2014-11-20T09:20:24-06:00 2013-12-31 420714325 MCGLADREY LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2013-01-01 953442691 PREMIER AMERICA CREDIT UNION PREM 8187724021 19867 PRAIRIE STREET CHATSWORTH CA 91311 BRAD CUNNINGHAM SVP/CFO 8187724021 2014-11-20 1 GERALD B KISSELL P00092658 6123324300 2013 2015-11-30 17:44:51Z JOHN MERLO 19867 PRAIRIE STREET CHATSWORTH CA 91311 124877526 0 1526 X WWW.PREMIER.ORG X 1957 CA A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST ITS MEMBERS. 9 8 283 10 748484 -43160 0 0 49843365 48413432 3826232 3459975 6927411 2450186 60597008 54323593 0 0 7310315 6938839 18488976 18410817 0 0 0 24431546 15425393 50230837 40775049 10366171 13548544 1468527192 1519729084 1339168165 1376852240 129359027 142876844 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 ORGANIZATION ENCOURAGED AND PROMOTED SAVINGS AND ACQUIRED 8,709 NEW MEMBERS IN 2013. TOTAL MEMBERSHIP STOOD AT 71,241 AS OF DECEMBER 31, 2013 WHILE DEPOSIT BALANCES GREW BY $45 MILLION COMPARED TO THE PREVIOUS YEAR, AND THE ORGANIZATION CONTINUED TO PAY MEMBERS FAVORABLE DIVIDEND RATES ON THEIR SAVINGS. THE ORGANIZATION 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 891 REAL ESTATE LOANS TOTALLING $381 MILLION TO ITS MEMBERS. PROVIDE EDUCATIONAL INFORMATION ON DEPOSIT AND LOAN PRODUCTS AS WELL AS CU PRODUCTS SUCH AS HOMEBANKING, BILL PAY AND MOBILE BANKING. IN ADDITION TO NEWSLETTERS AND EDUCATIONAL BROCHURES, THE ORGANIZATION CONDUCTED 38 EDUCATIONAL SEMINARS WITH 704 PARTICIPANTS, AND SPONSORED 15 COMMUNITY EVENTS WITH A TOTAL OF 6,959 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 57874 0 1 283 1 1 1 0 0 0 0 0 X 9 8 1 0 0 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 4162553 0 1167845 ERIC GOLDNER CHAIR 1.00 X X 2303 0 0 LARRY COLSON VICE CHAIR 1.00 X X 2711 0 0 WILLIAM COLE SECRETARY/TREASURER 1.00 X X 2773 0 0 JAMES ANDERSEN DIRECTOR 1.00 X 3056 0 0 ROGER LUBIG DIRECTOR 1.00 X 2760 0 0 GARY HOLMEN DIRECTOR 1.00 X 2687 0 0 S LAWRENCE HOKE DIRECTOR 1.00 X 2585 0 0 JOHN DE VERE DIRECTOR 1.00 X 0 0 0 W BRAD CUNNINGHAM SENIOR VP, CFO 40.00 X 312747 0 37418 MARJORIE MCNAUGHT SENIOR VP, LENDING & COLLECTIONS 40.00 X 494575 0 632350 LIZBETH CONDERCURI SENIOR VP, CORP SERVICES 40.00 X 208080 0 8457 SANA SALEH SENIOR VP, MEMBER SERVICES 40.00 X 302141 0 10490 DONNA MCNEELY SENIOR VP, INVESTMENTS & INSURANCE SERVICES 40.00 X 269446 0 26083 TONI DANIELS SENIOR VP, ADMINISTRATION 40.00 X 219782 0 13314 JAMES RITTER VP, COMMERCIAL LOAN SERVICES 40.00 X 206659 0 44644 GLEN CHRZAS VP, SYSTEMS & TECHNOLOGY 40.00 X 194757 0 31464 KELLY KAREN INVESTMENT REP/CONSULTANT 40.00 X 156283 0 21551 ALEX MATSUMURA FINANCIAL ADVISOR 40.00 X 155194 0 26353 JASON LEE FINANCIAL ADVISOR 40.00 X 139120 0 26865 6840212 0 2046834 18 0 1 0 NTR CONSTRUCTION CO INC 7500 TOPANGA CANYON BLVD 2ND FLR CANOGA PARK CA 91303 OFFICE AND BRANCH REMODELS 825386 STARNET DATA DESIGN INC 2659 TOWNSGATE RD STE 227 WESTLAKE CA 91361 PHONE/NETWORK SERVICE & MAINTENANCE 501227 FINANCIAL STATEMENT SERVICE INC 3300 SOUTH FAIRVIEW ST SANTA ANA CA 92704 STATEMENT PRINTING/MAILING 417048 MCGLADREY LLP 2001 S BARRINGTON AVE STE 303 LOS ANGELES CA 90025 AUDIT SERVICES 267892 CAM SERVICES 5664 SELMARAINE DR CULVER CITY CA 90230 JANITORIAL/CLEANING SERVICE 157511 7 INCOME FROM MEMBER LOANS 522100 38493453 38493453 SERVICE CHARGES & OTHER FEES 522100 4382843 3634359 748484 INTERCHANGE INCOME 522100 3183964 3183964 INVESTMENT BROKERAGE COMMISSIONS 523000 1546510 1546510 OTHER NON-INTEREST INCOME 522100 806662 806662 48413432 2233448 2233448 703661 303475 400186 400186 400186 71476985 70250458 1226527 1226527 1226527 PROVISION (RECOVERY) FOR LOAN LOS 522100 2050000 2050000 2050000 54323593 49714948 748484 3860161 6938839 6153226 8638550 323991 2254796 1040254 391669 232040 198265 664323 4925653 2914595 106422 1359903 134935 278549 722623 262606 LOAN PROCESSING EXPENSE 1333537 NCUA CORPORATE STABILIZ 1026240 CORE DEPOSIT PREMIUM AM 394629 479404 40775049 484143310 207837763 3860123 4052119 730702082 889547196 28501301 12970846 15429090 15530455 196731450 363796000 7571702 6769476 4474429 4074814 25615006 28121261 1468527192 1519729084 22469636 15107343 1316698529 1361744897 1339168165 1376852240 X 0 0 0 0 129359027 142876844 129359027 142876844 1468527192 1519729084 13548544 -29392 0 X 0 1 X 1 0 6000 6000 6000 1 CALIFORNIA CREDIT UNION LEAGUE PAC 1201 K STREET SUITE 1050 SACRAMENTO CA 95814 940357265 6000 PART I-A, LINE 1: THE CREDIT UNION MAKES CONTRIBUTIONS TO SUPPORT CANDIDATES OR POLITICAL ACTION COMMITTEES PROMOTING CREDIT UNION CAUSES. 3731592 3731592 13359125 5710801 7648324 3382256 2566799 815457 8028328 4693246 3335082 15530455 MEMBERS' SHARES 1361744897 1361744897 X 52272258 0 52272258 2050000 2050000 54322258 38725049 2050000 2050000 36675049 0 36675049 PART X, LINE 2: AS OF AND FOR THE TAX YEAR ENDED DECEMBER 31, 2013 AND 2012, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS REQUIRING RECOGNITION IN THE FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: PROVISION (RECOVERY) FOR LOAN LOSS RECLASSED FROM FUNCTIONAL EXPENSES 2,050,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: PROVISION (RECOVERY) FOR LOAN LOSS RECLASSED AS REVENUE 2,050,000. X X 1 1 X X X X 0 1 0 JOHN M MERLO PRESIDENT/CEO 567921 0 165770 0 3428862 0 1139101 0 28744 0 5330398 0 2502694 0 W BRAD CUNNINGHAM SENIOR VP, CFO 251995 0 60752 0 0 0 20672 0 16746 0 350165 0 0 0 MARJORIE MCNAUGHT SENIOR VP, LENDING & COLLECTIONS 376676 0 94895 0 23004 0 611133 0 21217 0 1126925 0 0 0 LIZBETH CONDERCURI SENIOR VP, CORP SERVICES 161817 0 46263 0 0 0 5712 0 2745 0 216537 0 0 0 SANA SALEH SENIOR VP, MEMBER SERVICES 243702 0 57652 0 787 0 10140 0 350 0 312631 0 0 0 DONNA MCNEELY SENIOR VP, INVESTMENTS & INSURANCE S 217341 0 51256 0 849 0 25143 0 940 0 295529 0 0 0 TONI DANIELS SENIOR VP, ADMINISTRATION 205241 0 13519 0 1022 0 5964 0 7350 0 233096 0 0 0 JAMES RITTER VP, COMMERCIAL LOAN SERVICES 164010 0 42649 0 0 0 0 0 44644 0 251303 0 0 0 GLEN CHRZAS VP, SYSTEMS & TECHNOLOGY 168490 0 26267 0 0 0 8517 0 22947 0 226221 0 0 0 KELLY KAREN INVESTMENT REP/CONSULTANT 156283 0 0 0 0 0 6477 0 15074 0 177834 0 0 0 ALEX MATSUMURA FINANCIAL ADVISOR 155194 0 0 0 0 0 6304 0 20049 0 181547 0 0 0 JASON LEE FINANCIAL ADVISOR 139120 0 0 0 0 0 3692 0 23173 0 165985 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, LINE 4B THE FOLLOWING INDIVIDUALS PARTICIPATED IN A NONQUALIFIED RETIREMENT PLAN. JOHN M. MERLO, PRESIDENT/CEO - $3,366,383 DISTRIBUTED IN 2013 MARJORIE MCNAUGHT, SENIOR VP, LENDING - NO DISTRIBUTION IN 2013 FORM 990, PART VI, SECTION A, LINE 2 JAMES K. ANDERSEN, BOARD DIRECTOR AND ERIC GOLDNER, BOARD CHAIRMAN - BUSINESS RELATIONSHIP. (BOTH WORK FOR THE SAME COMPANY WHERE JAMES ANDERSEN IS THE PRESIDENT AND ERIC GOLDNER IS A VICE PRESIDENT/CHIEF TECHNOLOGY OFFICER.) 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, SVP/HUMAN RESOURCES, 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 PORFESSIONAL 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. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. THESE DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). PREMIER FINANCIAL SERVICES INC PO BOX 2178 CHATSWORTH CA 91313 954391970 SALE OF INVESTMENT & INSURANCE PRODUCTS (INACTIVE 2013) 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 PREMIER AMERICA CREDIT UNION'S 2013 FORM 990 WAS ORIGINALLY ELECTRONICALLY FILED ON NOVEMBER 14, 2014; HOWEVER THE RETURN WAS REJECTED, STATING THE RETURN TYPE INDICATED IN THE RETURN HEADER MUST MATCH THE RETURN TYPE ESTABLISHED WITH THE IRS FOR THE EIN. WE HAVE BEEN IN CONTACT WITH THE IRS TO RESOLVE THE ISSUE; THEREFORE WE RESPECTFULLY REQUEST NO LATE FEES OR PENALTIES BE ASSESSED DUE TO THE FACT THE RETURN WAS ORIGINALLY SUBMITTED BY THE EXTENDED DUE DATE OF NOVEMBER 17TH.