2016-11-23T13:20:47-06:00 2015-12-31 420714325 RSM US LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2015-01-01 953442691 PREMIER AMERICA CREDIT UNION PREM 8187724021 19867 PRAIRIE STREET CHATSWORTH CA 91311 BRAD CUNNINGHAM SVP/CFO 8187724021 2016-11-23 1 GERALD B KISSELL P00092658 6123324300 2015 2017-02-10 21:41:12Z JOHN MERLO 19867 PRAIRIE STREET CHATSWORTH CA 91311 163317661 0 1526 X WWW.PREMIERAMERICA.COM X 1957 CA A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST ITS MEMBERS. 11 10 382 16 754978 -88366 0 0 59354863 69069751 4310742 3998141 400212 310290 64065817 73378182 0 0 7660765 9355790 20380742 27899819 0 0 0 15762961 21249526 43804468 58505135 20261349 14873047 1718277920 2147511074 1550301534 1936758969 167976386 210752105 X A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST ITS MEMBERS, CREATING A SOURCE OF CREDIT FOR THEM AT RATES OF INTEREST SET BY THE BOARD OF DIRECTORS, AND PROVIDING AN OPPORTUNITY FOR THEM TO USE AND CONTROL THEIR OWN MONEY ON A DEMOCRATIC BASIS IN ORDER TO IMPROVE THEIR ECONOMIC AND SOCIAL CONDITIONS. AS A COOPERATIVE, PREMIER AMERICA CREDIT UNION CONDUCTS ITS BUSINESS FOR THE MUTUAL BENEFIT AND GENERAL WELFARE OF ITS MEMBERS WITH THE EARNINGS, SAVINGS, BENEFITS, OR SERVICES OF THE CREDIT UNION BEING DISTRIBUTED TO ITS MEMBERS AS PATRONS. 0 0 THE CREDIT UNION ENCOURAGED AND PROMOTED SAVINGS AND ACQUIRED 34,644 NEW MEMBERS IN 2015, OF WHOM 19,398 MEMBERS BELONGED TO PACIFIC OAKS FEDERAL CREDIT UNION WHICH MERGED INTO PREMIER AMERICA. TOTAL MEMBERSHIP STOOD AT 97,775 AS OF DECEMBER 31, 2015 WHILE DEPOSIT BALANCES GREW BY $381 MILLION COMPARED TO THE PREVIOUS YEAR, AND THE ORGANIZATION CONTINUED TO PAY MEMBERS FAVORABLE DIVIDEND RATES ON THEIR SAVINGS. THE CREDIT UNION MET MORTGAGE NEEDS OF FIRST TIME HOME BUYERS AND REFINANCING NEEDS OF EXISTING HOMEOWNERS, ALLOWING THEM TO TAKE ADVANTAGE OF LOWER INTEREST RATES. LOWER INTEREST RATES WERE MADE POSSIBLE BY BEING A FNMA MORTGAGE LOAN SELLER AND SERVICER. DURING THE YEAR, THE ORGANIZATION GRANTED 445 REAL ESTATE LOANS AND HOME EQUITY LINES OF CREDIT TOTALING $389 MILLION TO ITS MEMBERS. PREMIER AMERICA CU PROVIDED EDUCATIONAL INFORMATION ON DEPOSIT AND LOAN PRODUCTS AS WELL AS CU PRODUCTS SUCH AS INVESTMENT AND RETIREMENT, HOME BANKING, BILL PAY AND MOBILE BANKING. IN ADDITION TO NEWSLETTERS AND EDUCATIONAL BROCHURES, THE ORGANIZATION CONDUCTED 26 EDUCATIONAL SEMINARS WITH 235 PARTICIPANTS, AND SPONSORED 52 COMMUNITY EVENTS WITH A TOTAL OF ALMOST 25 THOUSAND PARTICIPANTS. 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 51826 0 1 382 1 1 1 0 0 0 0 0 X 11 10 0 0 1 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X LINDA MARQUEZ 8187724021 19867 PRAIRIE STREET CHATSWORTH CA 91311 JOHN M MERLO PRESIDENT/CEO 40.00 X X 891802 0 1198999 ERIC GOLDNER CHAIR 1.00 X X 909 0 0 LARRY COLSON VICE CHAIR 1.00 X X 116 0 0 WILLIAM COLE SECRETARY/TREASURER 1.00 X X 499 0 0 JAMES ANDERSEN DIRECTOR 1.00 X 630 0 0 ROGER LUBIG DIRECTOR 1.00 X 910 0 0 GARY HOLMEN DIRECTOR 1.00 X 492 0 0 S LAWRENCE HOKE DIRECTOR 1.00 X 198 0 0 JOHN DE VERE DIRECTOR 1.00 X 0 0 0 KURT FORD DIRECTOR 1.00 X 0 0 0 LARRY MARTIN DIRECTOR 1.00 X 0 0 0 W BRAD CUNNINGHAM SENIOR VP, CFO 40.00 X 363993 0 205998 MARJORIE MCNAUGHT SENIOR VP, LENDING & COLLECTIONS 40.00 X 566676 0 580737 DONNA MCNEELY SENIOR VP, INVESTMENTS & INSURANCE SVCS 40.00 X 340054 0 145983 TONI DANIELS SENIOR VP, ADMINISTRATION 40.00 X 315850 0 148260 LIZBETH CONDERCURI DIRECTOR, CORPORATION PROJECTS 40.00 X 360221 0 10648 ROBIN ACEVEDO VP LOANS (P OAKS) 40.00 X 434491 0 1733 GLEN CHRZAS VP, SYSTEMS & TECHNOLOGY 40.00 X 225394 0 30582 KIRK JOSEPH BOWREN DIRECTOR OF SPONSOR RELATIONS 40.00 X 291538 0 29404 FRANK GLUCK VP 40.00 X 170427 0 8521 3964200 0 2360865 36 0 1 0 NTR CONSTRUCTION CO 7500 TOPANGA CANYON BLVD 2ND FLR CANOGA PARK CA 91303 OFFICE AND BRANCH REMODELS 716076 STARNET DATA DESIGN INC 2659 TOWNSGATE RD STE 227 WESTLAKE CA 91361 PHONE/NETWORK SERVICE & MAINTENANCE 604034 ROYAL STAFFING AGENCY 14011 VENTURA BLVD 214-W SHERMAN OAKS CA 91423 TEMPORARY EMPLOYEES 483632 XO COMMUNICATIONS SERVICES LLC 13865 SUNRISE VALLEY DR HERNDON VA 20171 DISASTER RECOVERY SERVICES/HOTSITE 346531 FINANCIAL STATEMENT SERVICE INC 3300 SOUTH FAIRVIEW ST SANTA ANA CA 92704 STATEMENT PRINTING/MAILING 332520 19 INCOME FROM MEMBER LOANS 522100 57757401 57757401 SERVICE CHARGES & OTHER FEES 522100 5186048 4969432 216616 INTERCHANGE INCOME 522100 3507943 3507943 INVESTMENT BROKERAGE COMMISSIONS 523000 1664121 1664121 OTHER NON-INTEREST INCOME 522100 954238 415876 538362 69069751 3683916 3683916 603749 293459 310290 310290 310290 87438143 2522102 87125784 2520236 312359 1866 314225 314225 73378182 68314773 754978 4308431 9355790 5835838 18363863 540133 1799394 1360591 110029 240774 317355 1751959 6823792 3222737 125337 2049309 203677 284690 1126 1217425 195255 LOAN PROCESSING EXPENSE 2013899 PROVISION FOR LOAN LOSS 1200000 CORE DEPOSIT PREMIUM AM 726748 GOODWILL AMORTIZATION 122960 642454 58505135 179001839 350225661 4072536 4627843 1143723603 1475128906 31952340 14018514 15914551 17933826 312300000 203216800 31650360 54000936 4191357 8872170 27423674 33504932 1718277920 2147511074 17908632 23363952 1532392902 1913395017 1550301534 1936758969 X 0 0 0 0 167976386 210752105 167976386 210752105 1718277920 2147511074 X 14873047 -60202 27962874 X 0 1 X 1 0 2500 2500 2500 1 MATT DEBABNEH FOR ASSEMBLY 2016 1005 12TH STREET SUITE H SACRAMENTO CA 95814 2500 PART I-A, LINE 1: THE CREDIT UNION MAKES CONTRIBUTIONS TO SUPPORT CANDIDATES OR POLITICAL ACTION COMMITTEES PROMOTING CREDIT UNION CAUSES. 5042748 5042748 14578529 6426774 8151755 4176450 2938502 1237948 8154613 4653238 3501375 17933826 MEMBERS' SHARES 1913395017 1913395017 X 73378182 0 73378182 0 73378182 58505135 0 58505135 0 58505135 PART X, LINE 2: AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS REQUIRING RECOGNITION IN THE CONSOLIDATED FINANCIAL STATEMENTS. X X 1 1 X X X X 1 1 0 JOHN M MERLO PRESIDENT/CEO 598327 0 241445 0 52030 0 1152907 0 22755 0 2067464 0 0 0 W BRAD CUNNINGHAM SENIOR VP, CFO 276993 0 87000 0 0 0 200052 0 9190 0 573235 0 0 0 MARJORIE MCNAUGHT SENIOR VP, LENDING & COLLECTIONS 404145 0 135541 0 26990 0 550350 0 10623 0 1127649 0 0 0 DONNA MCNEELY SENIOR VP, INVESTMENTS & INSURANCE S 262870 0 77184 0 0 0 145983 0 1296 0 487333 0 0 0 TONI DANIELS SENIOR VP, ADMINISTRATION 238666 0 77184 0 0 0 138490 0 9797 0 464137 0 0 0 LIZBETH CONDERCURI DIRECTOR, CORPORATION PROJECTS 272207 0 88014 0 0 0 9535 0 1504 0 371260 0 0 0 ROBIN ACEVEDO VP LOANS (P OAKS) 39727 0 0 0 394764 0 1733 0 169 0 436393 0 0 0 GLEN CHRZAS VP, SYSTEMS & TECHNOLOGY 188403 0 36991 0 0 0 12463 0 18403 0 256260 0 0 0 KIRK JOSEPH BOWREN DIRECTOR OF SPONSOR RELATIONS 191538 0 0 0 100000 0 9324 0 20124 0 320986 0 0 0 FRANK GLUCK VP 170427 0 0 0 0 0 8521 0 0 0 178948 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - THE CREDIT UNION WILL PAY FOR THE SPOUSE OR ONE COMPANION'S PLANE FARE FOR OUT OF TOWN OFFICIAL TRAVELS (CONFERENCES), HOTEL ACCOMODATIONS (SHARED ROOM) AND MEALS. A 1099-MISC IS FILED WHEN THE TOTAL EXPENSES INCURRED FOR THE COMPANION REACHES THE REPORTABLE AMOUNT. TAX INDEMNIFICATION AND GROSS UP PAYMENTS - THE CREDIT UNION GROSSES UP FOR TAX ON CERTAIN NON-CASH BENEFITS REPORTED IN THE RECIPIENT'S W-2. PART I, LINES 4A-B THE FOLLOWING INDIVIDUALS RECEIVED A SEVERANCE PAYMENT IN 2015: KIRK JOSEPH BOWREN - $100,000 ROBIN ACEVEDO - $394,764 THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NONQUALIFIED RETIREMENT PLAN: JOHN M. MERLO MARJORIE MCNAUGHT W. BRAD CUNNINGHAM TONI DANIELS DONNA MCNEELY THERE WERE NO DISTRIBUTIONS DURING 2015. FORM 990, PART VI, SECTION A, LINE 4 PREMIER AMERICA CREIDT UNION UPDATED ITS CHARTER TO AMEND THEIR FIELD OF MEMBERSHIP DUE TO THE MERGER OF PACIFIC OAKS FEDERAL CREDIT UNION. FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION'S MEMBERS HAVE RIGHTS TO ELECT THE MEMBERS OF THE GOVERNING BODY. THE CREDIT UNION'S MEMBERS ALSO RECEIVE A SHARE OF THE ORGANIZATION'S PROFITS IN THE FORM OF CASH DIVIDENDS. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO ELECT ONE OR MORE MEMBERS OF THE ORGANIZATION'S GOVERNING BODY, WHETHER PERIODICALLY, OR AS VACANCIES ARISE, OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS OF THE CREDIT UNION HAVE THE RIGHT TO APPROVE THE GOVERNING BODY'S ELECTION AND REMOVAL OF MEMBERS OF THE GOVERNING BODY, AS WELL AS OTHER MATTERS THAT ARE BY LAW, RULES OR REGULATIONS, SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11 THE DRAFT FORM 990 PREPARED BY THE TAX ACCOUNTANT IS REVIEWED BY SENIOR MANAGEMENT IN THE FOLLOWING ORDER: VP/CONTROLLER, SVP/CHIEF FINANCIAL OFFICER, PRESIDENT AND CHIEF EXECUTIVE OFFICER, AND FINALLY, THE BOARD OF DIRECTORS. QUESTIONS, COMMENTS AND CORRECTIONS ARE ADDRESSED AT EACH STAGE OF THE REVIEW BEFORE THE FINAL REPORT IS FILED BY THE TAX PREPARER FOR THE CREDIT UNION. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS CONTAINED IN THE CODE OF RESPONSIBILITY AND ETHICS THAT EACH EMPLOYEE IS REQUIRED, ANNUALLY, TO ACKNOWLEDGE. VIA WRITTEN POLICY, ALL EMPLOYEES AND OFFICIALS ARE MADE AWARE OF THE CREDIT UNION'S COMPLIANCE REQUIREMENTS INCLUDING, BUT NOT LIMITED TO, THE CONFLICTS OF INTEREST POLICY. STANDARD CREDIT UNION PROCEDURES AND REQUIREMENTS ARE CONSISTENTLY APPLIED TO ANY BUSINESS TRANSACTION BY DIRECTORS, OFFICERS, AND EMPLOYEES. IF A DECISION IS REQUIRED REGARDING A BUSINESS TRANSACTION THAT COULD POTENTIALLY RISE TO A PERCEPTION OF A CONFLICT OF INTEREST, THE INVOLVED PARTY WILL RECUSE HIM OR HERSELF FROM DISCUSSION AND REVIEW OF THE TRANSACTION. TRANSACTIONS INVOLVING INDIVIDUAL ACCOUNTS ARE MONITORED BY THE INTERNAL AUDITOR ON A REGULAR BASIS. FORM 990, PART VI, SECTION B, LINE 15 EXTENSIVE ANNUAL SURVEYS ARE CONDUCTED FOR KEY POSITIONS IN THE CREDIT UNION INCLUDING, BUT NOT LIMITED TO, TOP MANAGEMENT AND KEY EMPLOYEES. THESE SURVEYS ARE PROVIDED BY PROFESSIONAL COMPENSATION ANALYSTS WHO WORK DIRECTLY WITH DATA WITHIN THE FINANCIAL INDUSTRY FIELD. THESE SURVEYS PROVIDE TOTAL COMPENSATION INFORMATION THAT RANGES FROM BROAD MACRO ISSUES TO SPECIFIC ELEMENTS OF TOTAL COMPENSATION STRUCTURES. FORM 990, PART VI, SECTION C, LINE 19 UNAUDITED FINANCIAL STATEMENTS ARE POSTED MONTHLY IN ALL BRANCHES. THE ANNUAL REPORT CONTAINING AUDITED FINANCIAL STATEMENTS IS AVAILABLE AT THE CREDIT UNION'S WEBSITE AND DISTRIBUTED TO ATTENDING MEMBERS DURING ANNUAL MEETINGS. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: RECLASS ADJ FOR GAINS INCLUDED IN NET INCOME -312,359. EQUITY ACQUIRED IN MERGER 28,275,233. PREMIER FINANCIAL SERVICES INC PO BOX 2178 CHATSWORTH CA 91313 954391970 INVESTMENT & INSURANCE PRODUCTS (INACTIVE SINCE 2012) CA PREMIER AMERICA CREDIT UNION C 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0