2023-10-26T10:13:42-05:00 2022-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2022-01-01 042128094 ST ANNE'S CREDIT UNION FKA ST ANNE'S CREDIT UNION OF FALL RIVER STAN 5083247300 286 OLIVER STREET FALL RIVER MA 027242998 PETER PANAGGIO EVP/CFO 5083247300 2023-10-25 1 PETER PANAGGIO 000003257 1 HARRY A KALAJIAN JR CPA P00464296 6174399700 2023-10-26 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X PETER PANAGGIO 286 OLIVER STREET FALL RIVER MA 027242998 36103812 0 X N/A X 1935 MA ST. ANNE'S CREDIT UNION (THE "CREDIT UNION") PROVIDES A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS THROUGH ITS FULL SERVICE OFFICES AND LOAN CENTERS IN SOUTHEASTERN MASSACHUSETTS. ITS PRIMARY DEPOSIT PRODUCTS ARE SAVINGS, CHECKING, MONEY MARKET, AND TERM CERTIFICATE ACCOUNTS AND ITS PRIMARY LENDING ASSETS ARE RESIDENTIAL MORTGAGE, COMMERCIAL MORTGAGE AND CONSUMER LOANS. 9 6 368 9 0 0 0 0 24437225 25611830 6020449 5804084 4408184 4687898 34865858 36103812 155458 146165 0 0 11643166 12049470 0 0 0 19051358 17403865 30849982 29599500 4015876 6504312 1266762131 1151715010 1157312534 1045188919 109449597 106526091 X ST. ANNE'S CREDIT UNION (THE "CREDIT UNION") PROVIDES A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS THROUGH ITS FULL SERVICE OFFICES AND LOAN CENTERS IN SOUTHEASTERN MASSACHUSETTS. ITS PRIMARY DEPOSIT PRODUCTS ARE SAVINGS, CHECKING, MONEY MARKET, AND TERM CERTIFICATE ACCOUNTS AND ITS PRIMARY LENDING ASSETS ARE RESIDENTIAL MORTGAGE, COMMERCIAL MORTGAGE AND CONSUMER LOANS. 0 0 ST. ANNE'S CREDIT UNION IS A COOPERATIVE OWNED, DIRECTED BY, AND DEDICATED TO ITS MEMBERS. AT THE END OF 2022, THE CREDIT UNION HAD $993 MILLION SHARE ACCOUNT DEPOSITS, $759 MILLION IN LOANS TO MEMBERS 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 30175 0 1 368 1 0 0 0 0 0 0 0 0 X 9 6 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 X PETER PANAGGIO CFO 5083247478 286 OLIVER STREET FALL RIVER MA 027242998 BRUCE E FERNANDES DIRECTOR/TREASURER/CLERK 1.00 X X 6330 0 4561 WILLIAM R BOUCHARD CHAIRMAN OF THE BOARD 1.00 X X 24336 0 7627 KEVIN VIEIRA DIRECTOR 1.00 X 60 0 6842 CLAIRE ENTEL DIRECTOR 1.00 X 396 0 5555 COLLEEN BRADY DIRECTOR 1.00 X 258 0 7234 JOHN R LEDWIDGE DIRECTOR/VICE CHAIRMAN 1.00 X X 21619 0 7627 JO-ANN BENTLEY DIRECTOR 1.00 X 396 0 3105 KEVIN C FITZPATRICK DIRECTOR 1.00 X 396 0 7629 SIMONE L GARANT DIR/TREASURER/CLERK (ENDED 08/16/22) 1.00 X X 9595 0 3436 BERNARD J MCDONALD III DIRECTOR 1.00 X 396 0 5089 EILEEN DANAHEY PRESIDENT/CEO 40.00 X 505938 0 17951 PETER PANAGGIO EVP/CFO 40.00 X 272141 0 17951 JOSEPH NASH SVP/CHIEF LENDING OFFICER 40.00 X 220902 0 16164 LUISA ROCHESTER VP RESIDENTIAL LENDING 40.00 X 143919 0 9073 MICHELLE MARCOS SVP HUMAN RESOURCES 40.00 X 175484 0 17953 KAREN SKINNER SVP OPERATIONS & COMPLIANCE 40.00 X 164467 0 21482 ROSE CORTES MORTGAGE LOAN OFFICER 40.00 X 233875 0 21436 LETITIA ZUPKOFSKA SVP MARKETING 40.00 X 136355 0 8768 CARLOS DACUNHA SVP/CHIEF LENDING OFFICER 40.00 X 117050 0 6710 2033913 0 196193 16 1 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 TECHNOLOGY SOLUTIONS 2781942 PAGE BUILDING CONSTRUCTION CO INC 135 OLD PAGE STREET UNIT 4 STOUGHTON MA 02072 CONSTRUCTION & REMODELING 2679988 ADT COMMERCIAL PO BOX 650394 DALLAS TX 75265 BUSINESS EQUIPMENT & MAINTENANCE 356434 DART APPRAISAL PO BOX 771730 DETROIT MI 48277 PROPERTY APPRAISALS 327344 NEW ENGLAND MONEY HANDLING SYSTEMS 86 SOUTH STREET SUITE 1 HOPKINTON MA 01748 CASH MACHINE SERVICING 173370 23 MEMBER LOAN INTEREST 525900 25611830 25611830 25611830 5784955 5784955 19129 0 19129 19129 19129 CUSTOMER SERVICE FEES 525900 3784473 3784473 OTHER LOAN FEES 525900 479135 479135 SAFE DEPOSIT FEES 525900 98736 98736 325554 325554 4687898 36103812 30299728 0 5804084 122165 24000 1062764 7767006 688201 1822504 708995 355295 201032 587809 1119117 1430209 2559658 1817143 31602 106793 4059300 1769154 337001 ATM & BANK CHARGES 1534717 OTHER EXPENSES 533072 REWARD PROGRAM EXPENSES 272725 LOAN LOSS PROVISION 222115 467123 29599500 4407668 5125099 191024386 45775694 725481491 758674198 959177 834810 40778526 20848473 17705126 19930053 300821344 298615320 26362939 22759836 1266762131 1151715010 880412 1649543 1982226 2018866 1154449896 1041520510 1157312534 1045188919 X 0 0 0 0 109449597 106526091 109449597 106526091 1266762131 1151715010 X 6504312 -9751017 323199 X X 0 1 X 1 0 0 1 X 4945234 4945234 24458993 12155990 12303003 2296187 1917065 379122 7821910 5764350 2057560 1256202 1011068 245134 19930053 CREDIT UNION MEMBER DEPOSITS 992900992 FNMA CUSTODIAL 53605 OTHER LIABILITIES 649850 FHLB ADVANCES 47916063 1041520510 X 36103812 0 36103812 0 36103812 29599500 0 29599500 0 29599500 PART IV, LINE 2B: ST. ANNE'S CREDIT UNION AS PART OF LOAN OPERATIONS COLLECTS PAYMENTS FROM BORROWERS TO BE HELD IN ESCROW TO PAY REAL ESTATE TAXES AND HOME OWNERS INSURANCE PREMIUMS. PART X, LINE 2: THE CREDIT UNION IS EXEMPT FROM FEDERAL AND STATE TAXES ON INCOME UNDER PROVISIONS OF THE INTERNAL REVENUE CODE AND STATE STATUTES. TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN, INCLUDING THE POSITION THAT THE CREDIT UNION QUALIFIES AS A TAX EXEMPT ENTITY, ARE REQUIRED TO BE EVALUATED TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE-LIKELY-THAN-NOT" TO BE UPHELD UNDER REGULATORY REVIEW. TAX POSITIONS NOT DEEMED TO MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE ACCRUED AND DISCLOSED IN THE FINANCIAL STATEMENTS. THERE ARE NO UNCERTAIN TAX POSITIONS THAT REQUIRE ACCRUAL OR DISCLOSURE AT DECEMBER 31, 2022 OR 2021. 1 SSTAR FAMILY HEALTH CENTER 386 STANLEY STREET FALL RIVER MA 02790 042604426 501(C)(3) 10000 0 CHARITABLE CONTRIBUTIONS COOPERATIVE CREDIT UNION ASSOCIATION 845 DONALD LYNCH BLVD MARLBOROUGH MA 01752 043403594 501(C)(6) 8095 0 CHARITABLE CONTRIBUTIONS NARRAGANSETT COUNCIL PO BOX 14777 10 RISHO AVENUE EAST PROVIDENCE RI 02914 050308384 501(C)(3) 9000 0 CHARITABLE CONTRIBUTIONS UNITED WAY OF GREATER FALL RIVER INC 30 BEDFORD ST FALL RIVER MA 02720 042104026 501(C)(3) 12570 0 CHARITABLE CONTRIBUTIONS UNITED WAY OF GREATER NEW BEDFORD INC 128 UNION ST SUITE 105 NEW BEDFORD MA 02740 042104264 501(C)(3) 11500 0 CHARITABLE CONTRIBUTIONS STEPPINGSTONE INC 466 N MAIN ST FALL RIVER MA 027202408 042505146 501(C)(3) 6000 0 CHARITABLE CONTRIBUTIONS 5 1 SCHOLARSHIP 12 24000 0 PART I, LINE 2: MANAGEMENT TEAM AND BOARD OF DIRECTORS REVIEWS EACH APPLICATION CAREFULLY AND MONITOR GRANT PROCESS CLOSELY TO ENSURE THAT EXPENDITURES ARE APPROPRIATE. X 1 1 X X 1 1 0 EILEEN DANAHEY PRESIDENT/CEO 457021 0 48917 0 0 0 0 0 17951 0 523889 0 0 0 PETER PANAGGIO EVP/CFO 256369 0 15772 0 0 0 0 0 17951 0 290092 0 0 0 ROSE CORTES MORTGAGE LOAN OFFICER 232490 0 1385 0 0 0 0 0 21436 0 255311 0 0 0 JOSEPH NASH SVP/CHIEF LENDING OFFICER 219402 0 1500 0 0 0 0 0 16164 0 237066 0 0 0 MICHELLE MARCOS SVP HUMAN RESOURCES 173984 0 1500 0 0 0 0 0 17953 0 193437 0 0 0 KAREN SKINNER SVP OPERATIONS & COMPLIANCE 162967 0 1500 0 0 0 0 0 21482 0 185949 0 0 0 LUISA ROCHESTER VP RESIDENTIAL LENDING 142419 0 1500 0 0 0 0 0 9073 0 152992 0 0 0 CARLOS DACUNHA SVP/CHIEF LENDING OFFICER 117050 0 0 0 0 0 0 0 6710 0 123760 0 0 0 PART I, LINES 4A-B CARLOS DACUNHA RECEIVED $123,760 OF SEVERANCE PAYMENT IN 2022. THE CREDIT UNION HAS ENTERED INTO AN EMPLOYMENT AGREEMENT ("AGREEMENT") WITH AN EXECUTIVE WHICH PROVIDES FOR A BASE SALARY AND THE CONTINUATION OF CERTAIN BENEFITS CURRENTLY RECEIVED. THE AGREEMENT SHALL BE AUTOMATICALLY EXTENDED FOR ADDITIONAL ONE YEAR TERMS UNLESS THE CREDIT UNION PROVIDES WRITTEN NOTICE OF NON-RENEWAL. THE AGREEMENT PROVIDES FOR SPECIFIED SEVERANCE BENEFITS UPON TERMINATION WITHOUT CAUSE OR UPON A CHANGE IN CONTROL, BOTH AS DEFINED IN THE AGREEMENT, HOWEVER, SUCH EMPLOYMENT MAY BE TERMINATED FOR CAUSE, AS DEFINED, WITHOUT INCURRING ANY CONTINUING OBLIGATIONS. ADVANCED ALARM SYSTEMS KEVIN FITZPATRICK, DIRECTOR 108030 KEVIN FITZPATRICK, DIRECTOR OF THE CREDIT UNION, IS ALSO THE OWNER OF THE ADVANCED ALARM SYSTEMS. AVDANCED ALARM SYSTEMS PROVIDES ALARM SERICES TO THE CREDIT UNION. 0 FORM 990, PART VI, SECTION A, LINE 4 THE CREDIT UNION MADE THE FOLLOWING CHANGES TO ITS BYLAWS IN 2022: 1) ARTICLE II MEMBERSHIP AND SPHERE OF OPERATION, SECTION 2 ADDED THAT APPLICATIONS SUBMITTED ONLINE ARE CONSIDERED TO BE IN WRITING. 2) ARTICLE IV DEPOSITS, SECTION 5 ADDED THAT THE BOARD OF DIRECTORS MAY DELEGATE TO MANAGEMENT THE ABILITY TO DETERMINE DEPOSIT INTEREST RATES. 3) ARTICLE VI, LOANS, SECTION 1 ADDED THAT APPLICATIONS SUBMITTED ONLINE ARE CONSIDERED TO BE IN WRITING. 4) ARTICLE VII BOARD OF DIRECTORS, SECTION 1 (A) CHANGED THE NUMBER OF DIRECTORS FROM 11 TO NO LESS THAN SEVEN AND NO MORE THAN ELEVEN. 5) ARTICLE VII BOARD OF DIRECTORS, SECTION 1 (C) ADDED A SPECIAL NOMINATING MEETING PROVISION FOR THE PURPOSE OF PRESENTING NOMINATIONS FOR DIRECTORS TO BE ELECTED AT THE NEXT ANNUAL MEETING. 6) ARTICLE VII BOARD OF DIRECTORS, SECTION 2 CHANGED THE MINIMUM NUMBER OF DIRECTORS TO REMAIN IN OFFICE IN THE CASE OF A VACANCY FROM 9 TO 7. 7) ARTICLE VII BOARD OF DIRECTORS, SECTION 4 (A) PROVIDED FOR THE DELEGATION OF SELECTION OF INSTITUTIONS TO HOLD CREDIT UNION FUNDS TO THE INVESTMENT COMMITTEE. 8) ARTICLE VII BOARD OF DIRECTORS, SECTION 4 (B) - AUTHORIZES INVESTMENTS, OTHER THAN LOANS TO MEMBERS; PROVIDED THAT THE BOARD OF DIRECTORS SHALL ESTABLISH AN INVESTMENT COMMITTEE THAT MAY AUTHORIZE INVESTMENTS AS PROVIDED BY STATUTE AND THESE BYLAWS; PROVIDED FURTHER THAT AN INVESTMENT COMMITTEE MAY REASONABLY DELEGATE ITS DUTIES TO EMPLOYEES IN ACCORDANCE WITH WRITTEN INVESTMENT POLICIES THAT ESTABLISH APPROPRIATE LIMITS AND STANDARDS AND THAT ARE CONSISTENT WITH SAFE AND SOUND BANKING PRACTICES. 9) ARTICLE VII BOARD OF DIRECTORS, SECTION 10 ADDED PROVISION FOR THE APPOINTMENT OF ASSOCIATE DIRECTOR (MIRRORS LANGUAGE FOR HONORARY DIRECTOR) 10) ARTICLE VII BOARD OF DIRECTORS SECTION 11 (NEW) ALLOWS FOR ELECTRONIC BOARD AND COMMITTEE VOTES. 11) ARTICLE VII BOARD OF DIRECTORS SECTION 12 (NEW) - ALLOWS FOR ELECTRONIC PARTICIPATION FOR MEETINGS. 12) ARTICLE VIII CREDIT COMMITTEE, SECTION 1 REQUIRES 1 MEMBER THAT IS A BOARD OF DIRECTOR, AND RETAINS THE REQUIREMENT TO CONSIST OF 3-5 MEMBERS, INCLUSIVE OF THE DIRECTOR. 13) ARTICLE VIII CREDIT COMMITTEE, SECTION 5 ALLOWS FOR RATIFICATION OF ANY LOAN SECURED BY REAL ESTATE BY THE BOARD OF DIRECTORS. 14) ARTICLE VIII CREDIT COMMITTEE, SECTION 6 CLARIFIED THAT THE ALTERNATE CC MEMBER IS A DIRECTOR, NOT AN EMPLOYEE. 15) ARTICLE IX AUDITING COMMITTEE, SECTION 5 REMOVES THE REQUIREMENT FOR THE AUDITING COMMITTEE TO ATTEST TO THE STATEMENT OF CONDITION PREPARED BY THE PRESIDENT. 16) ARTICLE IX AUDITING COMMITTEE, SECTION 6 ALLOWS FOR AN ALTERNATE BOARD MEMBER TO SERVE ON THE AUDITING COMMITTEE. 17) ARTICLE X INVESTMENT COMMITTEE, SECTION 1 REQUIRES 1 MEMBER THAT IS A BOARD OF DIRECTOR, AND RETAINS THE REQUIREMENT TO CONSIST OF 3-5 MEMBERS, INCLUSIVE OF THE DIRECTOR. 18) ARTICLE X INVESTMENT COMMITTEE, SECTION 1 ALLOWS FOR THE COMMITTEE TO DELEGATE DUTIES TO EMPLOYEES IN ACCORDANCE WITH WRITTEN POLICIES AND LIMITS. 19) ARTICLE X INVESTMENT COMMITTEE, SECTION 6 ALLOWS FOR AN ALTERNATE BOARD MEMBER TO SERVE ON THE INVESTMENT COMMITTEE. 20) ARTICLE XI OFFICERS AND THEIR DUTIES ELIMINATED SECTIONS 6 AND 7 REGARDING SIGNING DISCHARGES, ETC. AS THE ACTIVITIES ARE INCLUDED WITHIN THE SCOPE OF SECTION 5 AND ARE THEREFORE DUPLICATIVE. 21) ARTICLE XIV MISCELLANEOUS, SECTION 2 CHANGED BY-LAW AMENDMENTS VOTE REQUIREMENT FROM 3/4 OF THOSE PRESENT TO A MAJORITY OF THOSE PRESENT 22) ARTICLE XVI ELECTRONIC MEETING PARTICIPATION DELETED THE PROVISION THAT AN ELECTRONIC ATTENDANCE FOR A BOARD MEETING IS NOT LIMITED TO 4 PER YEAR (ALLOWS FOR BOTH TELEPHONE AND VIDEO CONFERENCE) FORM 990, PART VI, SECTION A, LINE 6 LINE 6 - THE CREDIT UNION IS A MEMBERS ONLY CREDIT UNION ACCEPTING MEMBERS FROM THE MASSACHUSETTS COUNTIES OF BRISTOL, BARNSTABLE, NORFOLK, PLYMOUTH OR SUFFOLK; THE RHODE ISLAND COUNTIES OF BRISTOL, NEWPORT, AND PROVIDENCE; AND THE FOLLOWING ADDITIONAL TOWNS IN RHODE ISLAND: COVENTRY, EAST GREENWICH, WARWICK, WEST WARWICK AND NORTH KINGSTOWN. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS VOTE FOR THE BOARD OF DIRECTORS AT THE ANNUAL MEETING AND VOTE ON ALL BUSINESS PRESENTED AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS VOTE FOR THE BOARD OF DIRECTORS AT THE ANNUAL MEETING AND VOTE ON ALL BUSINESS PRESENTED AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF DIRECTORS HAS DELEGATED THE RESPONSIBILITY TO REVIEW APPROVE AND SIGN THE FORM 990 TO THE CEO OR CFO. THE BOARD IS PROVIDED A COPY OF THE 990 UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C THE CREDIT UNION HAS A CONFLICT OF INTEREST POLICY. EACH YEAR ALL EMPLOYEES AND DIRECTORS MUST DISCLOSE ANY CONFLICTS TO THE BOARD WHICH IS RESPONSIBLE TO SEE THAT ALL CONFLICTS ARE RESOLVED. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD APPROVES THE EMPLOYMENT CONTRACT OF THE CEO AFTER REVIEW OF CEO'S PERFORMANCE AND OTHER CRITERIA. FORM 990, PART VI, SECTION C, LINE 19 THE ORGNIZATIONAL GOVERNING DOCUMENTS, FINANCIAL STATMENTS AND FORM 990 ARE AVAILABLE UPON REQUEST TO THE GENERAL PUBLIC. FORM 990, PART XI, LINE 9: OBLIGATION ON DEFINED BENEFIT PLAN FAS 158 323,199. FORM 990, PART IV, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR 2022.