2023-06-12T11:16:14-05:00 2022-12-31 042513210 GERALD T REILLY & COMPANY 424 ADAMS STREET MILTON MA 02186 990 2022-01-01 041448660 HOLYOKE CREDIT UNION HOLY 4132786848 490 WESTFIELD ROAD HOLYOKE MA 01040 MICHAEL E MURPHY PRESIDENT/CEO 4132786848 2023-06-09 1 MICHAEL MURPHY XXX-XX-XXXX 0 GIUSEPPE FEMIA CPA P01438848 6176968900 2023-06-09 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MICHAEL E MURPHY 490 WESTFIELD ROAD HOLYOKE MA 01040 21058762 0 X WWW.HOLYOKECU.COM X CREDIT UNION 1911 MA THE HOLYOKE CREDIT UNION MISSION IS TO PROVIDE MEMBERS WITH AN EXCELLENT SELECTION OF HIGH-QUALITY AND PROVIDE AFFORDABLE FINANCIAL PRODUCTS AND SERVICES IN A SOCIALLY RESPONSIBLE MANNER. OUR CREDIT UNION ADHERES TO THE HIGHEST ETHICAL STANDARDS OF THE BANKING INDUSTRY, WHILE WE MAINTAIN FINANCIAL SECURITY AND PROVIDE OUR EMPLOYEES WITH GAINFUL AND SECURE EMPLOYMENT. 10 10 51 0 0 0 0 0 7759702 6711797 1773871 2143931 892006 1582408 10425579 10438136 0 0 0 0 3560054 3509723 0 0 0 5349792 5844675 8909846 9354398 1515733 1083738 242121845 254372424 220863049 243653988 21258796 10718436 X THE HOLYOKE CREDIT UNION MISSION IS TO PROVIDE MEMBERS WITH AN EXCELLENT SELECTION OF HIGH-QUALITY AND AFFORDABLE FINANCIAL PRODUCTS AND SERVICES IN A SOCIALLY RESPONSIBLE MANNER. OUR CREDIT UNION ADHERES TO THE HIGHEST ETHICAL STANDARDS OF THE BANKING INDUSTRY, WHILE WE MAINTAIN FINANCIAL SECURITY AND PROVIDE OUR EMPLOYEES WITH GAINFUL AND SECURE EMPLOYMENT. 0 0 9354398 10438136 MAINTENANCE OF MEMBERS' SHARE, DEPOSIT AND LOAN ACCOUNTS. 9354398 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 1 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 3944 0 1 51 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X HOLYOKE CREDIT UNION 4132786848 490 WESTFIELD ROAD HOLYOKE MA 01040 THOMAS PAQUIN CHAIRMAN 3.00 X 0 0 0 MICHAEL GHAZIL VICE CHAIRMAN 3.00 X 0 0 0 JOSEPH BEAULIEU TREASURER 3.00 X 0 0 0 ROBERT FERRIER DIRECTOR 1.00 X 0 0 0 ANNE MARIE MARONA DIRECTOR 1.00 X 0 0 0 DENNIS MORAN DIRECTOR 1.00 X 0 0 0 JEFFREY PRZEKOPOWSKI DIRECTOR 1.00 X 0 0 0 BRIAN SMITH DIRECTOR 1.00 X 0 0 0 CYNTHIA ANN SHEA-DESROCHES DIRECTOR 1.00 X 0 0 0 DAVID N VIAMARI DIRECTOR 1.00 X 0 0 0 WAYNE BENNETT DIRECTOR 1.00 X 0 0 0 MICHAEL MURPHY PRESIDENT/CEO 40.00 X 236396 0 43806 JAMES WOLOHAN EXECUTIVE VICE PRESIDENT 40.00 X 165161 0 28595 GARY CLARKE CHIEF FINANCIAL OFFICER 40.00 X 104536 0 12507 JENNIFER BROOKS SENIOR VP MORTGAGE 40.00 X 112185 0 19708 CELIA ALVARADO SMALL BUSINESS LENDING OFFICER 40.00 X 104504 0 9887 STACEY O'SULLIVAN VP LENDING ADMINISTRATION 40.00 X 119834 0 5621 KARI TROMBLEY OPERATIONS MANAGER 40.00 X 106878 0 13928 BRIAN RISLEY HOME LOAN CONSULTANT 40.00 X 102611 0 13975 1052105 0 148027 8 0 1 0 SOLIDUS 1450 MAIN STREET EAST HARTFORD CT 06108 CONSTRUCTION 1433940 ICI CONSULTING 739 PINTA DRIVE ST PETERSBURG FL 33715 CONSULTING 1161819 RH GOODROW & ASSOCIATES 1082 MAIN STREET HOLYOKE MA 01040 MAINTENANCE 256589 K & L GATES PO BOX 844255 BOSTON MA 02284 LEGAL FEES 106132 4 LOAN INTEREST 522100 4864257 4864257 MEMBER SERVICE CHARGES 522100 1363388 1363388 MORTGAGE BANKING INCOM 522100 484152 484152 6711797 2135623 2135623 10628934 10620626 8308 8308 8308 OTHER INCOME 524298 1582408 1582408 1582408 10438136 10438136 0 0 1094042 1714749 194183 277405 229344 18413 107483 138853 694912 543595 22406 786876 550818 69436 OUTSIDE SERVICES 1677703 LOAN SERVICING EXPENSES 949526 BANK CHARGES 192548 PROVISION FOR LOAN LOSS 59925 32181 9354398 2553981 2033307 6337344 14936345 4042643 4103282 105870340 108121565 438920 1583891 9001083 4170286 4035588 4830797 103843687 103572054 12704071 11065772 2295271 4125411 242121845 254372424 1132829 2369407 20077000 22120000 199653220 219164581 220863049 243653988 X 0 0 0 0 21258796 10718436 21258796 10718436 242121845 254372424 X 1083738 -12192575 568477 X 0 0 0 424200 424200 4924632 1998569 2926063 1061966 5494 1056472 2590285 2166223 424062 4830797 MEMBER DEPOSITS 219164581 219164581 10438136 0 10438136 0 10438136 9354398 0 9354398 0 9354398 1 X X 0 1 0 MICHAEL MURPHY PRESIDENT/CEO 194620 0 400 0 41376 0 0 0 43806 0 280202 0 0 0 JAMES WOLOHAN EXECUTIVE VICE PRESIDENT 139290 0 650 0 25221 0 0 0 28595 0 193756 0 0 0 PART I, LINE 3 THE CREDIT UNION'S BOARD OF DIRECTORS ASSIGNS THE RESPONSIBILITY TO THE BOARD'S PERSONNEL COMMITTEE TO INTERVIEW MEMBERS OF SENIOR MANAGEMENT FOR THE PREPARATION OF A WRITTEN PERFORMANCE EVALUATION OF THE CREDIT UNION'S PRESIDENT. THE PERSONNEL COMMITTEE IS COMPRISED OF INDEPENDENT DIRECTORS. THE PERSONNEL COMMITTEE WILL THEN PRESENT THE WRITTEN EVALUATION TO THE FULL BOARD, ALONG WITH A RECOMMENDATION FOR COMPENSATION. THE COMPENSATION LEVEL IS BASED ON A COMBINATION OF THE PRESIDENT'S PERCEIVED VALUE TO THE CREDIT UNION AND JOB PERFORMANCE. BASED ON THE PERSONNEL COMMITTEE'S RECOMMENDATION, THE FULL BOARD APPROVES THE PRESIDENT'S COMPENSATION. PART I, LINE 4B PRESIDENT/CEO MICHAEL MURPHY PARTICIPATES IN A SERP FUNDED BY SPLIT DOLLAR LIFE INSURANCE. MICHAEL MURPHY CEO SERP X 3600000 4103282 0 1 1 4103282 FORM 990, PART VI, SECTION A, LINE 6 MEMBERS CONSIST OF DEPOSITORS WITH A MINIMUM OF A $25 BALANCE IN A DEPOSIT ACCOUNT. MEMBERS HAVE VOTING RIGHTS WHICH ARE LIMITED TO THE ANNUAL MEETING AND ANY SPECIAL MEETINGS HELD DUE TO CHARTER CHANGES, MERGERS, ETC. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE VOTED ON BY THE MEMBERS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B ELECTION OF DIRECTORS, CHARTER CHANGES AND MERGERS REQUIRE A VOTE BY THE MEMBERS. ONLY MEMBERS THAT ATTEND THE ANNUAL MEETING OR SPECIAL MEETING ARE ALLOWED TO VOTE. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS HAVE DELEGATED AUTHORITY FOR THE REVIEW OF THE FORM 990 TO THE PRESIDENT/CEO. THE CREDIT UNION ENGAGES THE SERVICES OF AN INDEPENDENT ACCOUNTING FIRM FOR THE PREPARATION OF THE FORM 990. UPON COMPLETION, THE FORM 990 IS REVIEWED AND SIGNED BY THE PRESIDENT/CEO AND FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR THE CODE OF ETHICS, WHICH INCORPORATES A CONFLICT OF INTEREST POLICY, IS UPDATED AND RATIFIED BY THE BOARD OF DIRECTORS. ANNUALLY, ALL EMPLOYEES AND BOARD MEMBERS SIGN AN ACKNOWLEDGEMENT THAT THEY HAVE RECEIVED AND READ THE CODE OF ETHICS. FURTHERMORE, ALL EMPLOYEES AND BOARD MEMBERS MUST IDENTIFY, IN WRITING, ALL DEPOSIT AND LOAN ACCOUNTS IN WHICH THEY HAVE A RELATED INTEREST. LOANS GRANTED TO SENIOR MANAGEMENT, DIRECTORS, OR THEIR RELATED PARITES MUST BE APPROVED BY THE BOARD. IF THE LOAN IS FOR A BOARD MEMBER OR HIS/HER RELATED INTEREST THE BOARD MEMBER MUST LEAVE THE BOARD ROOM DURING DISCUSSION AND VOTE. THE BOARD MEMBER IS RECUSED FROM THE VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION'S BOARD OF DIRECTORS ASSIGNS THE RESPONSIBILITY TO THE BOARD'S PERSONNEL COMMITTEE TO INTERVIEW MEMBERS OF SENIOR MANAGEMENT FOR THE PREPARATION OF A WRITTEN PERFORMANCE EVALUATION OF THE CREDIT UNION'S PRESIDENT. THE PERSONNEL COMMITTEE IS COMPRISED OF INDEPENDENT DIRECTORS. THE PERSONNEL COMMITTEE WILL THEN PRESENT THE WRITTEN EVALUATION TO THE FULL BOARD, ALONG WITH A RECOMMENDATION FOR COMPENSATION. THE COMPENSATION LEVEL IS BASED ON A COMBINATION OF THE PRESIDENT'S PERCEIVED VALUE TO THE CREDIT UNION AND JOB PERFORMANCE. BASED ON THE PERSONNEL COMMITTEE'S RECOMMENDATION, THE FULL BOARD APPROVES THE PRESIDENT'S COMPENSATION. FOR MEMBERS OF SENIOR MANAGEMENT, WRITTEN PERFORMANCE EVALUATIONS ARE PREPARED BY THE IMMEDIATE SUPERVISOR AND REVIEWED BY THE BOARD'S PERSONNEL COMMITTEE. COMPENSATION IS BASED ON VALUE TO THE CREDIT UNION AND JOB PERFORMANCE. THE PERSONNEL COMMITTEE THEN MAKES A RECOMMENDATION TO THE FULL BOARD FOR ITS APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S FINANCIAL INFORMATION IS AVAILABLE BY ACCESSING THE CREDIT UNION'S CALL REPORT WHICH IS AVAILABLE THROUGH THE NCUA'S WEBSITE. THE CREDIT UNION DOES MAKE ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FORM 990, PART XI, LINE 9: MERGER OF HOLYOKE POSTAL CREDIT UNION 568,477.