2015-10-09T12:50:52-05:00 2014-12-31 381357951 PLANTE & MORAN PLLC 2601 CAMBRIDGE CT SUITE 500 AUBURN HILLS MI 48326 990 2014-01-01 381250516 CREDIT UNIONS CHARTERED IN THE STATE OF 222 LAKE TRUST CREDIT UNION CRED 5172677200 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 BRIAN MCVEIGH SR VICE PRESIDENT & CFO 5172677200 2015-10-01 1 LYNNE M HUISMANN P00053811 2483757100 2014 2016-03-07 17:11:31Z LAKE TRUST CREDIT UNION DAVID SNODGRASS 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 130747716 0 1359 X WWW.LAKETRUST.ORG X 1943 MI MEMBERS WILL UNDERSTAND AND EXPERIENCE THE BENEFITS OF A CREDIT UNION RELATIONSHIP AT A COST JUSTIFIED BY THE RESULTS. MEMBERS HAVE THE CAPABILITY TO EXERCISE CONTROL OVER THEIR FINANCIAL LIVES WHILE SHARING IN THE SUCCESS OF THE ORGANIZATION. MEMBERS EXPERIENCE REWARDS OF A MUTUALLY BENEFICIAL RELATIONSHIP BASED ON ADVOCACY AND TRUST RESULTING IN TRUST AND LOYALTY. MEMBERS VALUE THE LINK BETWEEN THEIR BENEFITS AND THEIR OWNERSHIP. 12 12 491 12 337301 -328472 0 0 73961923 72748362 6565269 4827487 1044879 931529 81572071 78507378 0 0 0 0 25751499 25951053 0 0 0 46452732 43673681 72204231 69624734 9367840 8882644 1587017315 1589835396 1430461836 1423103776 156555479 166731620 X MEMBERS WILL UNDERSTAND AND EXPERIENCE THE BENEFITS OF A CREDIT UNION RELATIONSHIP AT A COST JUSTIFIED BY THE RESULTS. MEMBERS HAVE THE CAPABILITY TO EXERCISE CONTROL OVER THEIR FINANCIAL LIVES WHILE SHARING IN THE SUCCESS OF THE ORGANIZATION. MEMBERS EXPERIENCE REWARDS OF A MUTUALLY BENEFICIAL RELATIONSHIP BASED ON ADVOCACY AND TRUST RESULTING IN TRUST AND LOYALTY. MEMBERS VALUE THE LINK BETWEEN THEIR BENEFITS AND THEIR OWNERSHIP. 0 0 PROMOTED THRIFT TO 167,729 MEMBERS BY OFFERING LOANS, DEPOSITS, AND OTHER FINANCIAL PRODUCTS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 49293 0 1 491 1 1 1 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 0 1 1 1 0 X BRIAN MCVEIGH 5172677218 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 LAWRENCE LEHMAN DIRECTOR 4.00 X 0 0 0 SHANE LOVELETTE CHAIRPERSON 10.00 X X 2271 0 0 JAMES BONNER VICE CHAIRPERSON 5.00 X X 712 0 0 RAY SEIDL TREASURER 10.00 X X 601 0 0 JAMES BARNES SECRETARY 5.00 X X 979 0 0 KIMBERLY BISHOP DIRECTOR 4.00 X 0 0 0 PHILIP CZECH DIRECTOR 4.00 X 3747 0 0 RICK LABER DIRECTOR 4.00 X 834 0 0 ROBERT PEPLOWSKI DIRECTOR 4.00 X 1669 0 0 BERNICE SULLIVAN DIRECTOR 4.00 X 0 0 0 DENNIS TOCHMAN DIRECTOR 4.00 X 2311 0 0 FREDA VELZEN DIRECTOR 4.00 X 0 0 0 DAVID SNODGRASS CEO AND PRESIDENT 40.00 X 571453 0 23960 BRIAN MCVEIGH SR VP, ADMIN, FIN+INTEL/CF 40.00 X 259769 0 24545 JANE KILE SR VP, MEMBER EXPERIENCE 40.00 X 242563 0 15786 RAYNOR ZILLGITT VP GENERAL COUNSEL 40.00 X 199029 0 21687 CHARLES HENSLEY VP LENDING 40.00 X 230000 0 13299 KARA STUEWE VP TREASURY 40.00 X 187039 0 20638 JACK MARTIN VP INOFORMATION TECHNOLOGY 40.00 X 183050 0 20998 SHEILA COLLINS VP MEMBER EXPERIENCE 40.00 X 183043 0 20553 STEPHEN WINNINGER FORMER CEO 40.00 X 121084 0 554 2190154 0 162020 31 1 1 0 PSCU 560 CARILLON PARKWAY ST PETERSBURG FL 33716 CREDIT, DEBIT & ATM CARD SERVICES 4815831 FISERV PO BOX 416564 BOSTON MA 02241 CORE SYSTEM PROVIDER 1149528 CU COOPERATIVE SYSTEMS 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 SERVICE CENTER & DR/ATM CARD TRANSACTION 1050022 PWB MARKETING COMMUNICATIONS 2723 SOUTH STATE STREET ANN ARBOR MI 48104 MARKETING SERVICES 656138 TROY CLOGG LANDSCAPE ASSOC INC 4875 PRODUCT DRIVE WIXOM MI 48393 LANDSCAPING / SNOW REMOVAL / LAWN MAINTE 395728 25 MEMBER LOAN INCOME 522100 55111533 55111533 FEE INCOME 522100 17636829 17636829 72748362 4517373 4517373 148166 86788 61378 61378 61378 49694000 2769664 49733535 2420015 -39535 349649 310114 310114 INSURANCE INCOME 525990 662444 532850 129594 NON-MEMBER ATM INCOME 525990 207707 207707 870151 78507378 77798585 337301 371492 1152447 19802943 673901 2593132 1728630 357795 104500 106728 1525383 2882893 4083574 4762956 3971445 764709 520292 6664398 PROVISION FOR LOAN LOSS 6157024 DIVIDENDS AND INTEREST 5121224 LOAN SERVICING 3428150 3222610 69624734 13360095 14308231 79322078 51510010 7911579 8493209 1099281333 1173345267 1584156 1897129 70400032 22077676 39116179 48322356 61234473 42932433 186346616 155056373 57275636 53771458 41585170 40198930 1587017315 1589835396 10026817 11584546 304570 380596 8054716 2003589 1412075733 1409135045 1430461836 1423103776 X 16560477 16560477 0 0 139995002 150171143 156555479 166731620 1587017315 1589835396 X 8882644 1531075 -237578 X X 0 1 X 1 0 0 1 X 10288200 10288200 39661560 8393876 31267684 333343 154518 178825 20116929 13529282 6587647 48322356 FEDERAL HOME LOAN BANK STOCK 5606200 F MORTGAGE BASED SECURITIES 110965225 F BANK CDS 8012954 F US GOVERNMENT & FEDERAL AGENCY SECURITIES 30471994 F 155056373 MEMBERS' SHARES AND SAVINGS ACCOUNTS 1409135045 1409135045 78594166 86788 86788 78507378 0 78507378 69711522 86788 86788 69624734 0 69624734 PART IV, LINE 2B: CUSTODIAL ACCOUNTS ARE MAINTAINED FOR MORTGAGES PREVIOUSLY SOLD TO FREDDIE MAC OR FANNIE MAE. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES 86,788. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENT EXPENSE 86,788. X 1 1 X X X X 1 1 0 DAVID SNODGRASS CEO AND PRESIDENT 420792 0 127475 0 23186 0 13000 0 10960 0 595413 0 0 0 BRIAN MCVEIGH SR VP, ADMIN, FIN+INTEL/CF 238995 0 7367 0 13407 0 12260 0 12285 0 284314 0 0 0 JANE KILE SR VP, MEMBER EXPERIENCE 224407 0 6670 0 11486 0 9584 0 6202 0 258349 0 0 0 RAYNOR ZILLGITT VP GENERAL COUNSEL 192215 0 5914 0 900 0 9841 0 11846 0 220716 0 0 0 CHARLES HENSLEY VP LENDING 223408 0 5692 0 900 0 8847 0 4452 0 243299 0 0 0 KARA STUEWE VP TREASURY 172430 0 13709 0 900 0 9262 0 11376 0 207677 0 0 0 JACK MARTIN VP INOFORMATION TECHNOLOGY 180378 0 1772 0 900 0 9089 0 11909 0 204048 0 0 0 SHEILA COLLINS VP MEMBER EXPERIENCE 176735 0 5408 0 900 0 9051 0 11502 0 203596 0 0 0 STEPHEN WINNINGER FORMER CEO 120044 0 0 0 1040 0 0 0 554 0 121638 0 0 0 PART I, LINE 1A BOARD MEMBERS ARE ALLOWED TO HAVE THEIR SPOUSE ATTEND A CONFERENCE WITH THEM. A 1099-MISC IS ISSUED FOR EXPENSES INCURRED. PART I, LINES 4A-B SEVERANCE PAYMENTS: KIM OBLAK- $146,138 GLORIA LAWSON- $112,168 MINDY JACOBS- $105,812 JASON MATLEY- $104,533 MICHAELS CUMMINGS- $114,258 TRACY LAVEQUE- $123,528 DISTRIBUTIONS FROM EXECUTIVE SERP PLANS: STEPHEN L. WINNINGER - $75,000 DAVID SNODGRASS PRESIDENT & CEO EXECUTIVE SERP LOAN X 3928234 4122203 0 1 1 BRIAN MCVEIGH SR VP, ADMIN, FIN + INTEL/CFO EXECUTIVE SERP LOAN X 1491006 1491006 0 1 1 STEPHEN WINNINGER FORMER OFFICER EXECUTIVE SERP LOAN X 2880000 2880000 0 1 1 8493209 FORM 990, PART VI, SECTION A, LINE 6 ALL ACCOUNT HOLDERS ARE REFERRED TO AS MEMBERS FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE GOVERNING BODY FORM 990, PART VI, SECTION A, LINE 7B ONLY DECISIONS SPECIFIED IN THE BYLAWS ARE REQUIRED TO BE APPROVED BY MEMBERS FORM 990, PART VI, SECTION B, LINE 11 FORM 990 IS REVIEWED BY VP OF FINANCE, SENIOR VP ADMINISTRATION, FINANCE + INTELLIGENCE & CFO, AND THE BOARD TREASURER/AUDIT COMMITTEE CHAIR, PRIOR TO FILING THE RETURN. FORM 990, PART VI, SECTION B, LINE 12C DIRECTORS ANNUALLY COMPLETE CONFLICT OF INTEREST DOCUMENTS. EMPLOYEES MONITORED THROUGHOUT POLICY COMPLIANCE BY SUPERVISOR. DIRECTORS EXCUSE THEMSELVES FROM VOTING IF THERE IS A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 BOARD EXECUTIVE COMMITTEE APPROVES COMPENSATION FOR CEO. CEO APPROVES COMPENSATION FOR SVPS AND SVPS APPROVE COMPENSATION FOR VPS, WITH REVIEW BY HUMAN RESOURCES. COMPENSATION CONSULTANT PERFORMS COMPETITIVE MARKET SURVEYS (LAST UPDATE WAS IN JULY 2011). ALSO PERFORMANCE EVALUATION COMPLETED BY BOARD EXECUTIVE COMMITTEE FOR CEO AND BY CEO FOR SVPS AND BY SVPS FOR VPS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: NET CHANGE IN PENSION & POST RETIREMENT HEALTH -237,578. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES TO THE OVERSIGHT OR SELECTION PROCESS DURING THE YEAR. MEMBERS FINANCIAL SERVICES LLC 4605 S OLD US HIGHWAY 23 BRIGHTON MI 48114 364516718 INSURANCE AND FINANCIAL SERVICES MI 9156 136080 LAKE TRUST CREDIT UNION