2013-11-14T15:48:37-06:00 2012-12-31 954083485 TURNER WARREN HWANG & CONRAD ACCTCY 100 NORTH FIRST ST STE 202 BURBANK CA 91502 990 2012-01-01 941482957 PROVIDENT CREDIT UNION PROV 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94063 FRED GOMES 6505080300 2013-11-13 1 VALENTINO CREUS CPA P01054153 8189549700 2012 2016-02-25 16:41:14Z WAYNE BUNKER 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94063 82351160 0 X WWW.PROVIDENTCU.ORG X CREDIT UNION 1950 CA A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG ITS MEMBERS. 9 9 356 13 630212 -98012 0 0 65985342 76596313 6166572 3743085 2150773 2011762 74302687 82351160 85000 82335 0 0 24203626 27276209 0 0 0 42079965 40491045 66368591 67849589 7934096 14501571 1516222986 1725684280 1317573508 1512353747 198649478 213330533 X A COOPERATIVE, ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONG 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, PROVIDENT 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 PROVIDENT OFFERS A SUPER REWARDS CHECKING ACCOUNT WHICH PAYS MEMBERS HIGH RATES ON THEIR CHECKING ACCOUNTS IF THEY QUALIFY BY MAKING AT LEAST 10 POINT OF SALE PURCHASES (DEBIT CARD) PER MONTH, HAVING DIRECT DEPOSIT OR BILL PAY EACH MONTH, AND RECEIVING AN E-STATEMENT INSTEAD OF A PAPER ONE. THIS ACCOUNT ACCRUES FINANCIAL BENEFITS TO MEMBERS AND SUPPORTS ENVIRONMENTALLY FRIENDLY BEHAVIOR BY ENCOURAGING VIRTUAL TRANSACTIONS VERSUS PAPER CHECKS, ELIMINATING PAPER AND MAILING COSTS FOR STATEMENTS, AND INCREASING ACCOUNT SECURITY FOR MEMBERS BY ELIMINATING VULNERABILITY TO IDENTITY THEFT THROUGH STOLEN MAILED STATEMENTS. PROVIDENT OFFERS A "PORTABLE LOAN" PROGRAM WHICH ALLOWS MEMBERS TO KEEP THEIR ORIGINAL LOAN WHEN THEY SELL A HOME AND BUY ANOTHER ONE. THE LOAN BALANCE TRANSFERRED TO THE NEW PROPERTY IS THE REMAINING BALANCE ON THE FIRST PROPERTY. IF THE SECOND PROPERTY REQUIRES A HIGHER LOAN, THE OLD LOAN WILL BE SUPPLEMENTED WITH A HELOC TO MAKE UP THE DIFFERENCE. THE BENEFIT TO MEMBERS IS TO BE ABLE TO TAKE A LOW RATE LOAN TO ANOTHER PROPERTY IF THEIR COST WILL BE LOWER BY DOING SO THAN NEW FINANCING FOR THEIR NEW PROPERTY. PROVIDENT HAS A PROGRAM TO MODIFY RATES ON CERTAIN PORTFOLIO MORTGAGE LOANS ALLOWING MEMBERS TO BENEFIT FROM RATE DROPS WITHOUT GOING THROUGH A COMPLETE REFINANCE PROCESS. 0 0 1 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 1 47746 0 1 356 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X X X JENNIFER LEE 6505080300 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 JANET MATHIS 1.00 X 0 0 0 DAVID BUCKMASTER 1.00 X 0 0 0 FRED MARCUSSEN 1.00 X 0 0 0 ROBERT LANZONE 1.00 X 0 0 0 LAWRENCE TESHARA 1.00 X 0 0 0 DAVID PELZNER 1.00 X 0 0 0 CHRISTINE BOLAND 1.00 X 0 0 0 JUNE ROTHE 1.00 X 0 0 0 SAMUEL JOHNSON JR 1.00 X 0 0 0 SCOTT O'BRIEN 1.00 X 0 0 0 GEORGE DESCALSO 1.00 X 0 0 0 ANDREA KENTER 1.00 X 0 0 0 SCOTT MCWHIRTER 1.00 X 0 0 0 WAYNE BUNKER 40.00 X 628181 0 184386 JIM ERNEST 40.00 X 336565 0 56964 HEIDI PARKS 40.00 X 277165 0 38301 FRED GOMES 40.00 X 274538 0 45325 LINDA BRUZZONE 40.00 X 233612 0 36073 CELIA TANAKA 40.00 X 254435 0 18250 CONNIE FINCH 40.00 X 241373 0 32263 DAVID HERRERA 40.00 X 235247 0 37392 JOHN HAGGARTY 40.00 X 150827 0 44485 MOHAMAD SANGABI 40.00 X 361513 0 34043 FATEMEH ASAD SANGABI 40.00 X 278334 0 39692 LAN FIGUEROA 40.00 X 250400 0 27779 ROBERT KETTMANN 40.00 X 184995 0 13211 GREG MCCURDY 40.00 X 154050 0 29856 PATRICIA M DOWD FORMER 40.00 X 110275 0 0 3971510 0 638020 39 1 1 0 PROPERTY SCIENCES GROUP 395 TAYLOR BLVD STE 250 PLEASANT HILL CA 94523 REAL ESTATE APPRAISALS 924805 FISERV SOLUTIONS INC 75 REMITTANCE DR STE 6969 CHICAGO IL 60675 CORE SYSTEM 668545 ORCC PO BOX 418410 BOSTON MA 022410810 ONLINE BANKING PROVIDER 487197 LEGACY MECHANICAL & ENERGY SERVICES INC 3130 CROW CANYON PLACE 410 SAN RAMON CA 94583 HVAC SERVICES 455273 PROFORMA 8800 EAST PLEASANT VALLEY ROAD INDEPENDENCE OH 41131 MARKETING SERVICES 451565 22 INCOME FROM LOANS 900099 42870688 42870688 OTHER OPERATING INCOME 900099 20867504 20867504 FEE INCOME 900099 12858121 12227909 630212 76596313 3743085 3743085 1515474 0 1515474 1515474 1515474 SALE OF OREOS 900099 496288 496288 496288 82351160 80205474 630212 1515474 67335 15000 3971510 16687595 908164 4145541 1563399 128108 296406 1533166 2083435 6138397 1116098 3811299 546893 11208102 2325510 1266291 LOAN SERVICING EXPENSE 3948106 MISCELLANEOUS EXPENSE 3932976 PROVISION FOR LOAN LOSS 1713183 OPERATING FEES 443075 67849589 4629211 4925421 228591820 236442923 6067053 6699091 2470446 1922208 68471181 35289436 33333826 33181745 172474023 339398429 1054830275 1080313180 417479 506165 13408853 22295118 1516222986 1725684280 8797687 16625418 1308775821 1495728329 1317573508 1512353747 X 0 0 0 0 198649478 213330533 198649478 213330533 1516222986 1725684280 X 14501571 -122524 302008 X X 0 1 X 1 0 21250 21250 21250 1 CCUL-PAC PO BOX 51476 ONTARIO CA 91761 743032874 17000 BAY AREA COOP - PAC PO BOX 193919 SAN FRANCISCO CA 94119 743032874 250 ORGANIZATIONS DIRECT AND INDIRECT POLITICAL CAMPAIGN ACTIVITIES: PART I-A, LINE 1: PROVIDENT CREDIT UNION CONTRIBUTED TO CAMPAIGNS AND PAC'S RELATED TO THOSE THAT SUPPORT CREDIT UNION AND SPECIFIC LEGISLATION THAT IS IMPORTANT AND BENEFICIAL TO CREDIT UNIONS. PROVIDENT CREDIT UNION CONTRIBUTED TO KEVIN MULLIN'S CAMPAIGN TO BE ELECTED TO THE STATE ASSEMBLY. THIS ORGANIZATION WAS NOT LISTED IN PART 1-C. THE CREDIT UNION WAS UNABLE TO OBTAIN AN EIN FOR THIS ORGANIZATION. FOLLOWING IS THE NAME AND ADDRESS OF THE CAMPAIGN. KEVIN MULLIN AMOUNT OF CONTRIBUTION: $1,500 20 PARK RD., STE E BURLINGAME, CA 94010 PROVIDENT CREDIT UNION CONTRIBUTED TO JERRY HILL'S CAMPAIGN TO BE ELECTED TO THE SENATE. THIS ORGANIZATION WAS NOT LISTED IN PART 1-C. THE CREDIT UNION WAS UNABLE TO OBTAIN AN EIN FOR THIS ORGANIZATION. FOLLOWING IS THE NAME AND ADDRESS OF THE CAMPAIGN. JERRY HILL AMOUNT OF CONTRIBUTION: $2,500 330 TOWNSEND ST., STE 230 SAN FRANCISCO, CA 94107 7510980 7510980 34056888 12212053 21844835 7752593 6408726 1343867 19150720 16668657 2482063 33181745 NCUA SHARE INSURANCE DEPOSITS 13439001 F OTHER INVESTMENTS IN CORPORATE CREDIT UNIONS 1984105 F DEPOSITS IN COMMERCIAL BANKS, S&L, SAVINGS BANKS 97072252 F ALL OTHER INVESTMENTS 10147600 F NET LOANS AND LEASES 956920222 F PAID IN CAPITAL AT CORP 750000 F 1080313180 MEMBER SHARE DEPOSITS 1495676968 ACCRUED DIVIDENDS ON INTEREST PAYABLE 51361 1495728329 X DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THIS REQUIRES THE EVALUATION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE CREDIT UNION'S TAX RETURNS TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE LIKELY THAN NOT" OF BEING SUSTAINED "WHEN CHALLENGED" OR "WHEN EXAMINED" BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS DEEMED TO NOT MEET THE MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. THE CREDIT UNION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY FEDERAL TAX AUTHORITIES FOR YEARS BEFORE 2009 AND BY STATE TAX AUTHORITIES BEFORE 2008. FOR THE YEAR ENDED DECEMBER 31, 2012, MANAGEMENT HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS, AND ACCORDINGLY, THE CREDIT UNION HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. 1 REDWOOD CITY SAN MATEO COUNTY - COC 1450 VETERANS BLVD STE 125 REDWOOD CITY CA 94063 940377914 501(C)(6) 15000 FMV TO PROMOTE ECONOMIC PROSPERITY FOR THE COMMUNITY 1 COLLEGE SCHOLARSHIPS 10 15000 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: SOME SCHOLARSHIPS ARE ONE TIME AWARDS AND FOR THOSE WE HAVE MINIMUM REQUIREMENTS THAT MUST BE MET. FOR THE RENEWAL SCHOLARSHIPS, THE STUDENT MUST MAINTAIN AT LEAST A B AVERAGE AND BE ENROLLED IN AN ACCREDITED COLLEGE. TRANSCRIPTS ARE REQUIRED TO CONFIRM THE STUDENT'S ENROLLMENT AND GRADES. X X X X 1 1 X X X X 0 1 0 WAYNE BUNKER 436547 0 157073 0 34561 0 147431 0 36955 0 812567 0 0 0 JIM ERNEST 256815 0 68914 0 10836 0 25000 0 31964 0 393529 0 0 0 HEIDI PARKS 199406 0 74505 0 3254 0 14955 0 23346 0 315466 0 0 0 FRED GOMES 208784 0 61025 0 4729 0 10439 0 34886 0 319863 0 0 0 LINDA BRUZZONE 102443 0 129970 0 1199 0 10244 0 25829 0 269685 0 0 0 CELIA TANAKA 179715 0 68810 0 5910 0 7800 0 10450 0 272685 0 0 0 CONNIE FINCH 192673 0 46969 0 1731 0 14451 0 17812 0 273636 0 0 0 DAVID HERRERA 189079 0 45569 0 599 0 14361 0 23031 0 272639 0 0 0 JOHN HAGGARTY 121410 0 23936 0 5481 0 9481 0 35004 0 195312 0 0 0 MOHAMAD SANGABI 49071 0 308623 0 3819 0 25000 0 9043 0 395556 0 0 0 FATEMEH ASAD SANGABI 28079 0 245227 0 5028 0 18750 0 20942 0 318026 0 0 0 LAN FIGUEROA 48536 0 201809 0 55 0 18736 0 9043 0 278179 0 0 0 ROBERT KETTMANN 47166 0 137592 0 237 0 3273 0 9938 0 198206 0 0 0 GREG MCCURDY 140781 0 11872 0 1397 0 0 0 29856 0 183906 0 0 0 PATRICIA M DOWD FORMER 0 0 0 0 110275 0 0 0 0 0 110275 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS A DEFERRED COMPENSATION AGREEMENT WITH A MEMBER OF THE EXECUTIVE MANAGEMENT TEAM THAT PROVIDES BENEFITS PAYABLE TO THIS EMPLOYEE IF HE MEETS THE REQUIREMENTS SET FORTH IN THE AGREEMENT. IF THIS EMPLOYEE BECOMES FULLY DISABLED AS DEFINED IN THE AGREEMENT, ACCRUED BENEFITS ARE IMMEDIATELY PAYABLE. THE BENEFITS ARE SUBJECT TO FORFEITURE IF EMPLOYMENT IS TERMINATED FOR CAUSE AS DEFINED IN THE AGREEMENT. WAYNE BUNKER OFFICER REAL ESTATE LOAN X 927486 870488 0 1 1 LINDA BRUZZONE OFFICER REAL ESTATE LOAN X 628000 475877 0 1 1 JIM ERNEST OFFICER REAL ESTATE LOAN X 709000 641892 0 1 1 FRED GOMES OFFICER REAL ESTATE LOAN X 245000 172154 0 1 1 HEIDI PARKS OFFICER REAL ESTATE LOAN X 738284 728308 0 1 1 CELIA TANAKA KEY EMPLOYEE REAL ESTATE LOAN X 335000 335000 0 1 1 MOHAMAD SANGABI HCE REAL ESTATE LOAN X 606682 599462 0 1 1 CONNIE FINCH KEY EMPLOYEE REAL ESTATE LOAN X 271623 231322 0 1 1 LAN FIGUEROA HCE REAL ESTATE LOAN X 397000 380098 0 1 1 DAVID HERRERA KEY EMPLOYEE REAL ESTATE LOAN X 695409 684440 0 1 1 JOHN HAGGARTY KEY EMPLOYEE REAL ESTATE LOAN X 600000 590345 0 1 1 FATEMEH ASAD SANGABI HCE REAL ESTATE LOAN X 394000 394000 0 1 1 GREG MCCURDY HCE REAL ESTATE LOAN X 599751 595705 0 1 1 6699091 FORM 990, PART VI, SECTION A, LINE 6 PROVIDENT CREDIT UNION IS A COOPERATIVE FINANCIAL INSTITUTION THAT IS OWNED AND CONTROLLED BY ITS MEMBERS, AND OPERATED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS TO ITS MEMBERS. PROVIDENT CREDIT UNION DOES NOT HAVE STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNING BOARD OF PROVIDENT CREDIT UNION IS COMPRISED OF VOLUNTEER MEMBERS WHO ARE DIRECTLY ELECTED BY ITS MEMBERS. EACH MEMBER OF THE GOVERNING BOARD SERVES FOR A PERIOD AS PRESCRIBED BY OUR BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B AT THE END OF EACH TERM OF THE BOARD MEMBERS, ELECTIONS ARE HELD AND BOARD MEMBERS ARE VOTED BY THE MEMBERS OF THE CREDIT UNION PURSUANT TO ITS BY-LAWS. MEMBER VOTES ARE ALSO REQUIRED TO RATIFY DECISIONS DEALING WITH REORGANIZATIONS AS IN THE CASE OF MERGER OR DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11 EACH BOARD MEMBER WILL RECEIVE A COMPLETED DRAFT OF THE FORM 990 FOR REVIEW AND BE GIVEN AN OPPORTUNITY TO SUGGEST CORRECTIONS OR REVISIONS PRIOR TO FILING EACH YEAR. FORM 990, PART VI, SECTION B, LINE 12C ALL STAFF ARE REQUIRED TO SIGN A CONFLICT OF INTEREST FORM ON AN ANNUAL BASIS. IN ADDITION, OUR POLICY REQUIRES THAT WE BE NOTIFIED WITHIN 10 DAYS OF ANY EVENT OR CIRCUMSTANCE THAT MAY RESULT IN A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 WE SUBSCRIBE TO NUMEROUS COMPENSATION SURVEYS FOR OFFICERS AND KEY EMPLOYEES. THESE ARE REVIEWED AND COMPARED TO CURRENT SALARY LEVELS. IN ADDITION, AN ANNUAL EVALUATION OF EACH PERSON'S PERFORMANCE IS COMPLETED INCLUDING ONE FOR THE CEO DONE BY THE BOARD. THE BUDGET IS ALSO A LARGE COMPONENT OF THIS DECISION. FORM 990, PART VI, SECTION C, LINE 18 FINANCIAL STATEMENTS ARE POSTED IN EACH BRANCH OFFICE AND ON THE WEB. THE OTHER DOCUMENTS WOULD BE AVAILABLE ON A CASE BY CASE BASIS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMEMTS ARE POSTED IN EACH BRANCH OFFICE AND ON THE WEB. THE GOVERNING DOCUMENTS AND CONFLICTS OF INTEREST POLICIES ARE MADE AVAILABLE ON A CASE BY CASE BASIS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: EQUITY ACQUIRED IN MERGER 302,000. MISCELLANEOUS ADJUSTMENT 8. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS NOT CHANGED EITHER ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. PROVIDENT SERVICES CORPORATION INC 303 TWIN DOLPHIN DRIVE REDWOOD CITY CA 94065 942355881 INSURANCE PRODUCTS CA PROVIDENT CREDIT UNION C 1282070 9060810 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 PROVIDENT SERVICES CORPORATION INC P 1180116 ACTUAL AMOUNT PAID