2018-10-31T09:54:16-05:00 2017-12-31 BDO USA LLP 100 PARK AVENUE NEW YORK NY 100175001 990 2017-01-01 131726048 NEW YORK STATE CHARTERED CREDIT UNIONS - PROGRESSIVE CREDIT UNION % JOHN MASULLO NEWY 2126958900 131 WEST 33RD STREET 7TH FLOOR NEW YORK NY 10001 ROCCO SABINO cfo 2126958900 2018-10-30 true Paul Hammerschmidt P01384178 2128858000 24.125.103.209 26308920183045000004 2018-10-31 P 1210560841ADC29080D5D665393427DBF2BE5B27 48C336AAB7D1DE8463E223BE15B361E384766368 2017 2019-02-21 02:37:17Z PROGRESSIVE CREDIT UNION ROBERT A FAMILANT 131 WEST 33RD STREET 7TH FL NEW YORK NY 10001 20174984 false 9217 X www.progressivecu.org X 1918 NY PROGRESSIVE CREDIT UNION IS CHARTERED UNDER THE NEW YORK BANKING LAW. THE ORGANIZATION IS A COOPERATIVE INSTITUTION & EXISTS FOR THE FINANCIAL SRVCS. BENEFIT OF ITS MEMBERS. 5 4 49 4 0 0 0 0 25373411 19409091 1091924 160275 0 0 26465335 19569366 11000 0 0 0 7012600 6480236 0 0 0 76822528 110267450 83846128 116747686 -57380793 -97178320 591777993 469028562 401195965 376365772 190582028 92662790 PROGRESSIVE CREDIT UNION IS CHARTERED UNDER THE NEW YORK BANKING LAW. THE ORGANIZATION IS A COOPERATIVE INSTITUTION AND EXISTS FOR THE FINANCIAL SERVICES BENEFIT OF ITS MEMBERS. false false PROGRESSIVE CREDIT UNION RECEIVED ITS CHARTER IN 1918 FROM THE STATE OF NEW YORK. AT DECEMBER 31, 2017 IT HAD 3,339 MEMBERS HAVING APPROXIMATELY $289,184,000 IN SHARES, SHARE DRAFTS AND SHARE CETIFICATES ON DEPOSIT WITH THE CREDIT UNION. IN 2017 THE CREDIT UNION GRANTED APPROXIMATELY $7,409,000 IN NEW LOANS, WHICH INCLUDED LOANS FOR THE PURCHASE OF TAXI MEDALLIONS IN NEW YORK, NEWARK, CHICAGO PHILADELPHIA, ATLANTA, MIAMI, AND BOSTON. THE CREDIT UNION ALSO GRANTS LOANS TO FINANCE COMMERCIAL PROPERTIES AND RESIDENTIAL MORTGAGES. false false false false false false false false true false false true true false true false false false false false false false false false false false false true false true false false false false false false false false true true true false false true 0 0 49 true false false false false false false X 5 4 false false false false true true true true true false false false true true true true true true false false X JOHN MASULLO 2126958900 131 WEST 33RD STREET 7TH FLOOR NEW YORK NY 10001 X ROBERT A FAMILANT CEO/TREASURER 37.5 0.0 X X 1870722 0 61105 JOEL SLOMON PRESIDENT 1.0 0.0 X X 0 0 0 GERALD SHULMAN VICE PRESIDENT 1.0 0.0 X X 0 0 0 DEBORAH CHASSEN SECRETARY 1.0 0.0 X X 0 0 0 BRIAN WORKMAN DIRECTOR 1.0 0.0 X 0 0 0 EMILY OAMI CHIEF OPERATING OFFICER 37.5 0.0 X 296923 0 48982 MARIO PASTORINO FROM 11617 CFO (THRU 11/10/17) 37.5 0.0 X 3365 0 0 RITA RYAN CHIEF LENDING OFFICER 37.5 0.0 X 414409 0 15445 JOSEPH ANCONA CHIEF CREDIT OFFICER 37.5 0.0 X 210439 0 21250 DAVID KOSHERS GENERAL COUNSEL 37.5 0.0 X 203519 0 13236 ARTIE BIPAT-CHASE V.P. FINANCIAL OPS. 37.5 0.0 X 150800 0 6575 JOHN MASULLO INTERNAL AUDITOR 37.5 0.0 X 139400 0 15508 LISA VITUCCI LOAN REVIEW OFFICER 37.5 0.0 X 125400 0 14050 3414977 0 196151 12 false true false SIDLEY AUSTIN LLP 787 SEVENTH AVENUE NEW YORK NY 10019 LEGAL 901386 PRYOR CASHMAN 7 TIMES SQUARE NEW YORK NY 10036 LEGAL 335253 131 WEST 33RD STREET CONDO 55 FIFTH AVENUE 15TH FLOOR NEW YORK NY 10003 MAINTENANCE 331524 CU ANSWERS 600 28TH STREET SE SUITE 100 GRAND RAPIDS MI 49546 IT SYSTEMS PROVIDER 226983 BDO USA LLP 100 PARK AVENUE NEW YORK NY 10017 AUDIT & TAX 145667 6 0 INTEREST ON LOANS TO MEMBERS 522100 18069887 18069887 LOAN AND DEPOSIT TRANSACTION FEES 522100 1339204 1339204 19409091 765893 765893 0 0 0 0 0 605618 -605618 -605618 -605618 0 0 0 0 0 0 0 0 0 0 19569366 19409091 160275 0 0 0 0 2710951 0 2791810 613490 346163 17822 371422 1686540 224000 0 0 0 757569 0 589033 212914 0 641862 38764 0 11001 6166035 0 395726 73128 ALLOWANCE FOR LOAN LOSSES 88268155 VAL LOSS ON FORECLOSED ASSET 8937007 VAL LOSS ON REC. FROM SALE 0 OF FORECLOSED ASSETS 1666974 227320 116747686 2000 0 6194781 38958686 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14186733 3477227 11032614 10709506 148800 139900 0 0 0 0 0 0 574399798 419220470 591777993 469028562 3804217 2494087 0 0 0 0 0 0 0 0 0 0 93500000 84000000 0 0 303891748 289871685 401195965 376365772 X 0 0 0 0 190582028 92662790 190582028 92662790 591777993 469028562 X -97178320 -740918 X false true X true false 11126528 2092601 9033927 2066579 589164 1477415 993626 795462 198164 10709506 LIFE INSURANCE AGREEMENT 13435000 NCUSIF DEPOSIT 2477384 MEMBERS UNITED CORP. FCU 3500000 UNIONS 13422892 LOANS TO MEMBERS 348920194 FORECLOSED ASSETS 26734200 ACCRUED INTEREST RECEIVABLE 1187739 FORECLOSED HOMES 4925939 NET PENSION ASSET 3825680 OTHER ASSETS 791442 419220470 0 MEMBERS' ACCOUNTS 289746614 ACCRUED INTEREST PAYABLE 125071 289871685 19569366 19569366 19569366 116747686 116747686 116747686 X X X false false false ROBERT A FAMILANT CEO/TREASURER 1870722 0 0 0 0 0 24000 0 37105 0 1931827 0 0 0 EMILY OAMI CHIEF OPERATING OFFICER 296923 0 0 0 0 0 11877 0 37105 0 345905 0 0 0 RITA RYAN CHIEF LENDING OFFICER 414409 0 0 0 0 0 15144 0 301 0 429854 0 0 0 JOSEPH ANCONA CHIEF CREDIT OFFICER 190439 0 20000 0 0 0 7618 0 13632 0 231689 0 0 0 DAVID KOSHERS GENERAL COUNSEL 158519 0 45000 0 0 0 5411 0 7825 0 216755 0 0 0 ARTIE BIPAT-CHASE V.P. FINANCIAL OPS. 140400 0 10400 0 0 0 5616 0 959 0 157375 0 0 0 JOHN MASULLO INTERNAL AUDITOR 129800 0 9600 0 0 0 5192 0 10316 0 154908 0 0 0 ROBERT A FAMILANT CEO/TREASURER LIFE INSURANCE X 13435000 14583027 false true true 14583027 PART II: ON DECEMBER 12, 2014, THE CREDIT UNION EXTENDED A LOAN IN THE AMOUNT OF $13,435,000 TO ITS CEO/TREASURER, ROBERT A. FAMILANT, FOR THE PURPOSE OF PURCHASING SPLIT-DOLLAR LIFE INSURANCE, OF WHICH PROGRESSIVE CREDIT UNION IS THE PRIMARY BENEFICIARY AND THE FAMILY OF THE CEO/TREASURER IS THE SECONDARY BENEFICIARY. THE ANNUAL INSURANCE PREMIUMS WILL BE PAID OVER TEN (10) YEARS. THE CREDIT UNION PAID THE FIRST PREMIUM IN THE AMOUNT OF $1,385,000 WITH A WIRE TRANSFER TO MASS MUTUAL FINANCIAL GROUP. THE CREDIT UNION TRANSMITTED $12,050,000 TO PACIFIC LIFE FOR THE PURCHASE OF TWO (2) ANNUITIES. PACIFIC LIFE WILL USE THE ANNUAL INCOME GENERATED BY THE ANNUITIES TO PAY THE REMAINING NINE (9) INSURANCE PREMIUMS. UNDER THE TERMS OF THE PROMISSORY NOTE SIGNED BY THE CEO/TREASURER, PROGRESSIVE CREDIT UNION EARNS INTEREST AT AN ANNUAL RATE OF 2.74% (COMPOUNDED ANNUALLY), AND ALL PRINCIPAL AND INTEREST IS DUE IN ONE SINGLE INSTALLMENT UPON THE DEATH OF THE CEO/TREASURER. THE SPLIT-DOLLAR LIFE INSURANCE POLICY SECURES THE LOAN. CUNA MUTUAL, IN COOPERATION WITH PROGRESSIVE CREDIT UNION, MONITORS THE INSURANCE POLICY ANNUALLY TO ENSURE THAT THE DEATH BENEFIT ALWAYS EXCEEDS THE AMOUNT OF THE LOAN. THIS ENTIRE TRANSACTION WAS APPROVED BY THE CREDIT UNIONS BOARD OF DIRECTORS. AS OF DECEMBER 31, 2017, THE LOAN WAS NOT IN DEFAULT, AND THE OUTSTANDING LOAN BALANCE WAS $14,583,027, WHICH INCLUDES $1,148,027 IN ACCRUED INTEREST. FORM 990, PART VI, SECTION A, LINE 6: The reporting organization has an open charter to admit members and include all account holders. FORM 990, PART VI, SECTION A, LINE 7A: Each member is entitled to one vote for selection of appointment of Board of Directors. FORM 990, PART VI, SECTION A, LINE 7B: The members are required to approve changes to the reporting organization's bylaws. FORM 990, PART VI, SECTION B, LINE 11B: Form 990 is reviewed by management prior to filing. FORM 990, PART VI, SECTION B, LINE 12C: The reporting organization's internal auditor annually reviews the completed conflict of interest response forms to identify and address potential insider transactions. FORM 990, PART VI, SECTION B, LINE 15A: The reporting organization obtains comparables which the Board of Directors utilizes in establishing compensation of the CEO/Treasurer. This is contemporaneously documented in the Board of Director's minutes. FORM 990, PART VI, SECTION C, LINE 19: THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: UNREALIZED NET ACTUARIAL PENSION LOSSES............ $(1,136,006) RECLASSIFICATION ADJUSTMENT FOR AMORTIZATION OF PRIOR SERVICE COST AND NET LOSS INCLUDED IN PENSION EXPENSE............................... $ 395,088 TOTAL.................................................$(740,918) 3243 WINTON PLACE HOLDING CO LLC 131 WEST 33RD STREET 7TH FL NEW YORK NY 10001 PTY FORECLOSE NY 0 0 NA STERLING ROAD CLINTON LANE LLC 131 WEST 33RD STREET 7TH FL NEW YORK NY 10001 454778267 PTY FORECLOSE NY 0 0 NA 54 HAZARD AVENUE CORP 131 WEST 33RD STREET 7TH FLOOR NEW YORK NY 10001 PTY FORECLOSURE NY NA C 0 0 1.00000 false false false false false false false false false false false false false false true false false false false false