2019-11-06T07:43:30-06:00 2018-12-31 042689883 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2018-01-01 042128094 ST ANNE'S CREDIT UNION OF FALL RIVER STAN 5083247300 286 OLIVER STREET FALL RIVER MA 027242998 PETER PANAGGIO CFO 5083247300 2019-11-05 1 HARRY A KALAJIAN JR CPA P00464296 6174399700 199.167.121.238 2019-11-06 07:21:44 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 3035F85F9C36F92B25132AD5EF9C80758CB5F135 2018 2020-03-31 21:24:44Z PETER PANAGGIO 286 OLIVER STREET FALL RIVER MA 027242998 40300410 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 PURCHASED AUTO LOANS. 11 8 237 10 0 0 0 0 26037169 28551962 2240246 2502856 4114931 4498980 32392346 35553798 0 99609 0 0 10362032 10729829 0 0 0 16080953 17553793 26442985 28383231 5949361 7170567 929273516 960436825 837956335 862402831 91317181 98033994 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 PURCHASED AUTO LOANS. 0 0 ST. ANNE'S CREDIT UNION IS A COOPERATIVE OWNED, DIRECTED BY, AND DEDICATED TO ITS MEMBERS. AT THE END OF 2018, THE CREDIT UNION HAD $786 MILLION SHARE ACCOUNT DEPOSITS, $823 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 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 30050 0 1 237 1 1 1 0 0 0 0 0 0 0 X 11 8 0 0 0 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 ALBERT MERCIER DIRECTOR 1.00 X 0 0 4770 WILLIAM R BOUCHARD CHAIRMAN OF THE BOARD 1.00 X 22236 0 5858 JOSEPH R J CASTONGUAY DIRECTOR 1.00 X 0 0 5204 JOSEPH V BENEVIDES JR DIRECTOR 1.00 X 0 0 4993 BRUCE E FERNANDES DIRECTOR 1.00 X 396 0 5881 SIMONE GARANT DIRECTOR\TREASURER\CLERK 1.00 X X 14000 0 4433 JOHN R LEDWIDGE DIRECTOR/VICE CHAIRMAN 1.00 X 17713 0 5743 COLLEEN BRADY O'NEIL DIRECTOR 1.00 X 138 0 2908 BERNARD J MCDONALD III DIRECTOR 1.00 X 258 0 4769 KEVIN FITZPATRICK DIRECTOR 1.00 X 258 0 5881 JO-ANN BENTLEY DIRECTOR 1.00 X 215 0 1831 EILEEN DANAHEY PRESIDENT/ CEO 40.00 X 465555 0 50725 PETER PANAGGIO SVP/CFO 40.00 X 221264 0 16725 GERALD F REGO VP COMMERCIAL LENDING 40.00 X 178917 0 16559 DEBORAH DION VP INFORMATION SERVICES 40.00 X 158147 0 15311 RICHARD KANE VP COMMERCIAL RISK 40.00 X 133719 0 6207 KAREN SKINNER VP OF DEPOSITION OPERATIONS 40.00 X 124375 0 16379 TIM SOUZA LOAN ORIGINATOR 40.00 X 224003 0 16267 1561194 0 190444 13 0 1 0 FISERV 255 FISERV DRIVE BROOKFIELD WI 53045 TECHNOLOGY SOLUTIONS 2610850 NATIONAL CREDIT UNION ADMINISTRATION 1775 DUKE ST 4206 ALEXANDRIA VA 22314 BANKING INSURANCE 302363 RED HAWK FIRE & SECURITY 300 MYLES STANDISH TAUNTON MA 02780 EQUIPMENT & MAINTENANCE 283175 CUNA MUTUAL GROUP 4122 INNSLAKE DR GLEN ALLEN VA 23060 INSURANCE 227864 GATEHOUSE MEDIA 75 SYLVAN ST DANVERS MA 01923 MARKETING 172183 18 MEMBER LOAN INTEREST 525900 28551962 28551962 28551962 2513306 2513306 4736162 4742300 4312 -6138 -4312 -10450 -10450 CUSTOMER SERVICE FEES 525900 3388221 3388221 OTHER LOAN FEES 525900 194465 194465 SAFE DEPOSIT FEES 525900 102962 102962 813332 813332 4498980 35553798 33050942 0 2502856 99609 742034 7310538 557946 1455299 664012 179534 229228 427906 808315 961817 2438932 1650965 43975 141261 6188855 1702288 68988 ATM & BANK CHARGES 929228 OTHER EXPENSES 859078 LOAN LOSS PROVISION 770000 LOAN EXENSES 68080 85343 28383231 3642246 3909013 52673739 49623829 782082747 823059284 181134 280282 29614018 13986454 16224834 15627564 54652368 48375987 19816448 19560866 929273516 960436825 1615785 2145210 2145952 2051391 834194598 858206230 837956335 862402831 X 0 0 0 0 91317181 98033994 91317181 98033994 929273516 960436825 X 7170567 -349958 -103796 X X 0 1 X 1 0 0 1 X 3706096 3706096 18048063 8813441 9234622 2077502 1363733 713769 4620556 3097591 1522965 1161801 711689 450112 15627564 CREDIT UNION MEMBER DEPOSITS 785669528 FNMA CUSTODIAL 398963 OTHER LIABILITIES 149080 FHLB ADVANCES 71988659 858206230 X 35553798 0 35553798 0 35553798 28383231 0 28383231 0 28383231 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, 2018 OR 2017. 1 BRISTOL COMMUNITY COLLEGE FOUNDATION INC 777 ELSBREE ST FALL RIVER MA 02720 042707491 501(C)(3) 10000 CHARITABLE CONTRIBUTIONS UMASS DARTMOUTH 285 OLD WESTPORT ROAD DARTMOUTH MA 027472300 043167352 501(C)(3) 10000 CHARITABLE CONTRIBUTIONS UNITED WAY OF GREATER FALL RIVER INC 30 BEDFORD ST FALL RIVER MA 02720 042104026 501(C)(3) 20833 CHARITABLE CONTRIBUTIONS UNITED WAY OF GREATER NEW BEDFORD INC 128 UNION ST SUITE 105 NEW BEDFORD MA 02740 042104264 501(C)(3) 20000 CHARITABLE CONTRIBUTIONS SOUTHCOAST HEALTH - ST LUKE'S HOSPITAL 101 PAGE ST NEW BEDFORD MA 02740 042794625 501(C)(3) 5417 CHARITABLE CONTRIBUTIONS SOUTHCOAST HEALTH - CHARLTON MEMORIAL HOSPITAL 101 PAGE ST NEW BEDFORD MA 02740 042794625 501(C)(3) 5417 CHARITABLE CONTRIBUTIONS CHILDREN'S MUSEUM OF GREATER FALL RIVER 441 NORTH MAIN STREET FALL RIVER MA 02720 043552597 501(C)(3) 6666 CHARITABLE CONTRIBUTIONS COOPERATIVE CREDIT UNION ASSOCIATION 845 DONALD LYNCH BLVD MARLBOROUGH MA 01752 043403594 501(C)(3) 5500 CHARITABLE CONTRIBUTIONS 8 PART I, LINE 2: MANAGEMENT TEAM AND BOARD OF DIRECTORS REVIEWS EACH APPLICATION CAREFULLY AND MONITOR GRANT PROCESS CLOSELY TO ENSURE THAT EXPENDIUTRES ARE APPROPRIATE. X 1 1 X X 0 1 0 EILEEN DANAHEY PRESIDENT/ CEO 394477 0 71078 0 0 0 34000 0 16725 0 516280 0 0 0 PETER PANAGGIO SVP/CFO 202464 0 18800 0 0 0 0 0 16725 0 237989 0 0 0 GERALD F REGO VP COMMERCIAL LENDING 178917 0 0 0 0 0 0 0 16559 0 195476 0 0 0 DEBORAH DION VP INFORMATION SERVICES 158147 0 0 0 0 0 0 0 15311 0 173458 0 0 0 TIM SOUZA LOAN ORIGINATOR 224003 0 0 0 0 0 0 0 16267 0 240270 0 0 0 PART I, LINE 4B 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. TOTAL EXPENSE IN CONNECTION WITH THE AGREEMENT FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 AMOUNTED TO $34,000 AND $180,000, RESPECTIVELY. ADVANCED ALARM SYSTEMS KEVIN FITZPATRICK, DIRECTOR 102316 KEVIN FITZPATRICK, DIRECTOR OF THE CREDIT UNION, IS ALSO THE GENERAL MANAGER OF THE ADVANCED ALARM SYSTEMS. AVDANCED ALARM SYSTEMS PROVIDES ALARM SERICES TO THE CREDIT UNION. 0 FORM 990, PART IV, LINE 26 - OFFICER LOANS SOME OF THE OFFICERS AND DIRECTORS HAVE LOANS OUTSTANDING WITH THE CREDIT UNION. THESE LOANS WERE MADE IN THE ORDINARY COURSE OF BUSINESS OF THE CREDIT UNION ON THE SAME TERMS AVAILABLE TO ALL MEMBERS. 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 BARNSTABLE, BRISTOL, AND PLYMOUTH; THE RHODE ISLAND COUNTIES OF BRISTOL, NEWPORT, AND PROVIDENCE; AND THE FOLLOWING ADDITIONAL TOWNS IN RHODE ISLAND: COVENTRY, EAST GREANWICH, 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 -103,796.