P GRECH 22981 FARMINGTON ROAD FARMINGTON MI 48336 19134968 0 X WWW.LOCCREDITUNION.COM X CREDIT UNION 1935 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS 12 12 101 14 19086 10304 0 0 9052872 14257350 3070814 4519211 0 0 12123686 18776561 0 250 0 0 4206407 6997436 0 0 0 4199369 7620372 8405776 14618058 3717910 4158503 450298600 434942078 426809000 404187729 23489600 30754349 WE OFFER A COMMITTMENT TO OUR MEMBERS TO PROVIDE QUALITY FINANCIAL SERVICES IN A FRIENDLY MANNER WITH SOUND PROFESSIONAL LEADERSHIP. 0 0 PROVIDE 27,518 MEMBERS WITH REGULAR SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT, AND IRA ACCOUNTS TOTALING $398,796,756. PROVIDE 14,705 LOANS INCLUDING VEHICLE, MORTGAGES, HOME EQUITY, COMMERCIAL/BUSINESS, UNSECURED, AND CREDIT CARDS TOTALING $249,666,774. OFFER DEBIT CARDS, DIGITAL BANKING, AUTOMATED TELLER MACHINES, WIRE TRANSFERS, VARIOUS INSURANCE PRODUCTS, AND WEALTH MANAGEMENT. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 5447 0 1 101 1 1 1 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X KIM HAGSTROM 2484742200 22981 FARMINGTON ROAD FARMINGTON MI 48336 MICHAEL LASLEY CHAIRPERSON 1.00 X 0 0 0 PAUL J RENKO JR V. CHAIRPERSON 1.00 X 0 0 0 PAUL HAIN SECRETARY 1.00 X 0 0 0 DALE COUNTEGAN TREASURER 1.00 X 0 0 0 NATALIE CLEMONS DIRECTOR 1.00 X 0 0 0 MICHAEL CONNOLLY DIRECTOR 1.00 X 0 0 0 DAVID DRAKE DIRECTOR 1.00 X 0 0 0 CHARLES LACEY DIRECTOR 1.00 X 0 0 0 DOMENIC LAURIA DIRECTOR 1.00 X 0 0 0 PATRICK MONTI DIRECTOR 1.00 X 0 0 0 BETTY RICHARDS DIRECTOR 1.00 X 0 0 0 ANNE SCHROEDER DIRECTOR 1.00 X 0 0 0 PAUL WYDENDORF DIRECTOR 1.00 X 0 0 0 STEPHEN P GRECH PRESIDENT/CEO 40.00 X 298133 0 49480 JONATHON ELLIOTT SENIOR EVP 40.00 X 220594 0 46384 KARI CIARAMITARO EVP FINANCE 40.00 X 176457 0 35829 CHRISTENA KOESTER EVP OPERATIONS AND TECHNOL 40.00 X 165185 0 45077 DARIN BENTLEY VP & CHIEF INFORMATION OFFICER 40.00 X 152553 0 36559 WILLIAM COOK VP OF REAL ESTATE LENDING 40.00 X 145309 0 38324 KIMBERLY HAGSTROM VP & CHIEF FINANCIAL OFFICER 40.00 X 146387 0 9352 MARC BUCHANAN VP & CHIEF MARKETING/DIGITAL BANKING OFFICER 40.00 X 133730 0 18536 KARLA WALKER DIRECTOR OF CONSUMER LENDING SUPPORT 40.00 X 103334 0 23971 1541682 0 303512 9 0 1 0 MDT 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 DATA PROCESSING 701335 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 533269 ALKAMI PO BOX 122223 DEPT 2223 DALLAS TX 75313 DIGITAL BANKING 464248 LINDHOUT ASSOCIATES ARCHITECTS AIA PC 10465 CITATION DRIVE BRIGHTON MI 48116 BRIGHTON BRANCH GENERAL CONTRACTOR 435594 DIGMED LLC DBA WHITE64 8603 WESTWOOD CENTER DR TYSONS VA 22182 MARKETING/LOAN & NEW ACCOUNT SOFTWARE 334393 10 INTEREST ON LOANS 522100 11073232 11073232 FEES/CHARGES/OTHER 522100 3165032 3165032 FINANCE AND INSURANCE 520000 19086 19086 14257350 4350746 4350746 470634 56238 316400 42007 154234 14231 168465 168465 18776561 18757475 19086 0 X 250 1037139 4296411 215115 1015649 433122 25203 111417 467625 405792 719110 996282 325229 60099 1357833 19319 319351 126229 UBIT EXPENSE 1520 ATM EXPENSES 854592 PROVISION FOR LOAN LOSS 546541 MAINTENANCE 518321 765909 14618058 3008365 2744184 8230759 16559744 1941578 1725161 7248184 7379408 227569832 241890216 5829399 664364 9153414 1442696 6586264 7710718 163465640 133728380 13243094 9691579 5455957 4243522 7719528 8604802 450298600 434942078 5325312 5390973 421483688 398796756 426809000 404187729 X 0 0 0 0 23489600 30754349 23489600 30754349 450298600 434942078 X 4158503 3766342 -660096 X X 0 1 X 1 0 2436000 2436000 4862683 695816 4166867 323751 311187 12564 1530980 435693 1095287 7710718 CERTIFICATE OF DEPOSIT 32691111 IRA DEPOSITS 4427975 SHARE DRAFTS 94448904 SHARES 181225092 SPECIAL DEPOSITS 86003674 398796756 X 18776561 0 18776561 0 18776561 14618058 0 14618058 0 14618058 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL AND STATE INCOME TAXES. X 1 1 X X X 0 1 0 STEPHEN P GRECH PRESIDENT/CEO 244007 0 37000 0 17126 0 14520 0 34960 0 347613 0 0 0 JONATHON ELLIOTT SENIOR EVP 171968 0 24250 0 24376 0 10694 0 35690 0 266978 0 0 0 KARI CIARAMITARO EVP FINANCE 146685 0 15649 0 14123 0 8401 0 27428 0 212286 0 0 0 CHRISTENA KOESTER EVP OPERATIONS AND TECHNOL 135222 0 12900 0 17063 0 8076 0 37001 0 210262 0 0 0 DARIN BENTLEY VP & CHIEF INFORMATION OFFICER 142741 0 9300 0 512 0 8190 0 28369 0 189112 0 0 0 WILLIAM COOK VP OF REAL ESTATE LENDING 31056 0 114168 0 85 0 8014 0 30310 0 183633 0 0 0 KIMBERLY HAGSTROM VP & CHIEF FINANCIAL OFFICER 125290 0 12883 0 8214 0 7300 0 2052 0 155739 0 0 0 MARC BUCHANAN VP & CHIEF MARKETING/DIGITAL BANKING 122686 0 10648 0 396 0 6803 0 11733 0 152266 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS SPLIT DOLLAR COLLATERAL ASSIGNMENT LOAN AGREEMENTS WITH JON ELLIOT, CHRISTENA KOESTER, STEPHEN P. GRECH, KARI CIARAMITARO, WHEREAS THE CREDIT UNION PAYS THE ANNUAL LIFE INSURANCE PREMIUMS DURING THE EXECUTIVES' YEARS OF SERVICE ON BEHALF OF THE EXECUTIVES. THE CREDIT UNION HAS DEPOSITED FUNDS INTO A PREMIUM DEPOSIT ACCOUNT TO PAY THE ANNUAL LIFE INSURANCE PREMIUMS ON BEHALF OF THE EXECUTIVES. THE EXECUTIVES ARE THE SOLE OWNERS OF THE POLICIES AND ASSIGNED THE LIFE INSURANCE POLICIES AND THE ASSOCIATED PREMIUM DEPOSIT ACCOUNTS AS COLLATERAL TO THE CREDIT UNION. THE SPLIT DOLLAR ARRANGEMENTS WERE GRANTED TO THE EXECUTIVES WITH FULL RECOURSE BY THE CREDIT UNION. THE LOANS ARE EXPECTED TO BE REPAID FROM THE DEATH BENEFIT OF THE POLICIES. JON ELLIOT SENIOR EVP COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 919372 1027054 0 1 1 CHRISTENA KOESTER EVP - OPERATIONS AND TECHNOLOGY COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 606684 634519 0 1 1 STEPHEN P GRECH CEO COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 1971117 2041706 0 1 1 JAMES DICKINSON FORMER CEO (LOC FCU) COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 1501650 1769153 0 1 1 KARI CIARAMITARO EVP - FINANCE AND ACCOUNTING COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 1733298 1906976 0 1 1 7379408 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE, AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY MEMBERSHIP VOTE. EACH BOARD MEMBER IS ELECTED FOR A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN CREDIT UNION DECISIONS ARE SUBJECT TO MEMBERSHIP APPROVAL, INCLUDING MERGERS. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE EVP OF FINANCE AND ACCOUNTING PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, ALL DIRECTORS AND SENIOR LEADERSHIP TEAM MEMBERS ARE REQUIRED TO COMPLETE AND SIGN A CONFLICT OF INTEREST STATEMENT WHICH REQUIRES DISCLOSURE OF ANY POTENTIAL CONFLICTS OR RELATIONSHIPS WITH RELATED PARTIES. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS APPROVED BY THE PERSONNEL COMMITTEE BASED ON RECOMMENDATION FROM THE EXECUTIVE LEADERSHIP TEAM'S REVIEW OF COMPARATIVE DATA AND JOB PERFORMANCE. CEO COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 24E DEBIT/CREDIT CARD EXPENSES 296,568. MISCELLANEOUS 253,156. LOAN SERVICING 152,613. TRAINING/EDUCATION/DEVELOPMENT 63,572. FORM 990, PART XI, LINE 9: NET PENSION GAINS/(LOSSES) -15,012. CUMULATIVE EFFECT FROM CHANGE IN ACCOUNTING PRINCIPLE -645,084. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR.