2011-04-26T14:44:30-05:00 2010-12-31 GERALD T REILLY & COMPANY INC 424 ADAMS STREET MILTON MA 02186 990 2010-01-01 043414490 TREMONT CREDIT UNION TREM 7818435626 PO BOX 850649 BRAINTREE MA 021850649 GEORGE LAMB 7818435626 2011-04-20 1 THOMAS O'CONNOR CPA 6176968900 2011-04-04 2010 2016-02-24 21:20:13Z GEORGE LAMB 150 GROSSMAN DRIVE BRAINTREE MA 02185 11411506 0 X WWW.TREMONTCU.ORG X 1952 MA STATE CHARTERED CREDIT UNION 9 9 69 0 0 -8527 0 0 10749754 11293807 294085 117699 0 0 11043839 11411506 13000 0 0 0 3987675 3402545 0 0 0 16647197 1936383 20647872 5338928 -9604033 6072578 176741535 169611141 162668501 148835939 14073034 20775202 STATE CHARTERED CREDIT UNION 0 0 0 0 THE CREDIT UNION PROVIDES FINANCIAL PRODUCTS SUCH AS VARIOUS TYPES OF DEPOSIT ACCOUNTS AND LOANS TO ITS MEMBERS. 0 0 0 0 0 0 0 0 1 0 0 0 0 0 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 0 1 4342 0 1 69 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 1 0 0 1 1 1 1 1 1 0 1 1 0 1 1 0 1 1 0 0 0 X GEORGE LAMB TREMONT CREDIT UNION 7818435626 150 GROSSMAN DRIVE BRAINTREE MA 021850649 MARTIN CONNOLLY 2.00 X 0 0 0 DARRELL ELOW 2.00 X 0 0 0 GEORGE HARDIMAN 5.00 X 0 0 0 ROBERT JOYCE 2.00 X 0 0 0 MATHEW MACHERA 2.00 X 0 0 0 KEVIN MULLEN 3.00 X 0 0 0 DAVID OWENS 2.00 X 0 0 0 MARJORIE POWELL 2.00 X 0 0 0 STERLING SCOTT 2.00 X 0 0 0 GEORGE LAMB 40.00 X 154262 0 19379 JAMES BROUDER 40.00 X 107298 0 10807 WILLIAM AKER 40.00 X 51384 0 5698 BLAIR NURSE 40.00 X 87881 0 14009 MICHAEL MULLEN 40.00 X 92714 0 15991 KELLI WYNNE 40.00 X 66501 0 2883 GARY FISHLOCK 40.00 X 173244 0 0 VANESSA GREENE 40.00 X 61735 0 6631 795019 0 75398 3 0 1 0 0 LOAN INCOME 522100 8084803 8084803 GAIN ON DEATH BENEFIT 522100 1665386 1665386 FEE INCOME 522100 1363319 1363319 INSURANCE COMMMISSIONS 522100 145210 145210 INCREASE IN CSV OF LIF 522100 35089 35089 11293807 117699 117699 11411506 11293807 0 117699 795019 1927652 612 451366 227896 431336 123201 623192 78856 420914 762572 36286 29994 1531050 217145 91498 SERVICE FEES 539845 IMPAIRMENT AND OTHER CH 205965 NCUSIF PREMIUM 181946 COMPUTER SOFTWARE 150912 EQUIPMENT MAINTENANCE 84370 -3572699 5338928 1882646 1676740 30042281 44417445 1903805 2923633 130425498 114379208 399376 192954 3357213 2701887 783994 655326 6433985 3030663 3275389 1839287 2090446 176741535 169611141 1985081 1010484 160683420 147825455 162668501 148835939 X 0 0 0 0 14073034 20775202 14073034 20775202 176741535 169611141 X 6072578 629590 X 0 1 1 X 0 1178973 734949 444024 2178240 1966938 211302 655326 MEMBERS' SHARES AND SAVINGS ACCOUNTS 147825455 147825455 11411506 5338928 6072578 -2034 631624 629590 6702168 11411506 0 11411506 0 11411506 5338928 0 5338928 0 5338928 PART XI, LINE 8 - OTHER ADJUSTMENTS: OCI FAS 158 DEFINED BENEFIT PLAN AND SERP ADJUSTMENT X 1 0 0 GEORGE LAMB 154262 0 0 0 0 0 0 0 19379 0 173641 0 0 0 GARY FISHLOCK 173244 0 0 0 0 0 0 0 0 0 173244 0 0 0 PART I, LINE 4A BLAIR NURSE WAS THE LENDING MANAGER AT THE CREDIT UNION UNTIL JULY 30, 2010. IN ACCORDANCE WITH A SIGNED AGREEMENT, BLAIR RECEIVED A SEVERANCE PACKAGE CONSISTING OF NORMALLY SCHEDULED PAYROLL CHECKS, AS WELL AS PAID MEDICAL AND DENTAL PREMIUMS, FROM JULY 30, 2010 UNTIL JANUARY 30, 2011. THE PORTION OF THIS COMPENSATION RECEIVED IN 2010 TOTALED $35,000 AND WAS INCLUDED ON HIS W-2 FOR 2010. FORM 990, PART VI, SECTION A, LINE 2 ONE OF THE MEMBERS OF THE BOARD OF DIRECTORS IS THE FATHER OF THE VP OF BRANCH ADMINISTRATION. THE VP OF HUMAN RESOURCES AND INFORMATION TECHNOLOGY IS THE NIECE OF THE FORMER CEO/PRESIDENT. FORM 990, PART VI, SECTION A, LINE 5 APPROXIMATELY $3.9 MILLION OF LOAN CHARGE-OFFS WAS RELATED TO ONE UNSECURED COMMERCIAL LINE OF CREDIT ORIGINATED DURING 2009, WHICH WAS INVESTIGATED BY THE CREDIT UNION AND ITS REGULATORS DUE TO THE POSSIBLE FRAUDULENT NATURE OF THE LOAN. DURING 2010, THE CREDIT UNION RECEIVED REIMBURSEMENT FOR THE FULL CHARGE-OFF AMOUNT OF $3.9 MILLION. FORM 990, PART VI, SECTION A, LINE 6 MEMBERS CONSIST OF DEPOSITORS WITH A MINIMUM BALANCE OF $5 IN THEIR SAVINGS ACCOUNT. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE CREDIT UNION MAY ELECT ONE OR MORE OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS HAVE VOTING RIGHTS OVER CERTAIN DECISIONS MADE BY THE GOVERNING BODY (BOARD OF DIRECTORS). VOTING USUALLY TAKES PLACE AT THE ANNUAL MEETING AND THEIR VOTING RIGHTS CONSIST OF ELECTION OF THE BOARD OF DIRECTORS, CORPORATE CHARTER AND BY-LAW CHANGES AND APPROVAL OF MERGERS WITH OTHER FINANCIAL INSTITUTIONS. FORM 990, PART VI, SECTION B, LINE 11 CURRENTLY THE CREDIT UNION DOES NOT HAVE A POLICY IN PLACE FOR THE GOVERNING BODY TO REVIEW THE FORM 990. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -2,034. OCI FAS 158 DEFINED BENEFIT PLAN AND SERP ADJUSTMENT 631,624. TOTAL TO FORM 990, PART XI, LINE 5: 629,590.