2025-10-30T13:23:26-05:00 2024-12-31 994260840 DOEREN MAYHEW 8785 SW 165TH AVENUE SUITE 303 MIAMI FL 33193 990 2024-01-01 380549595 LOC CREDIT UNION LOCC 2484742200 22981 FARMINGTON ROAD FARMINGTON MI 48336 KARI CIARAMITARO EVP - FINANCE AND ACCOUNTING 2484742502 2025-10-29 1 0 AUBREY CLEGG P01076395 3052328272 2025-10-29 2024 2025-03-06 01:10:19Z STEPHEN P GRECH 22981 FARMINGTON ROAD FARMINGTON MI 48336 24169114 0 X WWW.LOCCREDITUNION.COM X CREDIT UNION 1935 MI TO PROVIDE FINANCIAL SERVICES TO MEMBER OWNERS 11 11 125 13 19085 7440 0 0 14257350 17459044 4519211 4757320 0 0 18776561 22216364 250 0 0 0 6997436 7798769 0 0 0 7620372 10624891 14618058 18423660 4158503 3792704 434942078 445936870 404187729 408881903 30754349 37054967 WE OFFER A COMMITTMENT TO OUR MEMBERS TO PROVIDE QUALITY FINANCIAL SERVICES IN A FRIENDLY MANNER WITH SOUND PROFESSIONAL LEADERSHIP. 0 0 PROVIDE 27,288 MEMBERS WITH REGULAR SAVINGS, CHECKING, MONEY MARKET, CERTIFICATES OF DEPOSIT, AND IRA ACCOUNTS TOTALING $403,509,389. PROVIDE 14,142 LOANS INCLUDING VEHICLE, MORTGAGES, HOME EQUITY, COMMERCIAL/BUSINESS, UNSECURED, AND CREDIT CARDS TOTALING $254,807,097. OFFER DEBIT CARDS, DIGITAL BANKING, AUTOMATED TELLER MACHINES, WIRE TRANSFERS, VARIOUS INSURANCE PRODUCTS, AND WEALTH MANAGEMENT. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 6529 0 1 125 1 1 1 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X KIM HAGSTROM 2484742200 22981 FARMINGTON ROAD FARMINGTON MI 48336 MICHAEL LASLEY CHAIRPERSON 1.00 X 0 0 0 PAUL J RENKO JR V. CHAIRPERSON 1.00 X 0 0 0 PAUL HAIN SECRETARY 1.00 X 0 0 0 DALE COUNTEGAN TREASURER 1.00 X 0 0 0 ANNE SCHROEDER DIRECTOR 1.00 X 0 0 0 BETTY RICHARDS DIRECTOR 1.00 X 0 0 0 DAVID DRAKE DIRECTOR 1.00 X 0 0 0 DOMENIC LAURIA DIRECTOR 1.00 X 0 0 0 MICHAEL CONNOLLY DIRECTOR 1.00 X 0 0 0 NATALIE CLEMONS DIRECTOR 1.00 X 0 0 0 PATRICK MONTI DIRECTOR 1.00 X 0 0 0 PAUL WYDENDORF DIRECTOR 1.00 X 0 0 0 STEPHEN P GRECH PRESIDENT/CEO 40.00 X 301964 0 42073 JONATHON ELLIOTT SENIOR EVP 40.00 X 224438 0 36629 KARI CIARAMITARO EVP FINANCE 40.00 X 187241 0 28838 CHRISTENA KOESTER EVP OPERATIONS AND TECHNOLOGY 40.00 X 186525 0 55999 DARIN BENTLEY VP & CHIEF INFORMATION OFFICER 40.00 X 165256 0 33085 WILLIAM COOK VP OF REAL ESTATE LENDING 40.00 X 165573 0 27150 MARC BUCHANAN VP & CHIEF MARKETING/DIGITAL BANKING OFFICER 40.00 X 151671 0 19508 KIMBERLY HAGSTROM VP & CHIEF FINANCIAL OFFICER 40.00 X 144079 0 9449 JOHN SCOTT VP & CHIEF LENDING OFFICER 40.00 X 118404 0 24186 1645151 0 276917 11 0 1 0 MDT 30230 ORCHARD LAKE RD FARMINGTON HILLS MI 48334 DATA PROCESSING 756438 VELERACO-OP 9692 HAVEN AVENUE RANCHO CUCAMONGA CA 91730 CARD PROCESSING 650258 ALKAMI PO BOX 122223 DEPT 2223 DALLAS TX 75313 DIGITAL BANKING 417584 DIGMED LLC DBA WHITE64 8603 WESTWOOD CENTER DR TYSONS VA 22182 MARKETING/LOAN & NEW ACCOUNT SOFTWARE 356519 XFER COMMUNICATIONS 31478 INDUSTRIAL RD STE 200 LIVONIA MI 48150 IT & NETWORK 169250 9 INTEREST ON LOANS 522100 13125841 13125841 FEES/CHARGES/OTHER 522100 4314118 4314118 FINANCE AND INSURANCE 520000 19085 19085 17459044 4752870 4752870 1957200 1952750 4450 4450 4450 22216364 22197279 19085 0 X 1063707 4894936 234340 1118151 487635 31830 107023 478323 452886 728971 1022867 365033 56467 3007912 20925 432703 123685 UBIT EXPENSE 3568 INTANGIBLE 1212435 ATM EXPENSES 961892 MAINTENANCE 694036 924335 18423660 2744184 3821408 12670001 23924724 1725161 1153239 7379408 7513391 241890216 247028690 664364 639963 12327933 1792955 7710718 10534978 144543563 134497294 2766139 5516713 4243522 3031087 8604802 8275383 434942078 445936870 5390973 5372514 398796756 403509389 404187729 408881903 X 0 0 0 0 30754349 37054967 30754349 37054967 434942078 445936870 3792704 2507914 0 X X 0 1 X 1 0 2436000 2436000 7672385 799778 6872607 333936 317665 16271 1885612 675512 1210100 10534978 CERTIFICATE OF DEPOSIT 49694400 IRA DEPOSITS 4106034 SHARE DRAFTS 93865180 SHARES 172479576 SPECIAL DEPOSITS 83364199 403509389 X 22216364 0 22216364 0 22216364 18423660 0 18423660 0 18423660 PART X, LINE 2: THE CREDIT UNION IS EXEMPT, BY STATUTE (IRC SECTION 501(C)(14)), FROM FEDERAL AND STATE INCOME TAXES. X 1 1 X X X X 0 1 0 STEPHEN P GRECH PRESIDENT/CEO 246023 0 46365 0 9576 0 14749 0 27324 0 344037 0 0 0 JONATHON ELLIOTT SENIOR EVP 171504 0 23420 0 29514 0 10819 0 25810 0 261067 0 0 0 CHRISTENA KOESTER EVP OPERATIONS AND TECHNOLOGY 140720 0 14000 0 31805 0 29265 0 26734 0 242524 0 0 0 KARI CIARAMITARO EVP FINANCE 151788 0 14400 0 21053 0 8937 0 19901 0 216079 0 0 0 DARIN BENTLEY VP & CHIEF INFORMATION OFFICER 153008 0 11500 0 748 0 8315 0 24770 0 198341 0 0 0 WILLIAM COOK VP OF REAL ESTATE LENDING 39309 0 116756 0 9508 0 8430 0 18720 0 192723 0 0 0 MARC BUCHANAN VP & CHIEF MARKETING/DIGITAL BANKING 132023 0 9000 0 10648 0 7707 0 11801 0 171179 0 0 0 KIMBERLY HAGSTROM VP & CHIEF FINANCIAL OFFICER 130299 0 10200 0 3580 0 7175 0 2274 0 153528 0 0 0 PART I, LINE 4B THE CREDIT UNION HAS SPLIT DOLLAR COLLATERAL ASSIGNMENT LOAN AGREEMENTS WITH JON ELLIOT, CHRISTENA KOESTER, STEPHEN P. GRECH, KARI CIARAMITARO, WHEREAS THE CREDIT UNION PAYS THE ANNUAL LIFE INSURANCE PREMIUMS DURING THE EXECUTIVES' YEARS OF SERVICE ON BEHALF OF THE EXECUTIVES. THE CREDIT UNION HAS DEPOSITED FUNDS INTO A PREMIUM DEPOSIT ACCOUNT TO PAY THE ANNUAL LIFE INSURANCE PREMIUMS ON BEHALF OF THE EXECUTIVES. THE EXECUTIVES ARE THE SOLE OWNERS OF THE POLICIES AND ASSIGNED THE LIFE INSURANCE POLICIES AND THE ASSOCIATED PREMIUM DEPOSIT ACCOUNTS AS COLLATERAL TO THE CREDIT UNION. THE SPLIT DOLLAR ARRANGEMENTS WERE GRANTED TO THE EXECUTIVES WITH FULL RECOURSE BY THE CREDIT UNION. THE LOANS ARE EXPECTED TO BE REPAID FROM THE DEATH BENEFIT OF THE POLICIES. THE FOLLOWING EXECUTIVE PARTCIPATED IN THE 457F PLAN: CHRISTENA KOESTER $20,000 (PAYOUT) $21,389 (ACCRUAL) JONATHON ELLIOT SENIOR EVP COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 919372 1052723 0 1 1 CHRISTENA KOESTER EVP OPERATIONS AND TECHNOLOGY COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 606684 646524 0 1 1 STEPHEN P GRECH PRESIDENT/CEO COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 1971117 2062327 0 1 1 JAMES DICKINSON FORMER CEO (LOC FCU) COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 1501650 1814910 0 1 1 KARI CIARAMITARO EVP FINANCE COLLATERAL ASSIGNMENT SPLIT DOLLAR PLAN X 1733298 1936907 0 1 1 7513391 FORM 990, PART VI, SECTION A, LINE 6 THE CREDIT UNION HAS A SINGLE CLASS OF MEMBERS WITH EQUAL RIGHTS OF OWNERSHIP, GOVERNANCE, AND VOTING. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY MEMBERSHIP VOTE. EACH BOARD MEMBER IS ELECTED FOR A THREE YEAR TERM. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN CREDIT UNION DECISIONS ARE SUBJECT TO MEMBERSHIP APPROVAL, INCLUDING MERGERS. FORM 990, PART VI, SECTION B, LINE 11B A REVIEW IS CONDUCTED BY THE EVP OF FINANCE AND ACCOUNTING PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, ALL DIRECTORS AND SENIOR LEADERSHIP TEAM MEMBERS ARE REQUIRED TO COMPLETE AND SIGN A CONFLICT OF INTEREST STATEMENT WHICH REQUIRES DISCLOSURE OF ANY POTENTIAL CONFLICTS OR RELATIONSHIPS WITH RELATED PARTIES. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION IS APPROVED BY THE PERSONNEL COMMITTEE BASED ON RECOMMENDATION FROM THE EXECUTIVE LEADERSHIP TEAM'S REVIEW OF COMPARATIVE DATA AND JOB PERFORMANCE. CEO COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL SERVICES 478,323. FORM 990, PART IX, LINE 24E PROVISION FOR LOAN LOSSES 309,534. LOAN SERVICING 202,561. DEBIT/CREDIT CARD EXPENSES 165,744. MISCELLANEOUS 157,077. TRAINING/EDUCATION/DEVELOPMENT 89,419. FORM 990, PART XII, LINE 2C THERE WERE NO CHANGES IN THE PROCESS OF THE COMMITTEE THAT ASSUMES RESPONSIBILITY OF THE OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR.