2023-11-06T10:43:38-06:00 2022-12-31 382492570 DOEREN MAYHEW 305 W BIG BEAVER ROAD TROY MI 48084 990 2022-01-01 380549595 LOC CREDIT UNION LOCC 2484742200 22981 FARMINGTON ROAD FARMINGTON MI 48336 KARI CIARAMITARO EVP - FINANCE AND ACCOUNTING 2484742502 2023-11-03 1 KARI CIARAMITARO 999009999 0 JACK TRACY P01974742 2482443000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X X STEPHEN P GRECH 22981 FARMINGTON ROAD FARMINGTON MI 48336 18018857 0 X WWW.LOCCREDITUNION.COM X CREDIT UNION 1935 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS 13 13 99 15 9393 3450 0 0 2803702 9052872 1064927 3070814 84021 0 3952650 12123686 0 0 0 0 1613667 4206407 0 0 0 1750279 4199369 3363946 8405776 588704 3717910 137978999 450298600 125547194 426809000 12431805 23489600 X WE OFFER A COMMITTMENT TO OUR MEMBERS TO PROVIDE QUALITY FINANCIAL SERVICES IN A FRIENDLY MANNER WITH SOUND PROFESSIONAL LEADERSHIP. 1 1 PROVIDE 28,694 MEMBERS WITH REGULAR SHARE, SHARE DRAFT, MONEY MARKET, IRA, AND CERTIFICATE OF DEPOSIT ACCOUNTS TOTALING $421,483,688 PROVIDE 16,343 LOANS INCLUDING VEHICLE, MORTGAGES, HOME EQUITY, COMMERCIAL/BUSINESS, UNSECURED, AND CREDIT CARDS TOTALING $234,558,318. 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 4251 0 1 99 1 1 1 0 0 0 0 0 0 0 X 13 13 0 0 1 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 ANN SCHROEDER DIRECTOR 1.00 X 0 0 0 BETTY RICHARDS DIRECTOR 1.00 X 0 0 0 CHARLES LACEY DIRECTOR 1.00 X 0 0 0 DAVID DRAKE DIRECTOR 1.00 X 0 0 0 DOMENIC LAURIA DIRECTOR 1.00 X 0 0 0 MICHAEL CONNOLLY DIRECTOR 1.00 X 0 0 0 NATALIE CLEMONS DIRECTOR 1.00 X 0 0 0 PATRICK MONTI DIRECTOR 1.00 X 0 0 0 PAUL WYDENDORF DIRECTOR 1.00 X 0 0 0 STEPHEN P GRECH PRESIDENT/CEO 40.00 X 126594 0 22106 JON ELLIOTT SENIOR EVP 40.00 X 210654 0 39736 KARI CIARAMITARO EVP FINANCE 40.00 X 90431 0 16455 CHRISTENA KOESTER EVP OPERATIONS AND TECHNOLOGY 40.00 X 145407 0 26851 573086 0 105148 3 0 1 0 MDT 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 DATA PROCESSING 633426 CO-OP FINANCIAL SERVICES 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 371055 ALKAMI PO BOX 122223 DEPT 2223 DALLAS TX 75313 DIGITAL BANKING 203396 VISA USA INC PO BOX 742233 LOS ANGELES CA 90074 ATM/DEBIT/CREDIT NETWORK 131617 CU SOLUTIONS PO BOX 8054 PLYMONTH MI 48170 MARKETING/LOAN & NEW ACCOUNT SOFTWARE 113199 5 INTEREST ON LOANS 522100 5182638 5182638 FEES/CHARGES/OTHER 522100 3860841 3860841 FINANCE AND INSURANCE 520000 9393 9393 9052872 3090256 3090256 5875729 5895171 -19442 -19442 -19442 12123686 12114293 9393 0 X 505976 2632227 103684 759423 205097 15751 78506 396268 153000 765146 519551 243185 32582 242189 17463 151203 76336 ATM EXPENSES 431480 DEBIT/CREDIT CARD EXPEN 371834 LOAN SERVICING 268638 MAINTENANCE 167083 269154 8405776 1158144 3008365 9668646 8230759 52105 1941578 1588805 7248184 43965632 227569832 427964 5829399 7806299 1220035 289428 6586264 77677900 163465640 413200 13243094 5455957 2737175 7719528 137978999 450298600 499897 5325312 125047297 421483688 125547194 426809000 X 0 0 0 0 12431805 23489600 12431805 23489600 137978999 450298600 X 3717910 -10878213 18218098 X X 0 1 X 1 0 1436000 1436000 4730179 580913 4149266 317579 304324 13255 1322541 334798 987743 6586264 SHARES 201065208 SPECIAL DEPOSITS 101887703 CERTIFICATE OF DEPOSIT 13736293 IRA DEPOSITS 5052551 SHARE DRAFTS 99741933 421483688 X 12123686 0 12123686 0 12123686 8405776 0 8405776 0 8405776 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 JON ELLIOTT SENIOR EVP 184124 0 13963 0 12567 0 10345 0 29391 0 250390 0 0 0 CHRISTENA KOESTER EVP OPERATIONS AND TECHNOLOGY 130213 0 5563 0 9631 0 7258 0 19593 0 172258 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS SPLIT DOLLAR COLLATERAL ASSIGNMENT LOAN AGREEMENTS WITH JON ELLIOT AND CHRISTENA KOESTER, 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. AS A RESULT OF THE MERGER BETWEEN MEMBERFOCUS COMMUNITY CREDIT UNION AND LOC FEDERAL CREDIT UNION, THE MERGED ENTITY (LOC CREDIT UNION) REPORTED COLLATERAL ASSIGNED SPLIT DOLLAR LOANS TO STEPHEN P. GRECH, KARI CIARAMITARO AND JAMES DICKINSON. WHILE STEPHEN P. GRECH AND KARI CIARAMITARO ARE CURRENT OFFICERS OF THE MERGED ENTITY, LOC CREDIT UNION, JAMES DICKINSON WAS THE FORMER CEO OF THE FORMER ENTITY, LOC FEDERAL CREDIT UNION. JON ELLIOT SENIOR EVP COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 919372 1002038 0 1 1 CHRISTENA KOESTER EVP - OPERATIONS AND TECHNOLOGY COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 606684 622762 0 1 1 STEPHEN P GRECH CEO COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 1971117 2021291 0 1 1 JAMES DICKINSON FORMER CEO (LOC FCU) COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 1501650 1724548 0 1 1 KARI CIARAMITARO EVP - FINANCE AND ACCOUNTING COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 1733298 1877545 0 1 1 7248184 FORM 990, PART III, LINE 2 LOC CREDIT UNION IS A COMBINATION OF TWO CREDIT UNIONS FORMED IN 2022 AS A RESULT OF A MERGER BETWEEN LOC FEDERAL CREDIT UNION AND MEMBERFOCUS COMMUNITY CREDIT UNION. THE MERGED ENTITY, LOC CREDIT UNION MAINTAINED THE STATE CHARTER AND EIN OF MEMBERFOCUS COMMUNITY CREDIT UNION. WEALTH MANAGEMENT SERVICES AND MEMBER BUSINESS LOANS WERE ADDED TO MEMBER SERVICES OFFERED POST-MERGER. FORM 990, PART III, LINE 3 THE CREDIT UNION NO LONGER ENGAGES IN INDIRECT LENDING. FORM 990, PART VI, SECTION A, LINE 4 THE BYLAWS WERE UPDATED FOR THE CREDIT UNION'S NAME CHANGE AS A RESULT OF THE MERGER. ADDITIONALLY, THE BYLAWS WERE AMENDED TO ADDRESS THE CREDIT UNION'S EXPANDED FIELD OF MEMBERSHIP. SPECIFICALLY, LOC CREDIT UNION'S FIELD OF MEMBERSHIP INCLUDES ANY PERSON THAT LIVES, WORKS, WORSHIPS OR ATTENDS SCHOOL IN THE STATE OF MICHIGAN. 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 PROVISION FOR LOAN LOSSES 152,839. MISCELLANEOUS 82,963. TRAINING/EDUCATION/DEVELOPMENT 33,352. FORM 990, PART XI, LINE 9: EQUITY ACQUIRED THROUGH MERGER LOC 18,203,084. NET PENSION GAINS FROM 7/1/22 - 12/31/22 15,014. 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.