2025-11-17T14:08:51-06:00 2024-12-31 420714325 RSM US LLP 4650 E 53RD STREET DAVENPORT IA 52827 990 2024-01-01 951679662 FIRST CITY CREDIT UNION FIRS 2134814690 500 W WOODBURY ROAD ALTADENA CA 91001 LOURDES RUANO EVP/CFO 2134814690 2025-11-12 1 0 JENIFER L CHASE P01306883 5638884000 2025-11-12 2024 2025-03-06 01:10:19Z NAVNEET KHANNA 500 W WOODBURY ROAD ALTADENA CA 91001 41407589 0 X WWW.FIRSTCITYCU.ORG X 1937 CA TO PROVIDE HIGH QUALITY FINANCIAL SERVICES AND COMPETITIVE PRODUCTS TO OUR MEMBERS 6 6 140 6 200766 0 0 0 25148937 29124111 12971704 12239794 0 0 38120641 41363905 0 0 0 0 10991855 11508864 0 0 0 19549437 25666831 30541292 37175695 7579349 4188210 906616422 887999902 851598869 821819609 55017553 66180293 X FIRST CITY CREDIT UNION (THE CREDIT UNION) EXISTS TO SERVE ITS MEMBERS. THE CREDIT UNION IS COMMITTED TO OFFER A BROAD RANGE OF QUALITY FINANCIAL SERVICES, DELIVERED AND PRICED TO PROVIDE GOOD VALUE. THE CREDIT UNION SHALL MAINTAIN FINANCIALLY SOUND AND ETHICAL PRACTICES TO MERIT CONFIDENCE AND TRUST. 0 0 RETAIL LENDING: FIRST CITY CREDIT UNION PROVIDES A FULL RANGE OF RETAIL LENDING PRODUCTS TO ITS MEMBERS, INCLUDING NEW AND USED AUTO FINANCING, REAL ESTATE MORTGAGES, UNSECURED LOANS, HOME EQUITY LINES OF CREDIT AND OTHER RETAIL CREDIT. WE ARE AMONG THE LEADING CREDIT UNIONS IN THE COUNTRY IN TERMS OF OUR RELATIVE CONCENTRATION OF SUCCESSFUL AUTO LENDING PRODUCTS, WHICH REPRESENT 30% OF OUR TOTAL LOANS. WE CONTINUE TO DEVELOP OUR LENDING CAPABILITIES AS A RELIABLE SOURCE OF CREDIT IN THE CHALLENGING ECONOMIC CONDITIONS OF THE PAST YEAR. AT 12/31/2024, FIRST CITY CREDIT UNION HAD 55,967 MEMBER LOANS OUTSTANDING WITH A TOTAL BALANCE OF $414,688,530. DEPOSITS: FIRST CITY CREDIT UNION PROVIDES A FULL RANGE OF RETAIL DEPOSIT PRODUCTS TO ITS MEMBERS TO PROVIDE A SAFE AND INSURED INVESTMENT VEHICLE TO HELP FINANCIAL MANAGEMENT. THIS INCLUDES BOTH FIXED TERM CERTIFICATES OF DEPOSIT AND NON-MATURING DEPOSITS, SUCH AS MONEY MARKET ACCOUNTS. WE ALSO PROVIDE A FULL RANGE OF CHECKING ACCOUNT PRODUCTS THAT ALLOW OUR MEMBERS TO MANAGE THEIR DAY-TO-DAY FINANCES EFFECTIVELY THROUGH SERVICES SUCH AS DIRECT DEPOSIT OF PAYROLL AND ON-LINE BILL PAYMENT. OUR NETWORK OF 7 BRANCHES PROVIDE EASY ACCESS TO OUR DEPOSIT AS WELL AS OTHERS PRODUCTS. AT 12/31/2024, FIRST CITY CREDIT UNION HAD A TOTAL DEPOSIT BALANCE OF $773,364,852. CARD SERVICES: FIRST CITY CREDIT UNION PROVIDES CREDIT CARDS AND DEBIT CARDS TO ITS MEMBERS. THESE CARDS PROVIDE MEMBERS WITH THE CASH MANAGEMENT TOOLS NECESSARY FOR MUCH OF THEIR ONGOING PURCHASES AND BILL PAYMENTS ON A DAILY BASIS. THEY ALSO PROVIDE MEMBERS WITH THE ABILITY TO MANAGE FINANCES WITH A VARIETY OF OPTIONS, E.G., DEFERRING PAYMENTS UNTIL CASH IS AVAILABLE TO PAY OR MAKING PURCHASES WITH A DIRECT DEBIT WHEN PHYSICAL CHECKS ARE NOT ACCEPTED BY A MERCHANT. 0 0 1 0 0 0 0 0 0 1 1 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 8205 0 1 140 1 1 1 0 0 0 0 0 0 0 X 6 6 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 0 CA X LOURDES RUANO 2134814690 500 W WOODBURY ROAD ALTADENA CA 91001 CHRISTOPHER ANDERSON DIRECTOR 1.00 X 0 0 0 JOHN BENEDICT TREASURER 1.00 X X 0 0 0 CAROLYN BERNARDEZ DIRECTOR 1.00 X 0 0 0 WILLA GLOVER VICE CHAIR 1.00 X X 0 0 0 MARISA LOPEZ DIRECTOR 1.00 X 0 0 0 MICHAEL STEINBERGER CHAIR 1.00 X X 0 0 0 NAVNEET KHANNA CEO 40.00 X 601824 0 55236 LOURDES RUANO EVP/CFO 40.00 X 359041 0 53854 ALFREDO PEREZ SVP/CLO 40.00 X 232220 0 36292 MARY RUBIO SVP/CHRO 40.00 X 168548 0 19774 LIXA ANDERSON SVP/CIO 40.00 X 236821 0 46996 ROYCE NGIAM SVP/CMO 40.00 X 176488 0 41860 MARY BOLOSE VP, MEMBER SERVICES 40.00 X 170263 0 33557 OSCAR TOLEDO VP, ECOMMERCE & PAYMENTS 40.00 X 151535 0 40067 DAVID TRAN VP, TECHNOLOGY 40.00 X 177976 0 28595 ROBERT HERRERA SR SYSTEM ADMIN 40.00 X 150106 0 15942 DEBORAH MINERO AVP, PROJECT MANAGEMENT 40.00 X 141671 0 31902 2566493 0 404075 21 0 1 0 FINANCIAL TECHNOLOGY SOLUTIONS 406 EAST HUNTINGTON DRIVE MONROVIA AS 91016 ATM SERVICER 688543 JACK HENRY & ASSOCIATES PO BOX 609 MONETT MO 65708 CORE SYSTEM PROVIDER 454234 ALLIED NATIONWIDE SECURITY 7116 VALJEAN AVE VAN NUYS CA 91406 BRANCH SECURITY GUARDS 313369 INSYNC COMPUTER SOLUTIONS 23272 MILL CREEK DRIVE LAGUNA HILLS CA 92653 IT CONSULTANT 308325 TPX PO BOX 509013 SAN DIEGO CA 92150 COMMUNICATION LINE 286654 16 LOAN INCOME 522100 22287828 22287828 FEES & SERVICE CHARGES INCOME 522100 2651642 2450876 200766 INTERCHANGE INCOME 522100 2208369 2208369 OTHER INCOME 522100 1976272 1976272 29124111 12256857 12256857 26621 43684 -17063 -17063 -17063 41363905 28923345 200766 12239794 2028955 7696711 234157 868120 680921 88175 165908 619979 839393 2922051 2984672 1477331 295651 2336601 1212156 126277 DIVIDENDS PAID TO MEMBE 5585377 PROVISON FOR LOAN LOSS 4030722 VISA EXPENSES 976810 LOAN PROCESSING 932423 1073305 37175695 7812240 3724897 2261251 2398681 10837751 10898597 376673768 410706904 1282753 1333852 29272931 13729511 16371957 15543420 449592628 411366405 72064 72064 41712010 31955082 906616422 887999902 7671488 4262274 70000000 40000000 773927381 777557335 851598869 821819609 X 0 0 0 0 55017553 66180293 55017553 66180293 906616422 887999902 4188210 6974530 0 X X 0 1 X 1 0 4500 4500 4500 1 CALIFORNIA CREDIT UNION LEAGUE 2855 E GUASTI ROAD SUITE 202 ONTARIO CA 91761 940357265 4500 0 PART I-A, LINE 1: FIRST CITY CREDIT UNION CONTRIBUTED TO THE CALIFORNIA CREDIT UNION LEAGUE POLITICAL ACTION COMMITTEE TO SUPPORT CREDIT UNION ISSUES. 3997000 3997000 11470800 1307308 10163492 2719171 2330032 389139 11085960 10092171 993789 15543420 AVAILABLE FOR SALE SECURITIES 318245411 F SHORT TERM INVESTMENTS 85099787 C FHLB STOCK 8021207 C 411366405 MEMBER SHARES 773364852 LEASE LIABILITY 4192483 777557335 X 41363905 0 41363905 0 41363905 37175695 0 37175695 0 37175695 PART X, LINE 2: FIRST CITY CREDIT UNION (THE CREDIT UNION) IS A STATE-CHARTERED CREDIT UNION AS DESCRIBED IN INTERNAL REVENUE CODE (IRC) SECTION 501(C)(14) AND, AS SUCH, IS EXEMPT FROM FEDERAL TAXATION OF INCOME DERIVED FROM THE PERFORMANCE OF ACTIVITIES THAT ARE IN FURTHERANCE OF ITS EXEMPT PURPOSES. HOWEVER, IRC SECTION 511 IMPOSES A TAX ON THE UNRELATED BUSINESS INCOME (AS DEFINED IN SECTION 512) DERIVED BY STATE-CHARTERED CREDIT UNIONS. MANY STATES HAVE SIMILAR LAWS. FASB ASC 740-10-65, INCOME TAXES, PROVIDES GUIDANCE FOR HOW UNCERTAIN TAX POSITIONS SHOULD BE RECOGNIZED, MEASURED, DISCLOSED AND PRESENTED IN THE 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 SHOULD BE RECORDED AS A TAX EXPENSE AND LIABILITY IN THE CURRENT YEAR. FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023, THE CREDIT UNION HAS NO UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, HAS NOT RECORDED A LIABILITY FOR THE PAYMENT OF INTEREST OR PENALTIES. THE CREDIT UNION IS SUBJECT TO AND PAYS ALL STATE AND CITY TAXES ON GOODS AND SERVICES PURCHASED BY THE CREDIT UNION. X X 0 0 0 NAVNEET KHANNA CEO 481635 0 118125 0 2064 0 17250 0 37986 0 657060 0 0 0 LOURDES RUANO EVP/CFO 326758 0 28800 0 3483 0 15957 0 37897 0 412895 0 0 0 LIXA ANDERSON SVP/CIO 227717 0 8000 0 1104 0 11426 0 35570 0 283817 0 0 0 ALFREDO PEREZ SVP/CLO 212137 0 16600 0 3483 0 11002 0 25290 0 268512 0 0 0 ROYCE NGIAM SVP/CMO 175768 0 0 0 720 0 9340 0 32520 0 218348 0 0 0 DAVID TRAN VP, TECHNOLOGY 177256 0 0 0 720 0 9089 0 19506 0 206571 0 0 0 MARY BOLOSE VP, MEMBER SERVICES 158280 0 8500 0 3483 0 8165 0 25392 0 203820 0 0 0 OSCAR TOLEDO VP, ECOMMERCE & PAYMENTS 148703 0 2400 0 432 0 8120 0 31947 0 191602 0 0 0 MARY RUBIO SVP/CHRO 153423 0 11900 0 3225 0 7709 0 12065 0 188322 0 0 0 DEBORAH MINERO AVP, PROJECT MANAGEMENT 128683 0 7900 0 5088 0 6784 0 25118 0 173573 0 0 0 ROBERT HERRERA SR SYSTEM ADMIN 147993 0 1800 0 313 0 1350 0 14592 0 166048 0 0 0 NAVNEET KHANNA OFFICER COLLATERAL ASSIGNED SPLIT-DOLLAR LIFE INSURANCE POLICY X 10795000 10898597 0 1 1 10898597 FORM 990, PART VI, SECTION A, LINE 6 FIRST CITY CREDIT UNION HAS MEMBERS AS SPECIFIED IN ITS BYLAWS. FORM 990, PART VI, SECTION A, LINE 7A FIRST CITY CREDIT UNION MEMBERS HAVE THE POWER TO ELECT THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B FIRST CITY CREDIT UNION MEMBERS HAVE THE POWER TO ELECT AND REMOVE THE MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 8B FIRST CITY CREDIT UNION DOES NOT HAVE COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 WILL BE PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C FIRST CITY CREDIT UNION'S CONFLICT OF INTEREST POLICY APPLIES TO ITS BOARD MEMBERS AND ITS EMPLOYEES. A CONFLICT OF INTEREST GENERALLY MEANS A SITUATION WHERE THE CREDIT UNION'S INTERESTS AND A EMPLOYEE OR BOARD MEMBER'S INTERESTS MAY DIFFER, EVEN THOUGH IN THAT SITUATION THE PERSON'S RESPONSIBILITY IS TO ACT IN THE BEST INTEREST OF FIRST CITY CREDIT UNION. WHERE A CONFLICT OF INTEREST IS DEEMED TO EXIST, THE BOARD MEMBER WILL NOT VOTE ON THE MATTER AND WILL BE ASKED TO TAKE NO PART IN ANY DISCUSSION WITH RESPECT TO THE MATTER CREATING THE CONFLICT OF INTEREST, AND NOT ATTEMPT TO INFLUENCE, IN ANY WAY, THE GOVERNING BODY'S DECISIONS WITH REGARD THE MATTER CREATING THE CONFLICT OF INTEREST. THE BOARD CHAIR IS RESPONSIBLE FOR THE ADMINISTRATION OF THIS POLICY. THE VICE PRESIDENT OF HUMAN RESOURCES RECEIVES AND REVIEWS DISCLOSURES SUBMITTED BY BOARD MEMBERS. THE OBJECTIVE IS TO ENSURE THAT ANY ACTUAL OR PERCEIVED CONFLICT OF INTEREST IS AVOIDED OR EFFECTIVELY MANAGED. BREACHES OF CONFLICT OF INTEREST FOR BOARD MEMBERS AND THE PRESIDENT/CHIEF EXECUTIVE OFFICER WILL BE REPORTED TO THE BOARD CHAIR AND SUPERVISORY COMMITTEE CHAIR. IF THE BREACH OF CONFLICT PERTAINS TO THE BOARD CHAIR, A CLEAR SUBMISSION WILL GO TO THE VICE CHAIR AND THE SUPERVISORY COMMITTEE CHAIR. IN ADDITION, EMPLOYEE BREACHES REQUIRING DISCIPLINARY ACTION WILL BE REPORTED TO THE BOARD CHAIR AND SUPERVISORY COMMITTEE CHAIR. AN ACKNOWLEDGMENT OF CONFLICTS OF INTEREST POLICY AND DISCLOSURE STATEMENT WILL BE DEVELOPED, TO BE COMPLETED BY EVERY BOARD MEMBER UPON ELECTION OR APPOINTMENT, AND ANNUALLY THEREAFTER. FORM 990, PART VI, SECTION C, LINE 19 FIRST CITY CREDIT UNION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST IN THE SAME TIME AND MANNER AS OTHER DISCLOSURES REQUIRED UNDER INTERNAL REVENUE CODE SECTION 6104.