2025-06-16T16:42:35-07:00 2024-08-31 990 2024-01-01 620579508 FIRST SOUTH FINANCIAL CREDIT UNION FIRS 9013407400 2723 SUMMER OAKS DRIVE BARTLETT TN 38134 Paul Pennebaker CFO 9013807400 2025-06-16 1 2024 2025-03-06 01:10:19Z X Paul Pennebaker 2723 Summer Oaks Drive Bartlett TN 38134 41196500 0 X WWW.FIRSTSOUTH.COM X 1957 TN FIRST SOUTH FINANCIAL CREDIT UNION IS A STATE CHARTERED CREDIT UNION AND CO-OPERATIVE THAT PROMOTES THRIFT, SAVINGS, AND LOANS TO ITS MEMBERS. X 7 7 183 7 0 0 0 0 17382903 16642932 11896763 8450294 24376873 16103274 53656539 41196500 0 0 0 0 19272192 10003630 0 0 0 20378947 17785393 39651139 27789023 14005400 13407477 755950628 0 547209156 0 208741472 0 FIRST SOUTH FINANCIAL CREDIT UNION IS A STATE CHARTERED CREDIT UNION AND CO-OPERATIVE THAT PROMOTES THRIFT, SAVINGS, AND LOANS TO ITS MEMBERS. 0 0 27789023 0 41196500 MEMBERS ARE OFFERED A FULL SUITE OF FINANCIAL SERVICES THAT MEET ALL OF THEIR NEEDS. 0 0 0 27789023 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 1 7605 0 1 183 1 0 0 0 0 0 0 1 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X Paul Pennebaker 9013807400 2723 Summer Oaks Drive Bartlett TN 38134 Dr W Craig Esrael President/CEO 40 0 X 803529 0 17250 Summers Townsend Executive Vice President 40 0 X 227308 0 11340 Tammy Craig Chief Information Officer 40 0 X 172551 0 8461 W Paul Pennebaker Chief Financial Officer 40 0 X 172551 0 8371 Maria McLendon Chief Marketing Officer 40 0 X 133654 0 6346 Jodi Hill Contoller 40 0 X 112500 0 5625 Ian Johnson SVP Tech and Innovation 40 0 X 96923 0 4835 David Joyner Senior Vice President - Information Systems 40 0 X 86539 0 3317 Delynn Byars Senior Vice President 40 0 X 83435 0 5202 Laura Prater Legal Counsel 40 0 X 73837 0 4636 Penny Hensley SVP Mortgages 40 0 X 73835 0 4624 Eugene Douglass Board Member 5 0 X 0 0 0 Deb Ross Board Member 5.00 0 X 0 0 0 Christi Kelley Board Member 5.00 0 X 0 0 0 Rob Kamery Board Member 5.00 0 X 0 0 0 John Bills Board Member 5.00 0 X 0 0 0 Gary Blume Board Member 5.00 0 X 0 0 0 Thomas Dean Jr Board Member 5.00 0 X 0 0 0 2036662 0 80007 0 1 1 0 0 0 Loan interest 522130 16642932 16642932 0 0 16642932 8450294 8450294 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fee income 522130 16103274 16103274 0 0 16103274 41196500 41196500 0 0 0 0 0 0 2036662 0 6503061 436072 313430 714405 0 76143 34083 0 0 0 616750 920126 2994750 1255906 0 681569 0 0 192000 3092042 0 265712 0 Loan servicing 824647 Other expenses 273665 Loan loss expense 6558000 27789023 0 0 0 10214270 0 183008953 0 0 0 8372543 0 0 0 0 0 467959052 0 0 0 518965 0 13068511 0 0 0 0 63580827 0 0 0 9227507 0 755950628 0 15151652 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 532057504 547209156 0 X 0 0 0 0 208741472 0 208741472 0 755950628 0 X 13407477 0 0 0 0 -222148949 X 0 1 X 1 0 0 0 0 Dr W Craig Esrael President/CEO 803529 0 0 0 0 0 0 0 17500 0 821029 0 0 0 Summers Townsend Executive Vice President 227308 0 0 0 0 0 0 0 11340 0 238648 0 0 0 Tammy Craig Chief Information Officer 172551 0 0 0 0 0 0 0 8461 0 181012 0 0 0 W Paul Pennebaker Chief Financial Officer 172551 0 0 0 0 0 0 0 8371 0 180922 0 0 0 All assets, liabilities, and capital were transferred. 2024-08-31 761493540 FMV of the assets approximated book value. 620579508 First South Financial Federal Credit Union 2723 Summer Oaks Drive Bartlett TN 38134 IRC 501(c)(1) 1 0 0 0 1 1 1 1 0 Schedule N, Part I, Line 2 First South Financial Credit Union (formerly chartered in the state of Tennessee) became a federal credit union and added "Federal" to its name. The new name of the credit union became First South Financial Federal Credit Union on the date the credit union became a federal credit union. All members of the board of directors (see form 990, section Part VII for the members of the board of directors) of First South Credit Union became members of the board of directors of First South Financial Federal Credit Union on the date of the conversion to the federal charter. Form 990, Part VI, Section A, Line 6 First South Financial Credit Union is a mutual association which is owned by its members. To qualify for membership, you only need to meet one of the following requirements: work, worship, attend school, volunteer, regularly do business in or participate in an association headquartered in any of the areas in Tennessee, Mississippi, or Arkansas that is included in our field of membership; have a family member who is a member of First South Financial Credit Union; or is related to someone who is eligible to join. Form 990, Part VI, Section A, Line 7a The members of the Board of Directors are elected by the members of First South Financial Credit Union. Form 990, Part VI, Section A, Line 7b The bylaws of First South Financial Credit Union require that certain decisions be approved by the membership. Form 990, Part VI, Section B, Line 11b IRS form 990 is reviewed by the President/Chief Executive Officer prior to being filed. Form 990, Part VI, Section B, Line 12c The employee policy manual is updated at least annually. The employee policy manual is approved by the Board of Directors and the approval by the Board of Directors is documented in the minutes of the Board of Directors. Form 990, Part VI, Section B, Line 15 The compensation of the President/Chief Executive Officer is determined by a committee of the Credit Union. The compensation of the other employees is determined by the President/Chief Executive Officer. In every instance, compensation is determined after the performance of each employee, a market condition survey, and an analysis performed by external consultants. Form 990, Part VI, Section C, Line 19 Documents are available to the public upon request during normal business hours. Form 990, Part XI, Line 9 First South Financial Credit Union (formerly chartered in the state of Tennessee) converted to a federal charter. On the date of the conversion, the requirement to file an IRS 990 ended. The assets, liabilities, and capital were transferred from the state chartered credit union to the federal charter credit union. IRS has confirmed in writing that the federal chartered credit union (First South Financial Federal Credit Union) is not required to file an IRS Form 990. First South Investment Services 2723 Summer Oaks Drive Bartlett TN 38134 621735067 Inactive TN First South Financial Credit Union C 1 1 First South Real Estate Services 2723 Summer Oaks Drive Bartlett TN 38134 205880620 Inactive TN First South Financial Credit Union C 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 An extension of the filing due date was approved by the IRS.