2025-11-13T12:45:31-06:00 2024-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2024-01-01 940755684 PATELCO CREDIT UNION PATE 8003588228 3 PARK PLACE DUBLIN CA 94568 MICHAEL MATHENY CONTROLLER 8003588228 2025-11-13 1 1 MICHAEL J ROWE CPA P00535831 6174399700 2025-11-13 2024 2025-03-06 01:10:19Z ERIN M MENDEZ 3 PARK PLACE DUBLIN CA 94568 527608522 0 1526 X WWW.PATELCO.ORG X CREDIT UNION 1936 CA TO BUILD OUR MEMBERS' FINANCIAL HEALTH AND WELLBEING. 11 10 851 10 140955 0 0 0 343409429 377340780 86112642 132949749 15562309 17247982 445084380 527538511 322402 365545 0 0 114867215 113284039 0 0 0 257323843 407683853 372513460 521333437 72570920 6205074 9714731000 9414390000 8885282000 8543226000 829449000 871164000 X TO BUILD OUR MEMBERS' FINANCIAL HEALTH AND WELLBEING. 0 0 PATELCO CREDIT UNION IS A STATE-CHARTERED CREDIT UNION THAT IS COMMITTED TO BUILD MEMBERS' FINANCIAL HEALTH AND WELLBEING. ITS PRIMARY FUNCTION IS TO PROVIDE LOANS TO ITS MEMBERS AS WELL AS ACCEPT DEPOSITS FROM THEM. IN 2024, THE CREDIT UNION PROVIDED MEMBERS WITH 2,103 NEW REAL ESTATE LOANS TOTALING $720,842,000 AND 37,966 NEW CONSUMER LOANS TOTALING $756,037,000. AS OF DECEMBER 31, 2024, THERE WERE 1,059,272 DEPOSIT ACCOUNTS TOTALING $7,906,661,019. 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 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 224661 0 1 851 1 1 1 0 0 0 0 0 1 0 X 11 10 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X MICHAEL MATHENY 9254604677 3 PARK PLACE DUBLIN CA 94568 JESSE RIVERA CHAIRPERSON/DIRECTOR 5.00 X X 0 0 0 VICKIE RATH TREASURER/DIRECTOR 5.00 X X 0 0 0 TRACEY SCOTT SECRETARY/DIRECTOR 5.00 X X 0 0 0 ROBERT MCCORMISH DIRECTOR 5.00 X 0 0 0 RACE CHEN DIRECTOR (ENDED 5/1/24) 5.00 X 0 0 0 PETER HANELT DIRECTOR 5.00 X 0 0 0 COLLEEN CABEY DIRECTOR 5.00 X 0 0 0 DEBBIE CHAW 2ND VICE CHAIR/DIRECTOR 5.00 X X 0 0 0 GARICK ZILLGITT 1ST VICE CHAIR/DIRECTOR 5.00 X X 0 0 0 JEFFREY PARKS DIRECTOR 5.00 X 0 0 0 ERIN MENDEZ PRESIDENT/CEO/DIRECTOR 40.00 X X 1570994 0 306983 MANUEL ARENS DIRECTOR (AS OF 5/1/24) 5.00 X 0 0 0 ROLLAND JURGENS CHIEF FINANCIAL OFFICER 40.00 X 624194 0 55291 ARMAND ABHARI SVP, OPERATIONS 40.00 X 348236 0 39974 AMEET SETH SVP, DELIVERY 40.00 X 433526 0 51843 SUSAN MAKRIS CHIEF PEOPLE OFFICER 40.00 X 533536 0 388438 MELISSA MORGAN CHIEF RETAIL OFFICER 40.00 X 587891 0 379378 KALYAN MAJMUNDAR CHIEF TECHNOLOGY OFFICER 40.00 X 576334 0 50881 MITSUHO WADA CHIEF LENDING OFFICER 40.00 X 610765 0 341393 AJU ASAR SVP, STRATEGY AND PLANNING 40.00 X 448050 0 48610 YEN PHAM EXTERNAL HOME LOAN CONSULTANT 40.00 X 1004618 0 35703 EMMANUEL PABLO FINANICAL ADVISOR III 40.00 X 1518446 0 55291 MANINDER JOHAL EXTERNAL HOME LOAN CONSULTANT 40.00 X 531312 0 26530 DAVID FONG SVP, INTERNAL AUDIT (ENDED 12/2024) 40.00 X 532232 0 51866 ANGELA JEFFERS SVP, GENERAL COUNSEL 40.00 X 573289 0 36168 9893423 0 1868349 302 0 1 0 ALLIED UNIVERSAL SECURITY SERVICES 580 HARRISON AVE STE 3E BOSTON MA 02118 SECURITY SERVICES 1184280 MORTGAGE CADENCE LLC 28662 NETWORK PLACE CHICAGO IL 606731286 MORTGAGE SERVICES 656000 PLANTE & MORGAN PLLC 1111 SUPERIOR AVE S STE 1250 CLEVELAND OH 44114 ACCOUNTING SERVICES 476190 HEARTLAND VALUATION SERVICE LLC 2139 TAPO STREET STE 221 SIMI VALLEY CA 93063 APPRAISAL SERVICES 475715 THE FACILITIES GROUP NATIONAL LLC 217 N HOWARD AVENUE STE 200 TAMPA FL 33606 FACILITY SERVICES 468275 48 INTEREST ON LOANS TO MEMBERS 522100 345339368 345339368 INTERCHANGE FEE INCOME 522100 18223641 18223641 SERVICE CHARGES 522100 13269209 13269209 ATM FEES 524298 508562 367607 140955 377340780 94946780 94946780 3160099 0 3160099 3160099 3160099 35455009 2617971 70011 0 35384998 2617971 38002969 38002969 INVESTMENT ADVISORY INCOME 522100 8557004 8557004 MISC INCOME 900099 4782374 4782374 CREDIT INSURANCE REVENUE 522100 748505 748505 14087883 527538511 394447807 140955 132949749 365545 5733526 82365032 5312965 13707827 6164689 3476824 1783831 639075 5094968 6593833 6554548 16045676 17512042 1022528 202072183 2748607 1050367 PROVISION FOR CREDIT LO 70376337 FRAUD & OTHER OPERATING 53484925 LOAN SERVICING EXPENSES 9409599 ATM & OTHER PROCESSING 5614772 4203738 521333437 24839688 31587832 1130465215 658357030 29336962 29498218 22253398 22877576 6678076031 6789722582 5972033 28084796 144293350 51890413 97278864 92402937 1329020622 1451108841 147182473 48318369 24410546 24410546 225895168 238021273 9714731000 9414390000 73749147 136564981 15228603 15311822 8796304250 8391349197 8885282000 8543226000 X 0 0 0 0 829449000 871164000 829449000 871164000 9714731000 9414390000 X 6205074 33557314 1952612 X X 0 1 X 1 0 CALIFORNIA CREDIT UNION LEAGUE PAC 2855 E GUASTI ROAD SUITE 202 ONTARIO CA 91761 26825 PART I-A, LINE 1: THE CREDIT UNION'S ACTIVITES INCLUDE DONATIONS TO CAMPAIGNS AND PACS RELATED TO THOSE THAT SUPPORT CREDIT UNIONS AND SPECIFIC LEGISLATION THAT IS IMPORTANT AND BENEFICIAL TO CREDIT UNIONS. 0 1 X 10670967 10670967 87554962 14110663 73444299 17822603 15192979 2629624 27462193 22586771 4875422 782625 782625 92402937 REGULAR SHARES 873924193 SHARE DRAFTS 1272576040 MONEY MARKET ACCOUNTS 2970743965 SHARE CERTIFICATES 2774104999 FHLB/FRB ADVANCES 500000000 8391349197 X PART IV, LINE 2B: THE CREDIT UNION HOLDS FUNDS IN ESCROW ACCOUNT IN CONNECTION WITH MORTGAGE LOANS. THE CREDIT UNION COMPLIES WITH ALL FEDERAL & STATE LAWS REGARDING DISCLOSURES AND OPERATION OF THESE ACCOUNTS. PART X, LINE 2: THE CREDIT UNION IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14). AS SUCH, THE CREDIT UNION IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. THE SPECIFIC APPLICATION OF SECTION 512 TO THE VARIOUS ACTIVITIES CONDUCTED BY STATE-CHARTERED CREDIT UNIONS HAS BEEN AT ISSUE FOR MANY YEARS. DURING 2007, THE IRS ISSUED A SERIES OF TECHNICAL ADVICE MEMORANDA (TAM) TO A NUMBER OF STATE-CHARTERED CREDIT UNIONS LOCATED THROUGHOUT THE COUNTRY. IN LIGHT OF THE TAMS, THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL OR STATE INCOME TAX LIABILITY. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL OR STATE TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED, AND PRESENTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" OF BEING SUSTAINED "WHEN CHALLENGED OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET THE MORE LIKELY THAN NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. THE CREDIT UNION IS NOT SUBJECT TO EXAMINATION BY U.S. FEDERAL AND STATE TAX AUTHORITIES FOR TAX YEARS BEFORE 2017. 0 ALAMEDA COUNTY COMMUNITY FOOD BANK 7900 EDGEWATER DRIVE OAKLAND CA 94621 942960297 501(C)(3) 10000 0 CHARITABLE DONATIONS CALIFORNIA CREDIT UNION LEAGUE 2855 EAST GUASTI RD ONTARIO CA 91761 940357265 501(C)(6) 7825 0 CHARITABLE DONATIONS CHILDRENS MIRACLE NETWORK 205 W 700 S SALT LAKE CITY UT 841012715 870387205 501(C)(3) 42650 0 CHARITABLE DONATIONS KIDS BIKE LANE 2020 FIFTH ST LIVERMORE CA 945504452 812464115 501(C)(3) 10200 0 CHARITABLE DONATIONS HABITAT FOR HUMANITY EAST BAYSILICON VALLEY 2619 BROADWAY OAKLAND CA 94612 943053687 501(C)(3) 65000 0 CHARITABLE DONATIONS MERCED COUNTY FOOD BANK 2000 W OLIVE AVE MERCED CA 95348 800093563 501(C)(3) 10000 0 CHARITABLE DONATIONS NATIONAL CU FOUNDATION 5710 MINERAL POINT RD MADISON WI 537054454 391383650 501(C)(3) 33000 0 CHARITABLE DONATIONS REDWOOD EMPIRE FOOD BANK 3990 BRICKWAY BOULEVARD SANTA ROSA CA 95403 680121855 501(C)(3) 10000 0 CHARITABLE DONATIONS SAN FRANCISCO FOOD BANK 900 PENNSYLVANIA AVENUE SAN FRANCISCO CA 94107 943041517 501(C)(3) 10000 0 CHARITABLE DONATIONS SECOND HARVEST OF SILICON VALLEY 750 CURTNER AVENUE SAN JOSE CA 95125 942614101 501(C)(3) 20000 0 CHARITABLE DONATIONS THE FAMILY GIVING TREE 606 VALLEY WAY MILPITAS CA 95035 770284682 501(C)(3) 26050 0 CHARITABLE DONATIONS WORLDWIDE FOUNDATION FOR CREDIT UNIONS 5710 MINERAL POINT RD MADISON WI 53705 396093210 501(C)(3) 40000 0 CHARITABLE DONATIONS SACRAMENTO FOOD BANK & FAMILY SERVICES 1951 BELL AVENUE SACRAMENTO CA 95838 943315566 501(C)(3) 20104 0 CHARITABLE DONATIONS 12 1 X 1 1 X X X 0 1 0 ERIN MENDEZ PRESIDENT/CEO/DIRECTOR 1002810 0 535859 0 32325 0 285600 0 21383 0 1877977 0 0 0 EMMANUEL PABLO FINANICAL ADVISOR III 48032 0 1468715 0 1699 0 27600 0 27691 0 1573737 0 0 0 YEN PHAM EXTERNAL HOME LOAN CONSULTANT 139965 0 864545 0 108 0 18579 0 17124 0 1040321 0 0 0 MELISSA MORGAN CHIEF RETAIL OFFICER 384788 0 190153 0 12950 0 377600 0 1778 0 967269 0 0 0 MITSUHO WADA CHIEF LENDING OFFICER 412001 0 190575 0 8189 0 319600 0 21793 0 952158 0 0 0 SUSAN MAKRIS CHIEF PEOPLE OFFICER 355659 0 166508 0 11369 0 377600 0 10838 0 921974 0 0 0 ROLLAND JURGENS CHIEF FINANCIAL OFFICER 432660 0 187016 0 4518 0 27600 0 27691 0 679485 0 0 0 KALYAN MAJMUNDAR CHIEF TECHNOLOGY OFFICER 387290 0 183045 0 5999 0 27600 0 23281 0 627215 0 0 0 ANGELA JEFFERS SVP, GENERAL COUNSEL 381201 0 186644 0 5444 0 27600 0 8568 0 609457 0 0 0 DAVID FONG SVP, INTERNAL AUDIT (ENDED 12/2024) 366659 0 160196 0 5377 0 27600 0 24266 0 584098 0 0 0 MANINDER JOHAL EXTERNAL HOME LOAN CONSULTANT 57019 0 474053 0 240 0 26530 0 0 0 557842 0 0 0 AJU ASAR SVP, STRATEGY AND PLANNING 316907 0 122927 0 8216 0 20919 0 27691 0 496660 0 0 0 AMEET SETH SVP, DELIVERY 306308 0 119494 0 7724 0 24152 0 27691 0 485369 0 0 0 ARMAND ABHARI SVP, OPERATIONS 258290 0 79953 0 9993 0 20583 0 19391 0 388210 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - THE CREDIT UNION PROVIDES TRAVEL FOR COMPANIONS BENEFITS TO THE BOARD MEMBERS AND REPORTS APPLICABLE AMOUNTS AS TAXABLE BENEFITS. PART I, LINE 4B THE CREDIT UNION HAS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SERP). THE SERP IS A NONQUALIFIED RETIREMENT PLAN, WITH PARTICIPATION LIMITED TO EXECUTIVES SELECTED BY THE CREDIT UNION'S BOARD OF DIRECTORS. THE PURPOSE OF THE SERP IS TO RETAIN CERTAIN KEY EXECUTIVES BY PROVIDING ENHANCED BENEFITS ONLY AT RETIREMENT. IN 2018, THE CREDIT UNION RESTRUCTURED THE SERP RESULTING IN ALL YEARS OF CREDITED SERVICE FOR THE PURPOSES OF BENEFIT ACCRUALS FREEZING ONCE THE CARRYING VALUE REACHES $1.5 MILLION. AT DECEMBER 31, 2024 AND 2023, THE CARRYING AMOUNT OF THE FROZEN SERP WAS $1.5 MILLION. IN 2021, THE CREDIT UNION ESTABLISHED A NEW SERP FRAMEWORK FOR FUTURE CONSIDERATION TO ATTRACT AND/OR RETAIN KEY SENIOR EXECUTIVE TALENT AND IN 2022 IMPLEMENTED THREE 457(F) SERP'S. FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023, $1.3 MILLION AND $1.1 MILLION, RESPECTIVELY, OF SERP EXPENSE WAS RECORDED FOR THESE FOUR SERP'S. ERIN MENDEZ - $258,000 SUSAN MAKRIS - $350,000 MELISSA MORGAN - $350,000 MITSUHO WADA - $292,000 ERIN MENDEZ CEO/PRESIDENT/DIRECTOR SPLIT-DOLLAR LOAN X 12200000 12067667 0 1 1 SUSAN GRUBER FORMER SVP/CFO SPLIT-DOLLAR LOAN X 3800000 3903046 0 1 1 KALYAN MAJMUNDAR CHIEF TECHNOLOGY OFFICER SPLIT-DOLLAR LOAN X 7000000 6906863 0 1 1 22877576 SCHEDULE L, PART II SOME OF THE OFFICERS, DIRECTORS AND KEY EMPLOYEES HAVE LOANS OUTSTANDING FROM THE CREDIT UNION. THESE LOANS WERE OBTAINED IN THE ORDINARY COURSE OF BUSINESS OF THE CREDIT UNION ON THE SAME TERMS AVAILABLE TO ALL MEMBERS. BASED ON THE SCHEDULE L INSTRUCTIONS, THESE LOANS ARE NOT DISCLOSED. FORM 990, PART IV, LINE 26 - LOANS TO AND/OR FROM INTERESTED PERSONS: SOME OF THE OFFICERS, DIRECTORS AND KEY EMPLOYEES HAVE LOANS OUTSTANDING FROM THE CREDIT UNION. THESE LOANS WERE OBTAINED IN THE ORDINARY COURSE OF BUSINESS OF THE CREDIT UNION ON THE SAME TERMS AVAILABLE TO ALL MEMBERS. BASED ON THE SCHEDULE L INSTRUCTIONS, THESE LOANS ARE NOT DISCLOSED. FORM 990, PART VI, SECTION A, LINE 6 PATELCO CREDIT UNION AND SUBSIDIARY (THE CREDIT UNION) IS A STATE-CHARTERED CREDIT UNION ORGANIZED UNDER THE PROVISIONS OF THE CALIFORNIA CREDIT UNION ACT. PARTICIPATION IN THE CREDIT UNION IS LIMITED TO THOSE INDIVIDUALS WHO QUALIFY FOR MEMBERSHIP, INCLUDING INDIVIDUALS WHO LIVE, WORK, WORSHIP OR ATTEND SCHOOL IN ONE OF A SPECIFIED GROUP OF ELIGIBLE LOCATIONS IN NORTHERN CALIFORNIA AND OTHER PARTS OF THE UNITED STATES. THE FIELD OF MEMBERSHIP IS DEFINED IN THE CREDIT UNION'S BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A THE CREDIT UNION MEMBERS ELECT BOARD OF DIRECTORS WITH VARIED TERMS AT AN ANNUAL MEETING HELD EACH YEAR. FORM 990, PART VI, SECTION A, LINE 7B THE CREDIT UNION MEMBERS ELECT BOARD OF DIRECTORS WITH VARIED TERMS AT AN ANNUAL MEETING HELD EACH YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CONTROLLER AND THE CHIEF FINANCIAL OFFICER PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE (IRS) AND ANY CHANGES ARE INCOPORATED INTO THE FORM 990 PRIOR TO FILING WITH THE IRS. THE FORM 990 IS AVAILABLE TO ALL BOARD MEMBERS UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES AND OFFICIALS ARE SUBJECTS TO CREDIT UNION CONFLICT OF INTEREST POLICIES. VIOLATIONS COULD BE SUBJECT TO DISCRIPLINARY ACTION. ALL IN-HOUSE ACCOUNTS HELD WITH THE CREDIT UNION ARE SUBJECT TO INTERNAL REVIEW. FORM 990, PART VI, SECTION B, LINE 15 ALL MANAGEMENT POSITIONS HAVE COMPENSATION SET BY THE POLICIES AND GUIDELINES APPROVED BY BOARD OF DIRECTORS OR CEO. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION MAKES ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC BY POSTING THEM IN EACH OF ITS RETAIL BRANCHES AS WELL AS POSTING THEM TO ITS WEBSITE AT PATELCO.ORG. ITS ANNUAL FINANCIAL STATEMENTS ARE INCLUDED WITHIN PATELCO'S ANNUAL REPORT THAT IS POSTED TO THE CREDIT UNION WEBISTE. PATELCO'S FINANCIAL DATA IS ALSO AVAILABLE TO THE PUBLIC VIA THE NCUA WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN OTHER COMPREHENSIVE INCOME 1,952,612. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. PATELCO INSURANCE SERVICES INC 5050 HOPYARD RD PLEASANTON CA 94568 943068709 INS & INVESTMENTS CA PATELCO CREDIT UNION C 476373 2577469 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 PATELCO INSURANCE SERVICES O 35840 FMV PATELCO INSURANCE SERVICES Q 135236 FMV PATELCO INSURANCE SERVICES M 476373 FMV