2011-11-15T13:41:41-06:00 2010-12-31 WIPFLI LLP 7601 FRANCE AVENUE SOUTH SUITE 400 MINNEAPOLIS MN 55435 990 2010-01-01 390827305 MARINE CREDIT UNION MARI 6087911543 811 MONITOR STREET LA CROSSE WI 54601 GARLAND KOCH 6087911543 2011-11-14 1 RICHARD RUVELSON 9525483400 2011-11-14 2010 2016-03-07 17:11:31Z SHAWN HANSON 811 MONITOR STREET LA CROSSE WI 54601 66500968 0 2157 X WWW.MARINECU.COM X 1949 WI WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. WE WILL INCREASE THE NUMBER AND PERCENTAGE OF CUSTOMERS AVAILING THEMSELVES OF A VARIETY OF HIGH QUALITY SERVICES. 7 7 371 8 2849354 0 0 0 36601130 37753563 2333274 203710 0 -1035898 38934404 36921375 0 0 0 0 11834653 14534897 0 0 0 23254413 27024796 35089066 41559693 3845338 -4638318 421629627 414191029 384476562 383952448 37153065 30238581 WE WILL SERVE MORE OF THE UNDERSERVED WITH PRODUCTS, SERVICE, TIME AND GIVING. WE WILL INCREASE THE NUMBER AND PERCENTAGE OF CUSTOMERS AVAILING THEMSELVES OF A VARIETY OF HIGH QUALITY SERVICES. 0 0 DEPOSIT TAKING - MARINE CREDIT UNION ACTS AS A FINANCIAL INTERMEDIARY IN EACH OF THE COMMUNITIES IT SERVES. EACH OF OUR 60,000 MEMBERS HAS AT LEAST ONE SAVINGS ACCOUNT AND THESE MEMBERS HAVE OVER 28,000 CHECKING ACCOUNTS WITH MARINE. WE OFTEN PROVIDE THESE SERVICES AT A LOWER COST THAN WHAT WOULD OTHERWISE BE AVAILABLE. WE PROTECT OVER $332 MILLION OF INSURED FUNDS ON BEHALF OF OUR DEPOSITORS. CONSUMER LENDING - MARINE CREDIT UNION IS A FULL SERVICE CONSUMER LENDING INSTITUTION. IN 2010 WE GRANTED OVER 5,900 CONSUMER LOANS FOR A TOTAL OF OVER $40 MILLION. THESE LOANS ARE USED BY OUR BORROWERS TO CONSOLIDATE DEBT, PURCHASE GOODS SUCH AS AUTOMOBILES AND RECREATIONAL VEHICLES AND TO FINANCE CONTINUING EDUCATION EXPENSES. THE TOTAL CONSUMER LOAN PORTFOLIO IS GREATER THAN $128 MILLION. MORTGAGE LENDING - MARINE CREDIT UNION IS AN INTEGRAL PART OF THE COMMUNITIES WE SERVE BY PROVIDING OVER 700 LOANS TOTALING OVER $42 MILLION. THESE LOANS ARE USED BY BORROWERS TO PURCHASE, REFINANCE OR IMPROVE THEIR HOMES. CURRENT MORTGAGE LOANS OUTSTANDING EXCEED $161 MILLION. 0 0 0 0 0 0 0 0 1 0 0 1 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 1 1 1 0 1 15977 0 371 1 1 1 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 0 1 1 0 1 1 1 1 0 X GARLAND KOCH 6087911543 811 MONITOR STREET LACROSSE WI 54601 DIANNE MORRISSON 1.00 X X 0 0 0 RICHARD SWANTZ 1.00 X 0 0 0 ROBERT CARNEY 1.00 X X 5769 0 0 STEVE ROSS 1.00 X X 0 0 0 TERRY WITZKE 1.00 X 0 0 0 WILLIAM SACIA 1.00 X 0 0 0 BARBARA MUSSMAN 1.00 X 0 0 0 ALAN WEHRENBERG 40.00 X 106158 0 22562 BRAD NOEL 40.00 X X 179402 0 23155 MARGARET LAMB TERM 2811 40.00 X 136680 0 19073 NIEL DEVASIR TERM 93010 40.00 X X 177705 0 17213 SHAWN HANSON 40.00 X X 259438 0 26148 JOHN RAUSHENBERGER 40.00 X 142641 0 11385 ERIK BEACH 40.00 X 113998 0 20579 RICK BOWE 40.00 X 129777 0 4488 LISA DEML 40.00 X 104210 0 22976 WILLIAM FAUST TERM 31811 40.00 X 115956 0 11881 1471734 0 179460 10 0 1 0 0 INTEREST ON LOANS 522100 24847231 24847231 SERVICE FEES AND OTHER 522100 11295511 7688962 3606549 MISCELLANEOUS INCOME 522100 650672 650672 COMMISSION INCOME 522100 582184 582184 LATE CHARGES 522100 377965 377965 37753563 157478 157478 128161 128161 128161 128161 27631592 1994233 27243525 2336068 388067 -341835 46232 -341835 388067 LLC LOSS 522100 -1164059 -406864 -757195 -1164059 36921375 33526476 2849354 545545 973302 10187133 250647 2105797 1018018 847393 487928 254016 726443 862650 1691200 274058 88183 474349 1742545 954621 LOAN LOSS PROVISION 9466517 DIVIDENDS ON MEMBER ACC 3319332 LOAN SERVICING/PROCESSI 2226443 MISCELLANEOUS EXPENSES 1462993 ATM/DEBIT CARD/INTERCHA 1338246 807879 41559693 6307998 6115414 15946652 23622434 334174909 342571363 1767434 1285891 30113470 11436438 19045674 18677032 28301986 370784 16084974 21548111 421629627 414191029 2363370 7763258 70273096 35781471 311840096 340407719 384476562 383952448 X 0 0 0 0 37153065 30238581 37153065 30238581 421629627 414191029 X -4638318 -2276166 X X 0 1 1 X 0 3275002 3275002 16809282 3522808 13286474 9807019 7701783 2105236 222167 211847 10320 18677032 ACCRUED INTEREST 2176179 MORTGAGE SERVICING RIGHTS 2663878 OTHER ASSETS 11888750 INVESTMENT IN CUSO 271379 FHLB CHI 2153452 OTHER REAL ESTATE OWNED 2394473 21548111 SHARE DRAFTS 58420004 REGULAR SHARES 84392157 MONEY MARKET SHARES 91894370 SHARE CERTIFICATES 79337667 IRA/KEOGH ACCOUNT 26363521 340407719 36921375 41559693 -4638318 -1776479 -499687 -2276166 -6914484 PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN UNREALIZED GAIN/LOSS - SECURITIES -499,687. X X X 1 1 X X X X 0 0 0 BRAD NOEL 179402 0 0 0 0 0 0 0 23155 0 202557 0 0 0 MARGARET LAMB TERM 2811 136680 0 0 0 0 0 0 0 19073 0 155753 0 0 0 NIEL DEVASIR TERM 93010 177705 0 0 0 0 0 0 0 17213 0 194918 0 0 0 SHAWN HANSON 259438 0 0 0 0 0 0 0 26148 0 285586 0 0 0 JOHN RAUSHENBERGER 142641 0 0 0 0 0 0 0 11385 0 154026 0 0 0 PART I, LINE 1A TEMPORARY, TAXABLE HOUSING ALLOWANCES WERE PROVIDED TO NEW MANAGEMENT PERSONNEL RECRUITED FROM OUTSIDE THE LA CROSSE AREA. SHAWN L HANSON DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 2550000 2550000 0 1 1 MARK RIELAND DEFERRED COMPENSATION PROGRAM TO PROMOTE EMPLOYEE RETENTION X 330000 330000 0 0 1 2880000 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION CONSISTS OF MEMBERS. TO BE A MEMBER, ONE MUST HAVE A SHARE/SAVINGS ACCOUNT. EACH MEMBER HAS ONE VOTE TO ELECT THE GOVERNING BODY (BOARD OF DIRECTORS). FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERSHIP UTILIZING THEIR ONE VOTE PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS WOULD NEED TO APPROVE DECISIONS SUCH AS CHANGE OF NAME OR A MERGER DECISION. FORM 990, PART VI, SECTION B, LINE 11 AN INITIAL REVIEW OF THE 990 IS PERFORMED BY THE CFO. ANY REVISIONS THAT NEED TO BE MADE ARE COMPLETED AND THE REVISED 990 IS PRESENTED TO THE CEO PRIOR TO THE REPORT BEING FILED. FORM 990, PART VI, SECTION B, LINE 15 CEO: THE BOARD OF DIRECTORS APPROVES COMPENSATION AS RECOMMENDED BY THE COMPENSATION COMMITTEE. BASE COMPENSATION IS TARGETED TO THAT OF PEER FINANCIAL INSTITUTIONS OF SIMILAR SIZE AND COMPLEXITY. INCENTIVE PAY AND BASE PAY INCREASES OR DECREASES ARE DRIVEN BY THE PERFORMANCE OF THE EXECUTIVE VERSUS PRE-DETERMINED GOALS AND OBJECTIVES WHICH ARE ALIGNED WITH THE MISSION AND STRATEGY OF THE ORGANIZATION. THE CEO IS GIVEN QUARTERLY AND ANNUAL PERFORMANCE EVALUATIONS WHICH FACTOR INTO COMPENSATION DISCUSSIONS. OTHER OFFICERS AND KEY EMPLOYEES: BASE COMPENSATION IS DRIVEN BY MARKETPLACE TRENDS AND OTHER COMPETITIVE FACTORS. INCENTIVE PAY AND BASE PAY INCREASES ARE DRIVEN BY THE PERFORMANCE OF EACH EMPLOYEE VERSUS PRE-DETERMINED GOALS AND OBJECTIVES WHICH ARE ALIGNED WITH THE MISSION AND STRATEGY OF THE ORGANIZATION. ALL EMPLOYEES ARE EVALUATED AGAINST OBJECTIVE AND SUBJECTIVE CRITERIA ON A MONTHLY AND ANNUAL BASIS. FORM 990, PART VI, SECTION C, LINE 19 BYLAWS ARE AVAILABLE UPON REQUEST AND ANNUAL FINANCIAL STATEMENTS ARE POSTED ON THE ORGANIZATION'S WEBSITE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: PRIOR PERIOD ADJUSTMENTS: -1,776,479. CHANGE IN UNREALIZED GAIN/LOSS - SECURITIES -499,687. TOTAL TO FORM 990, PART XI, LINE 5: -2,276,166. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. ADVANTAGE FINANCIAL SERVICES LLC 127 WEST AVE N LA CROSSE WI 54601 800018187 HOLDING COMPANY WI 47241 5942030 MARINE CREDIT UNION PREMIER BUSINESS SERVICES 127 WEST AVE N LA CROSSE WI 54601 263861873 BUSINESS LOAN UNDERWRITING AND SERVICING WI 227252 ADVANTAGE FINANCIAL SERVICES CONSUMER LOAN SERVICES LLC 600 3RD ST N SUITE 200 LA CROSSE WI 54601 270191461 MORTGAGE UNDERWRITING AND SERVICING WI 1414131 8564732 ADVANTAGE FINANCIAL SERVICES CREDIT UNION LOAN DEPARTMENT LLC 127 WEST AVE N LA CROSSE WI 54601 264591788 LOAN COLLECTION TO FINANCIAL INSTITUTIONS WI 55843 0 ADVANTAGE FINANCIAL SERVICES ASK FOR CREDIT UNIONS 127 WEST AVE N LA CROSSE WI 54601 264187781 MANAGEMENT EXPERTISE TO CREDIT UNIONS WI 12 0 ADVANTAGE FINANCIAL SERVICES MARINE INSURANCE SERVICES 811 MONITOR ST LA CROSSE WI 54603 263295091 INSURANCE AGENCY WI ADVANTAGE FINANCIAL SERVICES UNRELATED -1226832 368991 0 -757195 1 0.95000 ADVISORS MANAGEMENT GROUP INC 505 KING ST SUITE 208 LACROSSE WI 54601 411619602 FINANCIAL PLANNING AND PORTFOLIO MANAGEMENT WI N/A C 51873 327478 0.42500 1 0 0 0 0 1 0 0 1 0 0 0 0 1 0 1 0 0 MARINE INSURANCE SERVICES A 269943 FMV MARINE INSURANCE SERVICES P 102866 FMV MARINE INSURANCE SERVICES N 162397 FMV MARINE INSURANCE SERVICES I 13752 FMV MARINE INSURANCE SERVICES F 18127 FMV