2022-10-25T12:13:26-05:00 2021-12-31 382492570 DOEREN MAYHEW 12060 S W 129TH COURT STE 201 MIAMI FL 331864582 990 2021-01-01 472559616 AMERICAN EAGLE FINANCIAL CREDIT UNION AMER 8008420145 333 EAST RIVER DRIVE EAST HARTFORD CT 06128 HOWARD BRADY PRESIDENT & CEO 8605695554 2022-10-24 1 HOWARD BRADY 999009999 JOHN J MURNANE JR P03021572 3052328272 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z HOWARD BRADY 333 EAST RIVER DRIVE EAST HARTFORD CT 06128 80581273 0 X WWW.AMERICANEAGLE.ORG X 1935 CT AMERICAN EAGLE FINANCIAL CREDIT UNION PROVIDES FINANCIAL SERVICES IN THE FORM OF LOANS AND DEPOSIT PRODUCTS THAT HELP ITS MEMBERSHIP ACHIEVE THEIR FINANCIAL GOALS. 11 11 397 15 71904 0 0 0 77873588 78580004 1918923 2001269 2430488 0 82222999 80581273 161674 205285 0 0 34326912 34721800 0 0 0 46486451 36466555 80975037 71393640 1247962 9187633 2185404432 2355398570 1995881791 2156676316 189522641 198722254 X OUR MISSION IS TO ENRICH THE LIVES OF OUR MEMBERS AND COMMUNITIES TO CREATE A WORLD WHERE FINANCIAL FREEDOM IS A REALITY. OUR VALUES ARE CARING, TRUST AND DEPENDABILITY. 0 0 DURING 2021, AMERICAN EAGLE FINANCIAL CREDIT UNION (AEFCU), A STATE CHARTERED CREDIT UNION LOCATED IN THE STATE OF CONNECTICUT, PROVIDED FINANCIAL SERVICES TO MEMBERS WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN THE HARTFORD, TOLLAND, NEW HAVEN, AND MIDDLESEX COUNTIES IN CT. AEFCU CONTINUED TO FULFILL ITS EXEMPT STATUS BY PROVIDING CREDIT AT FAIR AND REASONABLE RATES OF INTEREST, OFFERING COMPETITIVE SHARE DEPOSIT PRODUCTS, AND PROVIDING MEMBERS WITH THE OPPORTUNITY TO IMPROVE THEIR ECONOMIC CONDITION. IN 2021, MEMBERSHIP GREW FROM 157,426 TO 167,545 MEMBERS. THERE WERE 14,408 LOANS GRANTED TOTALING $783,196,642. DEPOSITS GREW FROM 299,257 ACCOUNTS TO 323,486 ACCOUNTS FOR A TOTAL INCREASE IN DEPOSITS OF $153,184,450. AEFCU ALSO CONDUCTED SEMINARS FOR ITS MEMBERSHIP THAT RANGED FROM FINANCIAL LITERACY TO FIRST TIME HOME BUYING. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 26450 0 1 397 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X LARRY MICHAUD 8605695554 333 EAST RIVER DRIVE EAST HARTFORD CT 06128 A LISA BURGARELLA DIRECTOR 2.00 X 0 0 0 KENNETH D STEVENSON DIRECTOR 2.00 X 0 0 0 RAYMOND C GANDY VICE CHAIRPERSON 2.00 X 0 0 0 MICHAEL P DEPASQUALE CHAIRPERSON 3.00 X 0 0 0 ALLISON W BURCH SECRETARY 2.00 X 0 0 0 ANGELA BULL DIRECTOR 2.00 X 0 0 0 JOSEPH R CAMPOSEO DIRECTOR 2.00 X 0 0 0 MICHAEL W HAWMAN DIRECTOR 2.00 X 0 0 0 MARK P ALLEN DIRECTOR 4.00 X 0 0 0 GERALD BENEDETTO DIRECTOR 2.00 X 0 0 0 MICHAEL ROGERS DIRECTOR 2.00 X 0 0 0 DEAN MARCHESSAULT PRESIDENT/CEO 40.00 X 562091 0 40756 JOHN CONANT EVP/CFO 40.00 X 157746 0 25732 LARRY MICHAUD SVP FINANCE 40.00 X 187519 0 39690 TERESA KNOX SVP/COO 40.00 X 359441 0 37769 JAMES EVANS SVP/CIO 40.00 X 233359 0 37834 BRIAN KENNEDY SVP/CSO 40.00 X 377418 0 47437 SUSAN BUSHNIK SVP/CTO 40.00 X 442347 0 38334 HOWARD BRADY SVP/CLO 40.00 X 412862 0 45907 2732783 0 313459 35 0 1 0 FISERV INC PO BOX 99924 GRAPEVINE TX 76099 SOFTWARE SERVICES 3395535 FIS PO BOX 4535 CAROL STREAM IL 60197 CARD PROCESSING 2298783 DATA FACTS 8000 CENTERVIEW PKWY STE 400 CAORDOVA TN 38018 CREDIT APPRAISALS 807931 STRATEGIC RESOURCE MANAGEMENT 5100 POPLAR AVE SUITE 2500 MEMPHIS TN 38137 CONTRACT NEGOTIATIONS 746292 CENTURY LINK DBA LUMEN PO BOX 4918 MONROE LA 71211 DATA COMMUNICATION/CIRCUITS 569730 46 INCOME ON LOANS 522100 58032086 58032086 FEES/CHARGES/OTHER 522100 20476014 20476014 FINANCE & INSURANCE 520000 71904 71904 78580004 2001269 2001269 80581273 80509369 71904 0 X 199285 6000 1013534 25785358 6072972 1849936 699889 131304 223168 872404 621183 5467312 6120956 3035494 215486 5257260 3273929 216266 LOAN SERVICING EXPENSE 4056656 DEBIT CARD SERVICES 1889227 PROVISION FOR LOAN LOSS 1350000 FRAUD LOSSES 912711 2123310 71393640 9519487 12797235 360435931 270759102 493067 512947 24009618 24429123 1609117993 1669103187 2359687 2584660 46438415 19358921 27830783 27079494 122126182 317416834 1686800 2078000 27824884 28637988 2185404432 2355398570 7812593 15422668 1988069198 2141253648 1995881791 2156676316 X 0 0 0 0 189522641 198722254 189522641 198722254 2185404432 2355398570 9187633 11980 0 X X 0 1 X 1 0 2422544 2422544 25290048 9460044 15830004 4921774 1573739 3348035 12105840 7798750 4307090 1698209 526388 1171821 27079494 SHARE DRAFTS 464232464 SHARES 724957846 MONEY MARKET 545584861 SHARE AND IRA CERTIFICATS 406478477 2141253648 X 80581273 0 80581273 0 80581273 71393640 0 71393640 0 71393640 PART X, LINE 2: INCOME TAXES 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 THE POLICE ATHLETIC LEAGUE 50 WILLIAMS STREET HARTFORD CT 06120 066068864 501(C)(3) 7772 0 CASH BACK TO THE COMMUNITY AROUND THE WORLDS 126 WINDERMERE AVENUE ELLINGTON CT 06029 811974874 501(C)(3) 9187 0 CASH BACK TO THE COMMUNITY THE NEWFOUNDLAND PLACE 554 PUCKER STREET CONVENTRY CT 06238 272176439 501(C)(3) 9187 0 CASH BACK TO THE COMMUNITY CREATIVE LIVING COMMUNITY OF CONNECTICUT 2645 BOSTON TPKE CONVENTRY CT 06238 263561174 501(C)(3) 9187 0 CASH BACK TO THE COMMUNITY SOUTHINGTON GIRLS SOFTBALL LEAGUE PO BOX 484 SOUTHINGTON CT 06489 222704114 501(C)(3) 8614 0 CASH BACK TO THE COMMUNITY OUR PIECE OF THE PIE INC 20-28 SARGEANT STREET HARTFORD CT 06105 060939659 501(C)(3) 8614 0 CASH BACK TO THE COMMUNITY ASNUNTUCK COMMUNITY COLLEGE FOOD PANTRY 170 ELM STREET ENFIELD CT 06082 311647253 501(C)(3) 8614 0 CASH BACK TO THE COMMUNITY CONNECTICUT CAT CONNECTION 40 STEVENS MILL ROAD WINDSOR CT 06095 260971015 501(C)(3) 9598 0 CASH BACK TO THE COMMUNITY CANS 4-A-CAUSE 124 WESTMONT DRIVE MIDDLETOWN CT 06457 863459602 501(C)(3) 9598 0 CASH BACK TO THE COMMUNITY ANGEL OF EDGEWOOD 657 BLUE HILLS AVENUE BLOOMFIELD CT 06112 853536488 501(C)(3) 9598 0 CASH BACK TO THE COMMUNITY HARTFORD YARD GOATS PO BOX 23147 HARTFORD CT 06123 161638341 501(C)(3) 35000 0 SPONSORSHIP CHANNEL 3 KIDS CAMP 73 TIMES FARM ROAD ANDOVER CT 06232 060660003 501(C)(3) 10000 0 SPONSORSHIP SPIRIT OF SPRINGFIELD 1350 MAIN STREET SUITE 1004 SPRINGFIELD CT 01103 223036584 501(C)(3) 10000 0 SPONSORSHIP SILK CITY CHORUS 385 N MAIN STREET MANCHESTER CT 06042 501(C)(3) 7772 0 CASH BACK TO THE COMMUNITY WOODY WILLIAMS FOUNDATION 240 KENSINGTON ROAD BERLIN CT 06037 061840409 501(C)(3) 7772 0 CASH BACK TO THE COMMUNITY 15 SCHOLARSHIPS 2 6000 PART I, LINE 2: THESE ARE CHARITABLE CONTRIBUTIONS, NOT GRANTS. THEREFORE, THERE IS NO SUBSEQUENT MONITORING BY THE CREDIT UNION. SCHOLARSHIPS ARE AWARDED TO STUDENTS TO PROVIDE FINANCIAL SUPPORT TO A STUDENT ENROLLED IN A HIGHER EDUCATION PROGRAM WHO DEMONSTRATES OUTSTANDING ACADEMIC MERIT AND FINANCIAL NEED. X X X 1 1 X X X X X 0 1 0 DEAN MARCHESSAULT PRESIDENT/CEO 552947 0 0 0 9144 0 34800 0 5956 0 602847 0 0 0 SUSAN BUSHNIK SVP/CTO 35110 0 370536 0 36701 0 34800 0 3534 0 480681 0 0 0 HOWARD BRADY SVP/CLO 262862 0 150000 0 0 0 26523 0 19384 0 458769 0 0 0 BRIAN KENNEDY SVP/CSO 227418 0 150000 0 0 0 28190 0 19247 0 424855 0 0 0 TERESA KNOX SVP/COO 264056 0 95385 0 0 0 30212 0 7557 0 397210 0 0 0 JAMES EVANS SVP/CIO 233359 0 0 0 0 0 23545 0 14289 0 271193 0 0 0 LARRY MICHAUD SVP FINANCE 187519 0 0 0 0 0 25582 0 14108 0 227209 0 0 0 JOHN CONANT EVP/CFO 106861 0 0 0 50885 0 18924 0 6808 0 183478 0 0 0 PART I, LINE 4B SUSAN BUSHNIK RECEIVED A RESTRICTIVE BONUS PLAN PAYOUT IN THE AMOUNT OF $371,000 AS OF DURING 2021. THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS TO THE JOHN C. CONANT, DEAN MARCHESSAULT, HOWARD BRADY, JAMES EVANS, AND BRIAN KENNEDY THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." 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, PLUS KEY-PERSON INSURANCE PROCEEDS. DEAN MARCHESSAULT PRESIDENT/CEO SPLIT DOLLAR X 5133128 5701245 0 1 1 JOHN CONANT EVP/CFO SPLIT DOLLAR X 3329640 3698153 0 1 1 WILLIAM J DOKAS FORMER CEO SPLIT DOLLAR X 8400000 4150000 0 1 1 HOWARD BRADY SVP/CLO SPLIT DOLLAR X 2200000 2438595 0 1 1 JAMES EVANS SVP/CIO SPLIT DOLLAR X 2700000 2992821 0 1 1 BRIAN KENNEDY SVP/CMSO SPLIT DOLLAR X 1800000 1995214 0 1 1 DEAN MARCHESSAULT PRESIDENT/CEO SPLIT DOLLAR X 2900000 2970127 0 1 1 BRIAN KENNEDY SVP/CMSO SPLIT DOLLAR X 475000 482968 0 1 1 24429123 FORM 990, SCH L, PART II THE CREDIT UNION PROVIDES SUPPLEMENTAL RETIREMENT BENEFITS THROUGH AN ARRANGEMENT REFERRED TO AS A "COLLATERAL ASSIGNED SPLIT DOLLAR." ALTHOUGH THE IRS REQUIRES REPORTING IN PART II AS A LOAN TO AN INTERESTED PARTY, THIS IS NOT AN ACTUAL LOAN. THERE IS NO TRANSFER OF FUNDS TO THE PARTICIPANTS NOR AN OBLIGATION TO REPAY THE FUNDS. INSTEAD 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 MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. THE MEMBERSHIP VOTES AT AN ANNUAL MEETING TO SELECT THREE BOARD MEMBERS EACH YEAR. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. THE MEMBERSHIP VOTES AT AN ANNUAL MEETING TO SELECT THREE BOARD MEMBERS EACH YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE 990 WILL BE GIVEN TO THE BOARD OF DIRECTORS AS AN AGENDA ITEM AND REVIEWED AT THE BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C EMPLOYEES, OFFICERS AND DIRECTORS OF THE CREDIT UNION ARE ASKED TO DISCLOSE ALL SHARE AND LOAN ACCOUNTS AT THE CREDIT UNION THAT THEY HAVE AN INTEREST IN ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION UTILIZES AN OUTSIDE CONSULTANT TO PERFORM AN INDEPENDENT COMPENSATION SURVEY FOR ALL OFFICER LEVEL POSITIONS EVERY TWO YEARS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC VIEWING ON WWW.NCUA.GOV VIA THE QUARTERLY 5300 FILING. FORM 990, PART IX, LINE 11G PROFESSIONAL FEES- PAYROLL 112,936. PROFESSIONAL FEES- ARMORED CAR 161,843. PROFESSIONAL FEES- TEMPORARY EMPLOYEES 481,443. PROFESSIONAL FEES- OTHER 114,921. PROFESSIONAL FEES- SECURITY GUARD 1,261. FORM 990, PART IX, LINE 24E OVERDRAFT LOSSES 754,829. MISCELLANEOUS 623,260. PERSONAL PROPERTY TAX EXPENSE 288,200. REPAIRS AND MAINTENANCE 179,140. DUES/SUBSCRIPTIONS 161,254. OPERATING FEES 116,627. 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. AMERICAN EAGLE FINANCIAL SERVICES LLC 333 EAST RIVER DRIVE EAST HARTFORD CT 06108 061552551 FINANCIAL CONSULTING SERVICES CT -16300 27433 AMERICAN EAGLE FINANCIAL CU AEF REALTY LLC 333 EAST RIVER DRIVE EAST HARTFORD CT 06108 371864912 PROPERTY MANAGEMENT SERVICES CT 49381 13446667 AMERICAN EAGLE FINANCIAL CU