2020-11-16T09:28:11-06:00 2019-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2019-01-01 390827305 MARINE CREDIT UNION MARI 6087911543 811 MONITOR STREET LA CROSSE WI 54603 BILL JAMES CFO 6087911543 2020-11-13 1 TANYA MEDGAARDEN P01717240 5074347000 2020-11-12 67.137.57.251 2020-11-13 15:06:36 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 F630F1EEE6B1AF3350F47F5F27B062EA6FC5A2EF 2019 2022-01-07 14:23:13Z SHAWN HANSON 811 MONITOR STREET LA CROSSE WI 54603 85116009 0 2157 X WWW.MARINECU.COM X CU 1949 WI WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. 7 0 636 0 115739 -346915 0 0 62000574 65793505 1738187 1801987 23869 10594 63762630 67606086 0 0 2359798 3042755 30048748 33182811 0 0 0 27059284 24778624 59467830 61004190 4294800 6601896 753825875 855318225 666439481 763608637 87386394 91709588 WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. WE WILL INCREASE THE NUMBER AND PERCENTAGE OF CUSTOMERS AVAILING THEMSELVES OF A VARIETY OF HIGH QUALITY SERVICES. 0 0 DEPOSIT TAKING - MARINE CREDIT UNION ACTS AS A FINANCIAL INTERMEDIARY IN EACH OF THE COMMUNITIES IT SERVES. EACH OF OUR 76,858 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 56,067 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $607,120,055 OF INSURED FUNDS ON BEHALF OF OUR DEPOSITORS. MORTGAGE LENDING - MARINE CREDIT UNION IS AN INTEGRAL PART OF THE COMMUNITIES WE SERVE BY PROVIDING OVER 2,358 LOANS TOTALING OVER $175,907,374. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $423,067,716. CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2019 WE GRANTED OVER 23,490 CONSUMER LOANS FOR A TOTAL OF OVER $207,703,469. THESE LOANS ARE USED BY OUR BORROWERS TO CONSOLIDATE DEBT, PURCHASE GOODS SUCH AS AUTOMOBILES AND RECREATIONAL VEHICLES AND TO FINANCE CONTINUING EDUCATION EXPENSES. THE TOTAL CONSUMER LOAN PORTFOLIO IS GREATER THAN $272,267,176. 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 8141 0 1 636 1 1 1 0 0 0 0 0 0 0 X 7 0 0 0 0 0 1 1 1 1 0 0 0 0 1 1 0 1 1 1 1 0 X BILL JAMES 6087911543 811 MONITOR STREET LA CROSSE WI 54603 HANSON SHAWN PRESIDENT/CEO 40.00 X 520769 0 22391 JAMES WILLIAM CHIEF FINANCIAL OFFICER 40.00 X 357093 0 27552 KEER ADAM CHIEF EXPERIENCE OFFICER 40.00 X 290054 0 26803 BROSSMAN KENNETH CHIEF SALES OFFICER 40.00 X 266935 0 26803 KALANDER JACK CHIEF INFORMATION OFFICER 40.00 X 251345 0 29016 HAWORTH JACK CHIEF SALES OFFICER 40.00 X 270340 0 6937 HIGGINS GREGORY L CHIEF HUMAN RESOURCE OFFICER 40.00 X 249900 0 23704 LECKIE PAUL SVP OF MARKETING 40.00 X 218844 0 26061 BARKER MARK SVP - REGIONAL MANAGER 40.00 X 225537 0 9824 SPILLANE MICHAEL SVP OF LOAN QUALITY AND CREDIT RISK 40.00 X 201098 0 21934 NEUMANN STEPHEN VICE PRESIDENT OF COLLECTIONS 40.00 X 195664 0 21529 TOLOKKEN KATIE CHIEF OPERATING OFFICER 40.00 X 189341 0 14499 KNOTHE TOM BOARD CHAIRMAN 10.00 X X 24000 0 0 SACIA WILLIAM BOARD VICE CHAIRMAN 1.00 X X 18000 0 0 REED MARK D BOARD SECRETARY 1.00 X X 18000 0 0 CARNEY ROBERT BOARD TREASURER 1.00 X X 18000 0 0 MAAS WILLIAM DIRECTOR 1.00 X 18000 0 0 SNOW ANNE DIRECTOR 1.00 X 18000 0 0 SWANTZ RICHARD DIRECTOR 1.00 X 18000 0 0 3368920 0 257053 40 0 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE ROAD FARMINGTON HILLS MI 48334 TECHNOLOGY SOLUTIONS 1709384 WORLD PAY 8500 GOVENORS HILL DRIVE SYMMES TOWNSHIP OH 45249 BANK PROCESSING 463163 STEWART LEADERSHIP PO BOX 1527 LAKE OSWEGO OR 97035 LEADERSHIP & COACHING 383778 TRANS UNION LLC PO BOX 99506 CHICAGO IL 60693 CREDIT REPORTING 331563 CHARTER COMMUNICATIONS PO BOX 32220 PALATINE IL 60094 INTERNET & COMMUNICATIONS 328994 41 LOAN INTEREST 522100 47677056 47677056 FEE INCOME 522100 17945360 17829621 115739 OTHER OPERATING INCOME 522100 171089 171089 65793505 1587126 1587126 17720596 4188 17504366 5557 216230 -1369 214861 214861 K-1 - COMMUNITY BUSINESS LENDERS 900099 10594 10594 10594 67606086 65688360 115739 1801987 3042755 2428204 23945078 649553 4154919 2005057 206979 122685 4233036 981522 2790402 2690020 1234060 689223 2234114 PROVISION FOR LOAN LOSS 4685790 MISCELLANEOUS OPERATING 2889052 LOAN SERVICING EXPENSE 1979510 MEMBER INSURANCE EXPENS 42231 61004190 47244861 68041089 5025175 3648997 3209805 16117276 17410587 591288291 685440073 31450986 2233793 48624873 21536335 28069443 27088538 23775764 12246372 15446119 10854079 20552852 753825875 855318225 11505325 9230043 8892 5101 124001000 654925264 630372493 666439481 763608637 X 0 0 0 0 87386394 91709588 87386394 91709588 753825875 855318225 X 6601896 -2461019 182317 X X 0 1 X 1 0 1 593607 195163 398444 1 X 6768521 6768521 26351719 9650623 16701096 317672 496243 -178571 14669515 11389469 3280046 517446 517446 27088538 SHARE DRAFTS 172337330 REGULAR SHARES 198227996 MONEY MARKET SHARES 144234134 IRA/KEOGH ACCOUNT 8172617 SHARE CERTIFICATES 107400416 630372493 X PART IV, LINE 1B: MCU SERVICES SECONDARY MARKET LOANS FOR FHLB/MPF XTRA PROGRAM PART IV, LINE 2B: ESCROW ACCOUNTS WERE HELD AT BORROWER LEVEL FOR TAXES AND INSURANCE PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION WILL BE FILING ITS TAX RETURNS FOR CALENDAR YEAR 2019, AND HAS FILED ITS TAX RETURNS FOR CALENDAR YEAR 2018 FOR ACTIVITIES DEEMED TAXABLE AND HAS A NET OPERATING LOSS CARRYFORWARD AS OF THE 2018 CALENDAR YEAR. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S CONSOLIDATED FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2019 AND 2018. THE CREDIT UNION'S 2016 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL TAXING AUTHORITIES, AND 2015 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY STATE TAXING AUTHORITIES. EARNINGS AND LOSSES FROM THE CUSO'S, ORGANIZED AS LLC'S, FLOW AT THE ENTITY LEVEL THROUGH TO THE CREDIT UNION AND, THEREFORE, ARE NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES. X 1 0 X X X X 0 0 0 HANSON SHAWN PRESIDENT/CEO 448476 0 61275 0 11018 0 9500 0 12891 0 543160 0 0 0 JAMES WILLIAM CHIEF FINANCIAL OFFICER 282378 0 41250 0 33465 0 10249 0 17303 0 384645 0 0 0 KEER ADAM CHIEF EXPERIENCE OFFICER 248142 0 33600 0 8312 0 9500 0 17303 0 316857 0 0 0 BROSSMAN KENNETH CHIEF SALES OFFICER 187732 0 27200 0 52003 0 9500 0 17303 0 293738 0 0 0 KALANDER JACK CHIEF INFORMATION OFFICER 215755 0 31500 0 4090 0 10884 0 18132 0 280361 0 0 0 HAWORTH JACK CHIEF SALES OFFICER 253846 0 0 0 16494 0 6346 0 591 0 277277 0 0 0 HIGGINS GREGORY L CHIEF HUMAN RESOURCE OFFICER 210933 0 30750 0 8217 0 10682 0 13022 0 273604 0 0 0 LECKIE PAUL SVP OF MARKETING 145492 0 22500 0 50852 0 8758 0 17303 0 244905 0 0 0 BARKER MARK SVP - REGIONAL MANAGER 115917 0 100000 0 9620 0 5769 0 4055 0 235361 0 0 0 SPILLANE MICHAEL SVP OF LOAN QUALITY AND CREDIT RISK 169206 0 29750 0 2142 0 8905 0 13029 0 223032 0 0 0 NEUMANN STEPHEN VICE PRESIDENT OF COLLECTIONS 164285 0 23946 0 7433 0 8500 0 13029 0 217193 0 0 0 TOLOKKEN KATIE CHIEF OPERATING OFFICER 147404 0 28000 0 13937 0 7048 0 7451 0 203840 0 0 0 PART I, LINE 1A JAMES WILLIAM-HOUSING ALLOWANCE-$15,600-INCLUDED IN TAXABLE COMPENSATION JACK HAWORTH-HOUSING ALLOWANCE-$16,000-INCLUDED IN TAXABLE COMPENSATION SHAWN L HANSON PRESIDENT/CEO DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 8216367 9989767 0 1 1 ADAM KEER CHIEF EXPERIENCE OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 1596910 1869637 0 0 1 BILL JAMES CHIEF FINANCIAL OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 2671783 2845346 0 0 1 JACK KALANDER CHIEF INFORMATION OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 1800000 1892029 0 0 1 KEN BROSSMAN CHIEF SALES OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 550000 647107 0 0 1 KATIE TOLOKKEN CHIEF OPERATING OFFICER DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 166701 166701 0 0 1 17410587 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION CONSISTS OF MEMBERS. TO BE A MEMBER, ONE MUST HAVE A SHARE/SAVINGS ACCOUNT. EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS). FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS WOULD NEED TO APPROVE DECISIONS SUCH AS CHANGE OF NAME OR A MERGER DECISION. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY FORM 990, PART VI, SECTION B, LINE 11B AN INITIAL REVIEW OF THE 990 IS PERFORMED BY THE CFO. ANY REVISIONS THAT NEED TO BE MADE ARE COMPLETED AND THE REVISED 990 IS PRESENTED TO THE CEO PRIOR TO THE REPORT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12 OFFICERS AND KEY EMPLOYEES ARE REQUIRED TO VERIFY THE EXISTENCE OF ANY CONFLICTS OF INTEREST ANNUALLY. THE ORGANIZATION DOES NOT MONITOR ITS DIRECTORS FURTHER AT THIS TIME. FORM 990, PART VI, SECTION B, LINE 15 CEO: THE BOARD OF DIRECTORS APPROVES COMPENSATION AS RECOMMENDED BY THE COMPENSATION COMMITTEE. BASE COMPENSATION IS TARGETED TO THAT OF PEER FINANCIAL INSTITUTIONS OF SIMILAR SIZE AND COMPLEXITY. INCENTIVE PAY AND BASE PAY INCREASES OR DECREASES ARE DRIVEN BY THE PERFORMANCE OF THE EXECUTIVE VERSUS PRE-DETERMINED GOALS AND OBJECTIVES WHICH ARE ALIGNED WITH THE MISSION AND STRATEGY OF THE ORGANIZATION. THE CEO IS GIVEN QUARTERLY AND ANNUAL PERFORMANCE EVALUATIONS WHICH FACTOR INTO COMPENSATION DISCUSSIONS. OTHER OFFICERS AND KEY EMPLOYEES: BASE COMPENSATION IS DRIVEN BY MARKETPLACE TRENDS AND OTHER COMPETITIVE FACTORS. INCENTIVE PAY AND BASE PAY INCREASES ARE DRIVEN BY THE PERFORMANCE OF EACH EMPLOYEE VERSUS PRE-DETERMINED GOALS AND OBJECTIVES WHICH ARE ALIGNED WITH THE MISSION AND STRATEGY OF THE ORGANIZATION. ALL EMPLOYEES ARE EVALUATED AGAINST OBJECTIVE AND SUBJECTIVE CRITERIA ON A MONTHLY AND ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 BYLAWS ARE AVAILABLE UPON REQUEST AND ANNUAL FINANCIAL STATEMENTS ARE POSTED ON THE ORGANIZATION'S WEBSITE. FORM 990, PART XI, LINE 9: EQUITY ATTRIBUTABLE TO AOCI 182,315. ROUNDING 2. FORM 990 PART XII LINE 2C NO CHANGES TO PROCESS. ADVANTAGE FINANCIAL SERVICES LLC 127 WEST AVENUE NORTH LA CROSSE WI 54601 800018187 HOLDING COMPANY WI -12574 7744123 MARINE CREDIT UNION CONSUMER LOAN SERVICES LLC 811 MONITOR STREET LA CROSSE WI 54603 270191461 MORTGAGE UNDERWRITING AND SERVICING (INACTIVE) WI 5651 4290045 ADVANTAGE FINANCIAL SERVICE