2014-11-17T11:57:15-06:00 2013-12-31 420714325 MCGLADREY LLP 801 NICOLLET MALL SUITE 1100 MINNEAPOLIS MN 55402 990 2013-01-01 041217290 CRESCENT CREDIT UNION CRES 5085806511 PO BOX 4290 BROCKTON MA 023034290 ROBERT GUSTAFSON PRESIDENT/CEO 5085806511 2014-11-14 1 GERALD B KISSELL P00092658 6123324300 2013 2015-11-30 17:44:51Z ROBERT GUSTAFSON PO BOX 4290 BROCKTON MA 023034290 17304842 0 X WWW.CRESCENTCREDIT.ORG X 1919 MA A COOPERATIVE SOCIETY ORGANIZED WITHIN A GROUP OF PEOPLE OPERATING UNDER STATE AND FEDERAL SUPERVISION PROVIDING A SYSTEM FOR ACCUMULATING SAVINGS AND CREDIT. 13 12 147 12 244515 -21842 0 0 17107772 16377543 929273 674225 38330 49137 18075375 17100905 0 0 2222784 1627569 6884415 6867527 0 0 0 7537651 7419690 16644850 15914786 1430525 1186119 401800663 425618925 351680236 373863308 50120427 51755617 TO PROVIDE OUR MEMBERS WITH THE BEST POSSIBLE FINANCIAL PRODUCTS AND SERVICES THAT A CREDIT UNION CAN OFFER EFFICIENTLY. 0 0 CRESCENT CREDIT UNION OFFERS A COMPLETE RANGE OF PERSONAL AND BUSINESS FINANCIAL SERVICES TO APPROXIMATELY 50,000 MEMBERS. THESE SERVICES INCLUDE CHECKING, SAVINGS, CERTIFICATES OF DEPOSIT, AND ALL TYPES OF LOANS, INCLUDING MORTGAGES, LINES OF CREDIT, EQUITY LOANS, PERSONAL LOANS AND CAR LOANS. AS OF 12/31/2013 THE CREDIT UNION HAS 15,395 LOANS OUTSTANDING, 14,960 CHECKING ACCOUNTS, 33,260 SAVINGS ACCOUNTS, AND 5,720 CERTIFICATE & IRA ACCOUNTS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 1 1 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 38237 0 1 147 1 1 1 0 0 0 0 0 X 13 12 1 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X STEPHEN SPOONER 5084086305 1300 BELMONT STREET BROCKTON MA 023014290 ROBERT W GUSTAFSON PRESIDENT/CEO 50.00 X X 313429 0 32404 WILLIAM ROSA CHAIRMAN OF THE BOARD 10.00 X X 15904 0 420 JAMES MIHOS FIRST VICE CHAIRMAN 5.00 X X 0 0 0 HOWARD SPILLER SECOND VICE CHAIRMAN 5.00 X X 0 0 1218 PAUL MARINO TREASURER 5.00 X X 685 0 420 ALFRED NICCOLI CLERK 2.00 X 1019 0 0 ROBERT SIMS DIRECTOR 2.00 X 1475 0 1218 F ROBERT SILVERSTEIN DIRECTOR 2.00 X 1418 0 1218 HERBERT NAGLE DIRECTOR 2.00 X 0 0 105 DAVID GOODMAN DIRECTOR 2.00 X 0 0 0 JOHN KOLENTSAS DIRECTOR 2.00 X 0 0 0 ANTONIO MACEDO DIRECTOR 2.00 X 0 0 420 ARTHUR SULLIVAN DIRECTOR 2.00 X 978 0 420 JEAN CAPUTO WILLIAMS DIRECTOR 2.00 X 0 0 420 STEPHEN SPOONER SENIOR VP/CFO 50.00 X 165546 0 34113 PAUL PIJANOWSKI SENIOR VP 45.00 X 126969 0 30375 627423 0 102751 3 0 1 0 FISERV 75 REMITTANCE DRIVE CHICAGO IL 60675 DEPOSIT & LOAN DATA PROCESSING 764195 CUNA MUTAL GROUP BOX 2964 MILWAUKEE WI 53201 BOND INSURANCE 185431 LEE AND MASON FINANCIAL SERVICES PO BOX 270 NORTHVILLE NY 12134 VSI CPI INSURANCE 155865 BFI PRINT COMMUNICATIONS 602 BEDFORD STREET WHITMAN MA 02382 PRINTING OF FORMS 137514 COMPLETE STAFFING SOLUTIONS 39018 TREASURY CENTER CHICAGO IL 60694 TEMPORARY LABOR 112822 7 INTEREST ON LOANS 522100 12279251 12279251 SERVICE CHARGES 522100 2743743 2498654 245089 OTHER NON-INTEREST INCOME 522100 808272 808272 RECOVERY OF PROVISION FOR LOAN LO 522100 425000 425000 LOAN SERVICING FEES 524292 121277 121277 16377543 588419 588419 253074 203937 49137 49137 -574 49711 85806 0 85806 85806 85806 17100905 16132454 244515 723936 1627569 572830 4668099 310878 876636 439084 19741 125200 510574 407332 637895 1299443 3796 54669 1060228 507876 160193 FISERV NSP EXPENSE 804237 ATM EXPENSE 491367 NCUA STABILIZATION EXPE 235833 PROVISION FOR LOSS 50579 1050727 15914786 8131865 7121918 354214 564622 322544771 342911193 294694 670799 18422782 8984593 9619535 9438189 59424209 63585715 1431375 1326489 401800663 425618925 1063934 1199588 1583589 1386073 51581440 72979293 297451273 298298354 351680236 373863308 X 0 0 0 0 50120427 51755617 50120427 51755617 401800663 425618925 X 1186119 -225000 674071 X 0 1 X 1 0 0 1 X 3066196 3066196 7989866 2622100 5367766 674266 617716 56550 6692454 5744777 947677 9438189 FEDERAL AGENCY OBLIGATIONS 24339383 F NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 2947898 F FHLB CAPITAL STOCK 3826800 F CERTIFICATES OF DEPOSIT 31736697 F OTHER INVESTMENTS 734937 F 63585715 DEPOSITS 298158860 OTHER LIABILITIES 139494 298298354 X 16879842 0 16879842 221063 221063 17100905 15693723 -221063 -221063 15914786 0 15914786 PART IV, LINE 2B: THE CREDIT UNION ESCROWS REAL ESTATE TAX PAYMENTS FROM MEMBERS WHO HAVE MORTGAGES WHICH ARE PERIODICALLY PAID BY THE CREDIT UNION TO THE CITY OR TOWN WHERE THE MEMBER RESIDES. PART X, LINE 2: THE CREDIT UNION EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2013 OR 2012. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE RECLASSED TO REVENUE -203,937. PROVISION FOR LOAN LOSSES RECLASSED TO REVENUE 425,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE RECLASSED TO REVENUE 203,937. PROVISION FOR LOAN LOSSES RECLASSED TO REVENUE -425,000. X 1 1 X X X 0 0 0 ROBERT W GUSTAFSON PRESIDENT/CEO 254429 0 59000 0 0 0 23215 0 9189 0 345833 0 0 0 STEPHEN SPOONER SENIOR VP/CFO 127546 0 38000 0 0 0 14096 0 20017 0 199659 0 0 0 PAUL PIJANOWSKI SENIOR VP 98969 0 28000 0 0 0 10421 0 19954 0 157344 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - THE CREDIT UNION REIMBURSES BOARD MEMBERS FOR CONFERENCE EXPENSES (TRAVEL, MEALS, LODGING) INCURRED BY A BOARD MEMBER'S SPOUSE OR GUEST, AS DESCRIBED IN THE CREDIT UNION'S DIRECTORS CONFERENCE/CONVENTION EXPENSES POLICY APPROVED BY THE BOARD. THESE EXPENSES ARE TAXABLE TO THE RECIPIENT. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS JAMES MIHOS AND DAVID GOODMAN HAVE A BUSINESS RELATIONSHIP. 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 SUBJECT TO THE APPROVAL OF MEMBERS OF THE CREDIT UNION AS THEY OCCUR. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 IS PREPARED BY MCGLADREY LLP UTILIZING INFORMATION PROVIDED BY THE CFO. THE CFO AND CEO REVIEW THE COMPLETED FORM AND A COPY IS PROVIDED TO THE BOARD OR DIRECTORS PRIOR TO FILING FORM 990 WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL NEW EMPLOYEES SIGN A FORM ACKNOWLEDGING THEY UNDERSTAND AND WILL ABIDE BY THE POLICIES CONTAINED IN THE EMPLOYEE HANDBOOK, INCLUDING ETHICS AND CONFLICTS POLICY. ALL EMPLOYEES ARE REQUIRED TO PARTICIPATE IN AN ON-LINE ETHICS TRAINING PROGRAM EACH YEAR AND PASS A QUIZ. FORM 990, PART VI, SECTION B, LINE 15 THE CREDIT UNION UTILIZES SURVEY DATA PUBLISHED BY A THIRD PARTY SOURCE TO ESTABLISH SALARY RANGES FOR ALL EMPLOYEES. THE CEO RECOMMENDS ANNUAL COMPENSATION ADJUSTMENTS FOR BRANCH MANAGERS AND OFFICERS TO THE PERSONNEL COMMITTEE, WHICH IS COMPRISED OF BOARD MEMBERS. THE PERSONNEL COMMITTEE RECOMMENDS COMPENSATION ADJUSTMENTS FOR THE CEO, BRANCH MANAGERS, AND OFFICERS FOR VOTE. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE POSTED ANNUALLY AT THE MAIN OFFICE, HEADQUARTERS BUILDING, AND EACH BRANCH LOCATIONS. THE GOVERNING DOCUMENTS AND CONFLICTS 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: EQUITY ACRUIRED IN MERGER 674,071.