2024-11-13T15:42:21-06:00 2023-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2023-01-01 941521987 MERIWEST CREDIT UNION MERI 4089725222 5615 CHESBRO AVENUE SAN JOSE CA 95123 BRIAN HENNESSEY CFO 4089725222 2024-11-12 1 1 VALENTINO CREUS CPA P01054153 8189549700 2023 2024-10-15 13:58:12Z LISA PESTA 5615 CHESBRO AVENUE SAN JOSE CA 95123 101079580 0 X WWW.MERIWEST.COM X CREDIT UNION 1961 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 282 14 74265 0 0 0 68734004 86819720 6928995 13592856 1687664 667004 77350663 101079580 54399 12900 0 0 34187244 32607436 0 0 0 34090382 65960135 68332025 98580471 9018638 2499109 2248988827 2193062292 2106796535 2037083386 142192292 155978906 X MERIWEST CREDIT UNION IS A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, MERIWEST CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 MERIWEST CREDIT UNION PROVIDED MEMBERS 1,146 REAL ESTATE BASE LOANS TOTALING OVER 700 MILLION IN 2023. MERIWEST CREDIT UNION PROVIDED MEMBERS 22,230 CONSUMER LOANS TOTALING OVER $380 MILLION IN 2023. MERIWEST CREDIT UNION OFFERED LOANS, DEPOSITS AND OTHER SERVICES TO 80,393 MEMBERS IN 2023. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 0 1 1 0 1 25403 0 1 282 1 1 1 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X BRIAN HENNESSEY CFO 4083633200 5615 CHESBRO AVENUE SAN JOSE CA 95123 DRARTHUR L JUE CHAIRPERSON 2.00 X 0 0 0 SCOTT TIMPE VICE CHAIRMAN 2.00 X 0 0 0 HARSHA VYAS TREASURER 2.00 X 0 0 0 LAUREN BURCH SECRETARY 2.00 X 0 0 0 UDEY CHAUDHRY BOARD MEMBER 2.00 X 0 0 0 EDWIN MACH BOARD MEMBER 2.00 X 0 0 0 STAN CHAPMAN BOARD MEMBER 2.00 X 0 0 0 STEVE GOVEIA BOARD MEMBER 2.00 X 0 0 0 JIM HICKS BOARD MEMBER 2.00 X 0 0 0 PHILIP FLUEGEMANN SUPV CMTE CHAIRPERSON 2.00 X 0 0 0 TAYLOR LEE SUPV CMTE MEMBER 2.00 X 0 0 0 JASON LAKER SUPV CMTE MEMBER 2.00 X 0 0 0 LISA MARIE PESTA PRESIDENT/CEO 40.00 X 578215 0 27226 JULIE ANN KIRSCH FORMER PRESIDENT/CEO 40.00 X 419630 0 21922 BRIAN HENNESSEY CHIEF FINANCIAL OFFICER 40.00 X 503393 0 47448 JEFF BARNES SVP, CHIEF LENDING OFFICER 40.00 X 642600 0 10011 MARY ELLEN SNIDER SVP, OPERATIONAL RISK & COMPLIANCE 40.00 X 112741 0 3953 LINA ESTHER HESS VP, CHIEF TECHNOLOGY OFFICER 40.00 X 319516 0 45631 JIHONG HUANG VP, CHIEF TREASURY OFFICER 40.00 X 306377 0 27656 GENNADY FICHTENHOLZ VP, DIGITAL STRATEGY AND ENGAGEMENT 40.00 X 278154 0 29706 MELISSA A CLEBORNE VP, CHIEF HUMAN RESOURCES OFFICER 40.00 X 243433 0 23728 ROSE ELAINE PALACIO-JOHNSON VP, BUSINESS LENDING 40.00 X 238549 0 20913 CYNTHIA DELACERDA WATSON VP, CHIEF RISK & OPERATIONS OFFICER 40.00 X 231334 0 33665 AMJAD ELIAS VP, RETAIL DELIVERY 40.00 X 212894 0 43345 BRANDI HOFFMAN-OOKA VP, CONSUMER & FINTECH LENDING 40.00 X 200169 0 6262 TERESA CASERAS VP, MARKETING 40.00 X 187068 0 26619 WILLIAM H SCHETTLER VP, COLLECTIONS 40.00 X 159693 0 26656 KEITH FRANCE FINANCIAL ADVISOR 40.00 X 300078 0 21237 ANDREW NGUYEN FINANCIAL ADVISOR 40.00 X 235671 0 26656 ERNESTO SEGOVIA AVP, NETWORK OPERATIONS 40.00 X 231618 0 27956 JEAN CHRISTOPHE LABEAU AVP, INFORMATION TECHNOLOGY DEVELOPMENT 40.00 X 209317 0 10921 JOHN KWAN ASSISTANT CONTROLLER 40.00 X 195255 0 28156 5805705 0 509667 72 0 1 0 JACK HENRY & ASSOCIATES INC 663 W HWY 60 MONETT MO 65708 IT SERVICES 1030785 NCR CORPORATION 864 SPRING ST NW ATLANTA GA 30308 IT SERVICES 841582 FTSI 406 E HUNTINGTON DR SUITE 100 MONROVIA CA 91016 IT SERVICES 500710 PIVOT INTERIORS INC 3355 SCOTT BLVD STE 110 SANTA CLARA CA 95054 WORKPLACE DEVELOPMENTS 377058 INFO IMAGE 175 SOUTH HILL DRIVE BRISBANE CA 94005 IT SERVICES 245290 16 INTEREST ON LOANS 522100 77653502 77653502 OTHER OPERATING INCOME 522100 4733539 4702714 30825 FEE INCOME 522100 4432679 4389239 43440 86819720 13592856 13592856 GAIN ON SALES OF LOANS 522100 548118 548118 OTHER NON-INTEREST INC 522100 118886 118886 667004 101079580 101005315 74265 0 10250 2650 5805705 18626316 2389041 4084826 1701548 92238 294043 1628699 1657104 9578582 448696 1999883 292202 37147019 1171515 394729 PROVISION FOR LOAN & LE 9579693 LOAN SERVICING EXPENSE 1278977 OPERATING FEES 252852 MISC OPERATING EXPENSE 143903 98580471 10694538 12504768 57579216 62848894 5924827 5257269 6588318 8045610 28301711 23176031 5140526 5125680 315120471 297214416 1804095829 1761245652 43845102 40820003 2248988827 2193062292 24839590 25231400 2081956945 2011851986 2106796535 2037083386 X 0 0 0 0 142192292 155978906 142192292 155978906 2248988827 2193062292 X 2499109 8390951 2896554 X X 0 1 X 1 0 1843986 1843986 5252697 4796587 456110 12029625 10607342 1422283 9175403 7772102 1403301 5125680 ALL OTHER INVESTMENTS 12842117 F TOTAL LOANS AND LEASES 1726717028 F NCUA INSURANCE DEPOSIT 15502402 C DEPOSITS IN COMMERCIAL BANKS 3221000 C LOANS HELD FOR SALE 2963105 F 1761245652 TOTAL SHARES AND DEPOSITS 1756810302 BORROWINGS 255041684 2011851986 X PART X, LINE 2: FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" OF BEING SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEAR ENDED SEPTEMBER 30, 2023, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS. 1 CHILDREN'S MIRACLE NETWORK 205 WEST 700 SOUTH SALT LAKE CITY CA 84101 870387205 501(C)(3) 5800 0 FMV TO HELP CHILDREN'S MIRACLE NETWORK HOSPITALS (CMN HOSPITALS) PROVIDE THE BEST CARE FOR CHILDREN 1 0 1 X X X 1 1 0 LISA MARIE PESTA PRESIDENT/CEO 488283 0 58000 0 31932 0 5702 0 21524 0 605441 0 0 0 JULIE ANN KIRSCH FORMER PRESIDENT/CEO 140602 0 150695 0 128333 0 18757 0 3165 0 441552 0 0 0 BRIAN HENNESSEY CHIEF FINANCIAL OFFICER 389453 0 108000 0 5940 0 22500 0 24948 0 550841 0 0 0 JEFF BARNES SVP, CHIEF LENDING OFFICER 262325 0 52000 0 328275 0 0 0 10011 0 652611 0 0 0 LINA ESTHER HESS VP, CHIEF TECHNOLOGY OFFICER 271810 0 36500 0 11206 0 22500 0 23131 0 365147 0 0 0 JIHONG HUANG VP, CHIEF TREASURY OFFICER 268357 0 36000 0 2020 0 0 0 27656 0 334033 0 0 0 GENNADY FICHTENHOLZ VP, DIGITAL STRATEGY AND ENGAGEMENT 229320 0 47015 0 1819 0 0 0 29706 0 307860 0 0 0 MELISSA A CLEBORNE VP, CHIEF HUMAN RESOURCES OFFICER 212011 0 23400 0 8022 0 0 0 23728 0 267161 0 0 0 ROSE ELAINE PALACIO-JOHNSON VP, BUSINESS LENDING 130553 0 17000 0 90996 0 0 0 20913 0 259462 0 0 0 CYNTHIA DELACERDA WATSON VP, CHIEF RISK & OPERATIONS OFFICER 204656 0 25030 0 1648 0 0 0 33665 0 264999 0 0 0 AMJAD ELIAS VP, RETAIL DELIVERY 185801 0 24400 0 2693 0 21501 0 21844 0 256239 0 0 0 BRANDI HOFFMAN-OOKA VP, CONSUMER & FINTECH LENDING 172376 0 25000 0 2793 0 3993 0 2269 0 206431 0 0 0 TERESA CASERAS VP, MARKETING 161728 0 24500 0 840 0 0 0 26619 0 213687 0 0 0 WILLIAM H SCHETTLER VP, COLLECTIONS 136772 0 21000 0 1921 0 0 0 26656 0 186349 0 0 0 KEITH FRANCE FINANCIAL ADVISOR 287716 0 10000 0 2362 0 0 0 21237 0 321315 0 0 0 ANDREW NGUYEN FINANCIAL ADVISOR 225825 0 8015 0 1831 0 0 0 26656 0 262327 0 0 0 ERNESTO SEGOVIA AVP, NETWORK OPERATIONS 217440 0 6682 0 7496 0 0 0 27956 0 259574 0 0 0 JEAN CHRISTOPHE LABEAU AVP, INFORMATION TECHNOLOGY DEVELOPM 201660 0 6099 0 1558 0 0 0 10921 0 220238 0 0 0 JOHN KWAN ASSISTANT CONTROLLER 180074 0 12567 0 2614 0 0 0 28156 0 223411 0 0 0 PART I, LINES 4A-B THE CREDIT UNION OFFERS A SERP TO ITS SENIOR MANAGEMENT TEAM. THE PLAN PROVIDES FOR THE PAYMENT OF $300,000 TO EACH PERSON AT DATES CERTAIN WITH CLIFF VESTING. THE PLAN IS FUNDED BY A COLI CONTRACT PURCHASED FOR THE BENEFIT OF THE CREDIT UNION. THE PARTICIPANTS IN THE PLAN ARE BRIAN HENNESSEY AND LISA PESTA. JEFF BARNES RECEIVED SEVERANCE PAYMENT IN 2023. LISA PESTA OFFICER FIRST MORTGAGE X 456000 333295 0 1 1 LISA PESTA OFFICER HOME EQUITY LOAN X 57000 14678 0 1 1 LINA HESS KEY EMPLOYEE FIRST MORTGAGE X 510400 423679 0 1 1 MELISSA CLEBORNE HCE HOME EQUITY LOAN X 91686 32748 0 1 1 MELISSA CLEBORNE HCE FIRST MORTGAGE X 680000 621701 0 1 1 JIHONG HUANG KEY EMPLOYEE FIRST MORTGAGE X 2000000 1858384 0 1 1 JIHONG HUANG KEY EMPLOYEE HELOC X 692800 797486 0 1 1 JIHONG HUANG KEY EMPLOYEE ECO NEW AUTO X 78522 66471 0 1 1 CYNTHIA WATSON HCE FIRST MORTGAGE X 637000 584588 0 1 1 GENNADY FICHTENHOLZ KEY EMPLOYEE HELOC X 250000 18171 0 1 1 GENNADY FICHTENHOLZ KEY EMPLOYEE FIRST MORTGAGE X 548250 506068 0 1 1 5257269 FORM 990, PART VI, SECTION A, LINE 6 MERIWEST CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. MERIWEST CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF MERIWEST CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED BY OUR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS MADE AVAILABLE TO THE ORGANIZATION'S GOVERNING BODY FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C A COPY OF THE EMPLOYEE HANDBOOK IS INCLUDED AS PART OF THE BOARD'S CONSENT CALENDAR ANNUALLY AND ALL STAFF REVIEW AND ACKNOWLEDGE COMPLIANCE WITH THE EMPLOYEE HANDBOOK ON AN ANNUAL BASIS. THE BOARD'S CONFLICT OF INTEREST POLICY IS REVIEWED AND ACKNOWLEDGED AT ONBOARDING. FORM 990, PART VI, SECTION B, LINE 15 THE COMPANY HAS PURCHASED AN ANNUAL SUBSCRIPTION TO A COMPENSATION PROGRAM CALLED BALANCED COMP. THIS MANAGES ALL OUR SALARIES. IN ADDITION HR PARTICIPATES IN 3-4 CREDIT UNION SALARY SURVEYS FOR EXECUTIVES. THIS INFORMATION IS ALSO PROVIDED TO THE PERSONNEL PRACTICES COMMITTEE OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE POSTED IN THE CREDIT UNION FINANCIAL CENTERS MONTHLY. THE CONFLICT OF INTEREST POLICY IS POSTED ON THE CREDIT UNION WEBSITE ANNUALLY IN THE NOMINATION PACKET. THE ANNUAL REPORT IS PUBLISHED ON THE CREDIT UNION WEBSITE AND IT CONTAINS ANNUAL FINANCIAL STATEMENTS AS WELL. OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST PROVIDED THERE IS NO RULE OR REGULATION GOVERNING PROHIBITION OF GIVING OUT THE INFORMATION. FORM 990, PART XI, LINE 9: CHANGES IN OTHER COMPREHENSIVE INCOME 836,608. CECL TRANSITIONAL AMOUNT (AS DETERMINED UNDER 702.703(B)) 2,059,946. FORM 990, PART XI, LINE 2C THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. SECTION 1.263(A)-1(F) DE MINIMIS SAFE HARBOR ELECTION: MERIWEST CREDIT UNION 5615 CHESBRO AVENUE SAN JOSE, CA 95123 TAXPAYER IDENTIFICATION NUMBER: 94-1521987 FOR THE YEAR ENDING DECEMBER 31, 2023. MERIWEST CREDIT UNION IS MAKING THE DE MINIMIS SAFE HARBOR ELECTION UNDER REG. SEC.1.263(A)-1(F). MERIWEST MORTGAGE COMPANY LLC 5615 CHESBRO AVE SUITE 120 SAN JOSE CA 951233046 470847322 FINANCIAL PRODUCTS, MORTGAGE CA 5182904 35138278 MERIWEST CREDIT UNION MERIWEST WEALTH ADVISORS LLC 5615 CHESBRO AVE SUITE 120 SAN JOSE CA 951233046 811392554 FINANCIAL PRODUCTS CA 638601 2754668 MERIWEST CREDIT UNION 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 MERIWEST MORTGAGE COMPANY LLC P 1039022 ACTUAL AMOUNT PAID MERIWEST MORTGAGE COMPANY LLC Q 98468 ACTUAL AMOUNT PAID MERIWEST WEALTH ADVISORS LLC Q 639205 ACTUAL AMOUNT PAID MERIWEST MORTGAGE COMPANY LLC A 47184 ACTUAL AMOUNT PAID MERIWEST WEALTH ADVISORS LLC A 3000 ACTUAL AMOUNT PAID MERIWEST WEALTH ADVISORS LLC P 183363 ACTUAL AMOUNT PAID