2025-11-13T15:43:06-06:00 2024-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2024-01-01 941019805 FIRST US COMMUNITY CREDIT UNION FIRS 9165765700 580 UNIVERSITY AVE SACRAMENTO CA 958256512 TYLER WELCH SVP/CFO 9165765700 2025-11-13 1 0 JENIFER L CHASE P01306883 5638884000 2025-11-13 2024 2025-03-06 01:10:19Z SHONNA SHEARSON 580 UNIVERSITY AVE SACRAMENTO CA 958256512 25272444 0 X WWW.FIRSTUS.ORG X 1936 CA FIRST US COMMUNITY CREDIT UNION IS A MEMBER-OWNED FINANCIAL INSTITUTION. OUR MISSION IS TO MAKE A DIFFERENCE IN OUR COMMUNITIES WITH FINANCIAL SERVICES THAT HELP OUR MEMBERS ENHANCE THEIR LIVES. 7 7 111 11 158899 0 0 0 17788834 20482110 4440430 3979033 383900 0 22613164 24461143 0 0 0 0 7460164 8205554 0 0 0 12490710 15497725 19950874 23703279 2662290 757864 535921532 537733751 483107893 482574637 52813639 55159114 FIRST US COMMUNITY CREDIT UNION IS A MEMBER-OWNED FINANCIAL INSTITUTION. OUR MISSION IS TO MAKE A DIFFERENCE IN OUR COMMUNITIES WITH FINANCIAL SERVICES THAT HELP OUR MEMBERS ENHANCE THEIR LIVES. 0 0 FOR OVER 88 YEARS, FIRST US COMMUNITY CREDIT UNION (THE CREDIT UNION) HAS PROVIDED LENDING PRODUCTS AND SERVICES TO ITS MEMBERS. THE CREDIT UNION SERVES ANYONE WHO LIVES, WORKS, OR WORSHIPS (INCLUDING STATEWIDE CURRENT AND RETIRED FEDERAL EMPLOYEES AND THEIR FAMILIES) IN 12 COUNTIES IN THE GREATER SACRAMENTO, CA REGION. A WIDE RANGE OF LOAN PRODUCTS AND SERVICES ARE OFFERED INCLUDING RESIDENTIAL AND COMMERCIAL REAL ESTATE, COMMERCIAL BUSINESS (I.E., SBA), VEHICLE, AND OTHER CONSUMER LOANS. TOTAL ASSETS AT DECEMBER 2024 WERE APPROXIMATELY $538 MILLION. IN ADDITION TO LENDING PRODUCTS, FIRST US COMMUNITY CREDIT UNION (THE CREDIT UNION) ALSO OFFERS A WIDE RANGE OF DEPOSIT PRODUCTS AND SERVICES INCLUDING SHARE, CHECKING, CERTIFICATES OF DEPOSIT, AND RETIREMENT ACCOUNTS. THE CREDIT UNION MEMBERS HAVE ACCOUNT SERVICES ACCESS VIA SIX FULL SERVICE RETAIL BRANCHES AS WELL AS NATIONWIDE ACCESS THROUGH SHARED BRANCHING AND VIA >25,000 ATM'S IN THE CO-OP NETWORK. AS OF DECEMBER 2024, THE CREDIT UNION HAD 28,232 MEMBERS WITH APPROXIMATELY $478 MILLION IN DEPOSIT ACCOUNTS. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 7226 0 1 111 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 CA X SHONNA SHEARSON 9165765700 580 UNIVERSITY AVE SACRAMENTO CA 958256512 DENNIS COOK CHAIRMAN 1.00 X X 0 0 0 VASANTHA ESWARA SECRETARY 1.00 X X 0 0 0 JAMES GOMES VICE CHARIRMAN 1.00 X X 0 0 0 NANCY LEE DIRECTOR 1.00 X 0 0 0 KAREN MCDOUGAL TREASURER 1.00 X X 0 0 0 CELESTE MARTINEZ DIRECTOR 1.00 X 0 0 0 CLARENCE PERKINS FORMER DIRECTOR 1.00 X 0 0 0 STEPHEN SERFOZO DIRECTOR 1.00 X 0 0 0 JEFFREY CRUMP FORMER SVP/CFO 40.00 X 252956 0 10225 SHONNA SHEARSON PRESIDENT/CEO 40.00 X 493556 0 56278 TYLER WELCH SVP/CFO 40.00 X 62613 0 2984 JULIE AINSWORTH SVP/COO 40.00 X 248294 0 51240 JANCE DALTON SVP/CIO 40.00 X 212415 0 6236 DIANA LA POINT SVP/MARKETING 40.00 X 151224 0 18572 JOSEPH KLEEMANN VP/RE LENDING 40.00 X 139751 0 24061 PATRICIA JEAN SHEPHERD VP/OPERATIONS 40.00 X 153066 0 17894 ROBERT MILLER VP/BUSINESS SVCS 40.00 X 126797 0 11338 TIMOTHY PEARSALL SENIOR SYSTEMS ADMIN 40.00 X 123988 0 26217 GAIL JONES VP/ACCOUNTING 40.00 X 140180 0 6606 2104840 0 231651 13 0 1 0 MEMBER DRIVEN TECHNOLOGIES 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 TECHNOLOGY - RUN OUR HOST SYSTEM 719847 ALKAMI TECHNOLOGY PO BOX 122223 DALLAS TX 75312 TECHNOLOGY - RUN OUR ONLINE MOBILE APP 437631 TRUEDGE BUILDS INC 2600 E BIDWELL ST STE 202 FOLSOM CA 95630 ARCHITECHT DESIGN 185573 MVP FINANCIAL EQUIPMENT CORPORATION 3022 S MORGANS POINT RD 310 MOUNT PLEASANT SC 29466 ATM SERVICE AND MAINTENANCE 176131 CORTLAND CAPITAL MARKET SERVICES LLC 225 W WASHINGTON ST 9TH FL CHICAGO IL 60606 BUSINESS LOAN SERVICER 171279 13 LOAN INCOME 522100 16985527 16985527 MISCELLANEOUS INCOME 522100 2140313 2002834 137479 FEE INCOME 522100 1356270 1334850 21420 20482110 4116368 4116368 673966 811301 -137335 -137335 -137335 24461143 20323211 158899 3979033 1566591 5081535 503793 588915 464720 25546 125841 642521 294767 2077765 1007887 598658 157903 78345 33057 150357 97591 DIVIDENDS PAID TO MEMBE 7156716 LOAN LOSS ALLOWANCE 1918508 LOAN SERVICING 1132263 23703279 2888387 2213766 9041506 10254050 342040262 350145512 1646840 1604231 8528623 5293498 3074311 3235125 163041918 154760957 14188308 15520110 535921532 537733751 3802431 4825675 479305462 477748962 483107893 482574637 X 0 0 0 0 52813639 55159114 52813639 55159114 535921532 537733751 757864 1587611 0 X X 0 0 0 880452 880452 3467267 1813986 1653281 892398 663363 229035 2673140 2252610 420530 615366 563539 51827 3235125 JUMBO CD INVESTMENTS 4973293 C FRB MASTER ACCT 25694208 C AGENCY MORTGAGE SECURITIES 13087052 C AGENCY MORTGAGE SECURITIES 49483678 F SBA SECURITIES 392890 C SBA SECURITIES 59663 F CATALYST INVESTMENTS 192297 C US TREASURY INVESTMENTS 26194632 C US TREASURY INVESTMENTS 28074091 F FHLB STOCK 3156700 C FHLB STA 3452453 C 154760957 MEMBER SHARES 477542703 ROU LEASE LIABILITY 206259 477748962 X X X 1 0 0 SHONNA SHEARSON PRESIDENT/CEO 472911 0 20000 0 645 0 33350 0 22928 0 549834 0 0 0 JULIE AINSWORTH SVP/COO 246626 0 1323 0 345 0 30582 0 20658 0 299534 0 0 0 JEFFREY CRUMP FORMER SVP/CFO 144796 0 1370 0 106790 0 4490 0 5735 0 263181 0 0 0 JANCE DALTON SVP/CIO 210736 0 1334 0 345 0 6014 0 222 0 218651 0 0 0 PATRICIA JEAN SHEPHERD VP/OPERATIONS 151749 0 1167 0 150 0 4775 0 13119 0 170960 0 0 0 DIANA LA POINT SVP/MARKETING 151093 0 0 0 131 0 4483 0 14089 0 169796 0 0 0 JOSEPH KLEEMANN VP/RE LENDING 137618 0 1143 0 990 0 4455 0 19606 0 163812 0 0 0 TIMOTHY PEARSALL SENIOR SYSTEMS ADMIN 122608 0 1035 0 345 0 3968 0 22249 0 150205 0 0 0 PART I, LINE 4A FIRST US COMMUNITY CREDIT UNION PAID JEFFREY CRUMP, FORMER SVP/CFO, $106,295 IN SEVERANCE PAYMENTS IN 2024. THIS AMOUNT IS INCLUDED IN OTHER REPORTABLE COMPENSATION ON FORM 990, PART VII AND SCHEDULE J, PART II. FORM 990, PART VI, SECTION A, LINE 6 FIRST US COMMUNITY CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A FIRST US COMMUNITY CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF FIRST US COMMUNITY CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 IS REVIEWED IN DETAIL BY THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER, FOCUSING ON BACK-UP SUPPORTING DETAIL AS NEEDED. A COPY OF THE FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C FIRST US COMMUNITY CREDIT UNION (THE CREDIT UNION) REQUIRES ITS DIRECTORS, OFFICERS AND TEAM MEMBERS TO OBSERVE HIGH STANDARDS OF BUSINESS AND PERSONAL ETHICS IN THE CONDUCT OF THEIR DUTIES AND RESPONSIBILITIES. THE PURPOSE OF THIS BOARD OF DIRECTORS CONFLICT OF INTEREST POLICY IS TO PROTECT THE CREDIT UNION'S INTEREST WHEN IT IS CONTEMPLATING ENTERING INTO A TRANSACTION OR ARRANGEMENT THAT MIGHT BENEFIT THE PRIVATE INTEREST OF A DIRECTOR, OFFICER OR OTHER PERSON IN A POSITION OF AUTHORITY WITHIN THE CREDIT UNION OR MIGHT RESULT IN A POSSIBLE EXCESS BENEFIT TRANSACTION. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THEIR PERSONAL OR FINANCIAL INTEREST AND ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD-DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE PERSONAL OR FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE OR SHE SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE BOARD OR COMMITTEE MEETING, BUT AFTER THE PRESENTATION, HE OR SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. THE CHAIR OF THE BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER EXERCISING DUE DILIGENCE, THE BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE CREDIT UNION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE CREDIT UNION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION, IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. IF THE BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A DIRECTOR, OFFICER OR MEMBER OF A COMMITTEE WITH BOARD-DELEGATED POWERS HAS FAILED TO DISCUSS ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE PERSON OF THE BASIS FOR SUCH BELIEF AND AFFORD THE PERSON AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE PERSON'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE BOARD OR COMMITTEE DETERMINES THE PERSON HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15A FIRST US COMMUNITY CREDIT UNION PARTICIPATES IN SEVERAL INDUSTRY-RELATED COMPENSATION SURVEYS EVERY YEAR TO DETERMINE THE CHIEF EXECUTIVE OFFICERS COMPENSATION. THE DATA FROM THESE SURVEYS IS THEN REVIEWED AND ANALYZED BY THE COMPENSATION COMMITTEE, BASED ON FACTORS SUCH AS REGION, AREA, ASSET SIZE, NUMBER OF EMPLOYEES, NUMBER OF MEMBERS, ETC. TO ATTEMPT TO MATCH "COMPARABLE" PAY DATA, AND RANGES ARE DETERMINED FOR THE CHIEF EXECUTIVE OFFICER POSITION WITH THE MIDPOINT REPRESENTING MARKET SALARY FOR AN EXPERIENCED INCUMBENT. THE COMPENSATION COMMITTEE DETERMINES PLACEMENT WITHIN THE RANGE BASED ON A NUMBER OF FACTORS INCLUDING EDUCATION, YEARS OF EXPERIENCE, LEVEL OF PAST EXPERIENCE, SALARIES OF EMPLOYEES WITH COMPARABLE EXPERIENCE AND RESPONSIBILITY OF POSITION. THE BOARD OF DIRECTORS REVIEW AND APPROVES THE CHIEF EXECUTIVE OFFICER'S COMPENSATION AND CONTEMPORANEOUSLY DOCUMENTS THE DECISION IN THE BOARD MINUTES. THE PROCESS LAST OCCURRED IN FEBRUARY 2025. FORM 990, PART VI, SECTION C, LINE 19 FIRST US COMMUNITY CREDIT UNION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104. FORM 990, PART IV, LINE 12A & PART XII, LINE 2B: FIRST US COMMUNITY CREDIT UNION'S (THE CREDIT UNION) FINANCIAL STATEMENTS ARE AUDITED ON A SEPARATE BASIS BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FINANCIAL STATEMENTS ARE AUDITED ON A FISCAL YEAR-END BASIS OF JUNE 30TH, WHILE THE CREDIT UNION'S TAX YEAR-END IS DECEMBER 31ST.