2024-08-16T15:05:24-05:00 2023-12-31 382492570 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2023-01-01 041734980 POLISH NATIONAL CREDIT UNION POLI 4135929495 46 MAIN STREET CHICOPEE MA 01020 CHARLOTTE HANSEN SENIOR VP & CFO 4135929495 2024-08-14 1 0 JOHN J MURNANE JR P03021572 3052328272 2024-08-14 2023 2024-08-08 14:25:15Z JAMES P KELLY 46 MAIN STREET CHICOPEE MA 01020 39492208 0 X WWW.PNCU.COM X 1921 MA AS A MEMBER-OWNED, NOT-FOR-PROFIT FINANCIAL COOPERATIVE, POLISH NATIONAL CREDIT UNION IS COMMITTED TO OUR MEMBERS. WE WILL UPHOLD OUR FUNDAMENTAL RESPONSIBILITY TO ACTIVELY SERVE PEOPLE WITHIN OUR FIELD OF MEMBERSHIP, AND AS APPROPRIATE, THE COMMUNITIES THEY LIVE IN. WE WILL TREAT ALL MEMBERS WITH RESPECT AND DIGNITY AND WE WILL OFFER HONEST, FAIR DEALS TO ALL MEMBERS. WE WILL DELIVER A RANGE OF LOW-COST PRODUCTS AND SERVICES TO THE DIVERSE ECONOMIC AND SOCIAL MAKE-UP OF OUR MEMBERS AND POTENTIAL MEMBERS. WE WILL LOOK FOR BETTER WAYS TO REACH THE UNDER-SERVED IN OUR FIELD OF MEMBERSHIP AND WE WILL CONTINUALLY, IN ALL FACETS OF OPERATION, DEMONSTRATE THE VALUE OF MEMBERSHIP IN OUR CREDIT UNION.WE WILL MONITOR AND COMMUNICATE OUR SERVICE IN A MEANINGFUL WAY SO THAT MEMBERS, POTENTIAL MEMBERS, LEGISLATORS, REGULATORS AND THE COMMUNITY AT LARGE WILL UNDERSTAND AND APPRECIATE THE UNIQUE ROLE THAT MEMBER-OWNED FINANCIAL COOPERATIVES PLAY IN THEIR LIVES. 13 12 159 12 738580 0 0 0 25834513 27411244 1363824 3171412 616847 -176099 27815184 30406557 195183 295732 0 0 12317955 13240943 0 0 0 10952262 13787031 23465400 27323706 4349784 3082851 774160950 727623520 682217757 631942160 91943193 95681360 X PNCU IS A NON-PROFIT ORGANIZATION THAT IS OWNED BY THE MEMBERS. EACH MEMBER MUST OPEN AN ACCOUNT TO BECOME A MEMBER. EACH MEMBER IS ALLOWED TO CAST ONE VOTE AT THE ANNUAL MEETING. THE SLATE OF THE BOARD OF DIRECTORS IS VOTED BY THE MEMBERS. PNCU HAS 13 BOARD MEMBERS WHO ARE VOLUNTEERS. THEY ARE NOT COMPENSATED FINANCIALLY IN ANY WAY. 0 0 THE CREDIT UNION MAINTAINED 49,616 DEPOSIT ACCOUNTS APPROXIMATING $581,617,000 AS OF DECEMBER 31, 2023. DIVIDENDS AND INTEREST INCOME ON MEMBER DEPOSITS APPROXIMATED $3,433,000 FOR THE YEAR ENDED DECEMBER 31, 2023. AS OF DECEMBER 31, 2023, THE CREDIT UNION HAD 7,599 LOANS OUTSTANDING TOTALING APPROXIMATELY $600,967,000. ADDITIONALLY, APPROXIMATELY 595 SAFE DEPOSIT BOXES WERE USED BY MEMBERS DURING 2023. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 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 0 0 0 1 15591 0 1 159 1 1 1 0 0 0 0 0 0 0 X 13 12 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X CHARLOTTE HANSEN 4132060626 46 MAIN STREET CHICOPEE MA 01021 JAMES P KELLY PRESIDENT & CEO 40.00 X X 714940 0 70233 EDWARD CZEPIEL DIRECTOR 5.00 X 0 0 0 BENJAMIN DAVIS DIRECTOR 5.00 X 0 0 0 WILLIAM JEBB DIRECTOR 5.00 X 0 0 0 HENRY LENART DIRECTOR 5.00 X 0 0 0 STANLEY MATRAS CLERK OF THE BOARD 5.00 X 0 0 0 ROBERT MORITKO VICE CHAIRMAN 5.00 X 0 0 0 JOHN MURPHY DIRECTOR 5.00 X 0 0 0 RALPH SLATE DIRECTOR 5.00 X 0 0 0 MICHAEL WOISHNIS DIRECTOR 5.00 X 0 0 0 DR ANTHONY ZEPKO DIRECTOR 5.00 X 0 0 0 GARY ZIEMBA BOARD CHAIRMAN 5.00 X 0 0 0 MICHAEL SUGRUE EVP 40.00 X 323868 0 69206 CHARLOTTE HANSEN CFO/SVP 40.00 X 230597 0 65352 KIRK BURNHAM SVP OPERATIONS 40.00 X 179160 0 54332 JEFFREY CHIRGWIN PRESIDENT, PNCU INSURANCE 1.00 40.00 X 0 249162 44683 KATHI DONAHUE SVP COMMERCIAL LENDING 40.00 X 244836 0 54753 NANCY MIRKIN VP COMMERCIAL LENDING 40.00 X 212819 0 54481 BONNIE RAYMOND SENIOR VICE PRESIDENT MEMBER EXPERIENCE 40.00 X 173141 0 50201 CHRISTOPHER CASALE FINANCIAL SERVICES PROGRAM 40.00 X 178575 0 25900 2257936 249162 489141 23 0 1 0 CONNECTICUT ONLINE COMPUTER CENTER 100 EXECUTIVE BOULEVARD SOUTHINGTON CT 06489 CORE SYSTEM PROVIDER 2092741 FISERV PO BOX 934057 ATLANTA GA 31193 PAYMENT PROCESSOR 220149 CONVERGINT TECHNOLOGIES LLC 4 RESEARCH DRIVE BETHEL CT 06801 EQUIPMENT SALE AND SERVICE 192409 AMERICAN EXPRESS PO BOX 1270 NEWARK NJ 07101 CREDIT CARD 177277 PC CONNECTION PO BOX 536472 PITTSBURG PA 15253 INFORMATION TECHNOLOGY 134256 16 INTEREST ON LOANS 522100 22853133 22853133 OTHER INCOME 522100 1672722 1672722 INTERCHANGE INCOME 522100 1494703 1494703 FINANCE AND INSURANCE 520000 738580 738580 FEES AND CHARGES 522100 652106 652106 27411244 2983208 2983208 8857463 416392 8784078 301573 73385 114819 188204 188204 OTHER GAINS/(LOSSES) 522100 -176099 -176099 -176099 30406557 29667977 738580 0 X 290732 5000 1707688 8324451 1065972 1380443 762389 59388 167739 406029 584777 1431100 1485504 851569 187631 4726537 940511 163299 DEBIT CARD PROGRAM EXPE 961060 OTHER 802857 WEB SERVICES 424362 PROVISION FOR LOAN LOSS 421062 173606 27323706 3781183 4309255 17597031 29957144 2612962 2726568 4844320 13376769 653240357 598641064 595702 465808 23246567 9268379 14641664 13978188 2577981 2027100 62407280 50412936 2033673 1874316 9828797 9854372 774160950 727623520 5286138 6383177 2656572 2523884 50523008 41418440 623752039 581616659 682217757 631942160 X 0 0 0 0 91943193 95681360 91943193 95681360 774160950 727623520 3082851 655316 0 X X 0 1 X 1 0 0 1 X 2281474 2281474 16335750 6448578 9887172 40897 16271 24626 4322405 2734765 1587640 266041 68765 197276 13978188 ACBB STOCK 54809 C CAPITAL SHARES & PERPETUAL CONTRIBUTED CAPITAL 497113 C COCC STOCK 150000 C COLLATERALIZED MORTGAGE OBLIGATIONS 13851592 F MORTGAGE BACKED SECURITIES 34301361 F SMALL BUSINESS ADMINISTRATION 472466 F BROKAGE CDS 938595 F CERTIFICATES OF DEPOSIT 147000 C 50412936 MEMBER DEPOSITS 581616659 581616659 X 30406557 0 30406557 0 30406557 27323706 0 27323706 0 27323706 PART IV, LINE 2B: THE CREDIT UNION COLLECTS (ON A MONTHLY BASIS) PAYMENT FROM THEIR MEMBERS WITH MORTGAGE LOANS OUTSTANDING. AS STIPULATED BY THE AGREEMENT SIGNED BY BOTH PARTIES, THE MONTHLY PAYMENT FOR EACH MEMBER INLCUDES PRINCIPAL, INTEREST, AND ESCROWS. ESCROWS ARE USED TO PAY TAXES AND INSURANCE ON THE PROPERTY. PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM MOST FEDERAL, STATE, AND LOCAL INCOME TAXES UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE (IRC) AND STATE TAX LAWS. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME DERIVED BY STATE-CHARTERED CREDIT UNIONS. GENERALLY, THESE TAXES ARE INSIGNIFICANT TO THE CREDIT UNION. 1 BOY'S & GIRL'S CLUB OF CHICOPEE 580 MEADOW ST CHICOPEE MA 01013 042166805 501(C)(3) 37700 0 CHARITABLE CONTRIBUTIONS CHICOPEE CHAMBER OF COMMERCE 264 EXCHANGE ST CHICOPEE MA 01013 042316279 501(C)(4) 26280 0 DONATION BOY'S & GIRL'S CLUB OF GREATER WESTFIELD 28 W SILVER ST WESTFIELD MA 01085 042464259 501(C)(3) 13700 0 CHARITABLE CONTRIBUTIONS CHICOPEE PORTUGUESE AMERICAN CLUB 147-149 EXCHANGE ST CHICOPEE MA 01013 042897220 501(C)(7) 7980 0 DONATION CITY OF CHICOPEE 17 SPRINGFIELD ST CHICOPEE MA 01013 046001385 501(C)(3) 7000 0 CHARITABLE CONTRIBUTIONS ERC5 280 N MAIN ST EAST LONGMEADOW MA 01028 262996479 501(C)(6) 5800 0 DONATION FRIENDS OF THE WILBRAHAM SENIORS INC 40 POST OFFICE PARK UNIT 747 WILBRAHAM MA 01095 042864067 501(C)(3) 15000 0 CHARITABLE CONTRIBUTIONS POLISH CENTER OF DISCOVERY & LEARNING 488 NEWTON ST SOUTH HADLEY MA 01075 300058825 501(C)(3) 10042 0 CHARITABLE CONTRIBUTIONS WESTOVER GALAXY COMMUNITY COUNCIL 570 PATRIOT AVE BOX 10 WESTOVER AIR RESERVE B MA 01022 043059758 501(C)(3) 7300 0 CHARITABLE CONTRIBUTIONS 6 3 PART I, LINE 2: THE DONATIONS CITED IN PART II ARE NOT GRANTS. THEY ARE CHARITABLE CONTRIBUTIONS OR DONATIONS AND THUS ARE NOT MONITORED BY THE ORGANIZATION. X 1 1 X X X X X X 0 1 0 JAMES P KELLY PRESIDENT & CEO 489454 0 18357 0 207129 0 38750 0 31483 0 785173 0 0 0 MICHAEL SUGRUE EVP 251413 0 40304 0 32151 0 36343 0 32863 0 393074 0 0 0 KATHI DONAHUE SVP COMMERCIAL LENDING 199307 0 44272 0 1257 0 30364 0 24389 0 299589 0 0 0 CHARLOTTE HANSEN CFO/SVP 196409 0 33370 0 818 0 29461 0 35891 0 295949 0 0 0 JEFFREY CHIRGWIN PRESIDENT, PNCU INSURANCE 0 243903 0 2885 0 2374 0 31478 0 13205 0 293845 0 0 NANCY MIRKIN VP COMMERCIAL LENDING 172286 0 39276 0 1257 0 27130 0 27351 0 267300 0 0 0 KIRK BURNHAM SVP OPERATIONS 162196 0 16518 0 446 0 22908 0 31424 0 233492 0 0 0 BONNIE RAYMOND SENIOR VICE PRESIDENT MEMBER EXPERIE 164904 0 6980 0 1257 0 22901 0 27300 0 223342 0 0 0 CHRISTOPHER CASALE FINANCIAL SERVICES PROGRAM 145995 0 28923 0 3657 0 21936 0 3964 0 204475 0 0 0 FORM 990, SCH J, LINE 4B THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO JAMES P. KELLY, MICHAEL SUGRUE, AND BONNIE RAYMOND THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE UNDERLYING LIFE INSURANCE POLICY TO SUPPLEMENT RETIREMENT INCOME. THESE DRAWS ARE TAX FREE FOR THE PARTICIPANTS. UPON THE PARTICIPANT'S DEATH THE CREDIT UNION RECOVERS ITS PREMIUMS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. JAMES P KELLY PRESIDENT/CEO TO FUND PREMIUMS PAID ON SPLIT DOLLAR LIFE INSURANCE POLICY X 3013025 9146769 0 1 1 MICHAEL SUGRUE EVP TO FUND PREMIUMS PAID ON SPLIT DOLLAR LIFE INSURANCE POLICY X 900000 1125000 0 1 1 BONNIE J RAYMOND CEO OF MERGED ENTITY, PREMIER SOURCE FEDERAL CREDIT UNION) TO FUND PREMIUMS PAID ON SPLIT DOLLAR LIFE INSURANCE POLICY X 910000 3105000 0 1 1 13376769 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." UNDER THE AGREEMENT, THE EXECUTIVE IS THE OWNER OF THE POLICY AND MAKES A COLLATERAL ASSIGNMENT TO THE CREDIT UNION IN RETURN FOR A LOAN. THE CREDIT UNION RECOVERS ANY OUTLAYS, PLUS INTEREST, FROM THE UNDERLYING POLICY. THAT IS, THE CREDIT UNION DEPOSITS FUNDS DIRECTLY INTO A LIFE INSURANCE POLICY TO ENSURE REPAYMENT. AT SPECIFIED TIMES, THE PARTICIPANTS MAY BORROW FUNDS FROM THE CASH SURRENDER VALUE OF THE POLICY TO SUPPLEMENT RETIREMENT INCOME. THE BORROWINGS ARE MONITORED TO ENSURE THE POLICY WILL PAY A DEATH BENEFIT AT LEAST SUFFICIENT TO COVER THE CREDIT UNION'S OUTLAYS PLUS INTEREST. ANY REMAINING DEATH BENEFITS ARE DIVIDED BETWEEN THE CREDIT UNION AND THE PARTICIPANT'S BENEFICIARIES AS AGREED UPON. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION MAY ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR, SUCH AS MERGERS. FORM 990, PART VI, SECTION B, LINE 11B OUR CPA FIRM PREPARES FORM 990. A COMPLETED DRAFT OF FORM 990 IS REVIEWED BY THE CFO/SVP. ONCE THE FINAL DRAFT IS APPROVED, THE FORM IS FILED. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES, OFFICERS AND DIRECTORS RECEIVE THE CODE OF ETHICS POLICY. ANNUALLY, ALL EMPLOYEES, OFFICERS, AND DIRECTORS MUST COMPLETE A COMPLIANCE STATEMENT AND SUBMIT TO HUMAN RESOURCES. ADDITIONALLY, ALL DIRECTORS ARE REQUIRED TO COMPLETE A QUESTIONNAIRE THAT DETAILS ALL RELATED INTERESTS. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION'S BOARD OF DIRECTORS ASSIGNS RESPONSIBILITY TO THE BOARD'S PERSONNEL COMMITTEE. THE PERSONNEL COMMITTEE MEETS ANNUALLY TO DISCUSS THE PERFORMANCE OF THE CEO AND DETERMINES SALARY INCREASES. THE BOARD REVIEWS SALARY INFORMATION FROM SIMILAR-SIZED CREDIT UNIONS. THE PERSONNEL COMMITTEE PRESENTS ITS RECOMMENDATION TO THE FULL BOARD OF DIRECTORS FOR ITS APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC VIA THE WEBSITE, WWW.PNCU.COM. THE GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 24E LOAN SERVICING 288,424. OTHER LOSSES -114,818. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTTE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR. PNCU INSURANCE SERVICES LLC 270 WESTFIELD RD HOLYOKE MA 01040 853678459 PROPERTY AND CASUALTY INSURANCE AGENCY MA -281256 1526079 POLISH NATIONAL CREDIT UNION