2026-08-04T14:50:34-05:00 2025-10-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2024-11-01 041647690 DEPOSITORS INSURANCE FUND DEPO 7819381984 ONE LINSCOTT ROAD WOBURN MA 01801 JUDITH M JAVIDPOUR PRESIDENT & CEO 7819381984 2026-07-30 1 1 KAREN S NG P01067482 6174399700 2026-07-30 2024 2025-03-06 01:10:19Z JUDITH M JAVIDPOUR ONE LINSCOTT ROAD WOBURN MA 01801 25404869 0 X WWW.DIFXS.COM X 1932 MA INSURES THOSE DEPOSITS IN EXCESS OF THE FDIC LIMITS AND ALSO PROVIDES TEMPORARY LIQUIDITY TO MEMBER BANKS BY MAKING LOANS TO THEM, SECURED BY MEMBER BANKS' ASSETS. 11 6 7 0 0 0 0 0 0 0 14995248 19551033 0 210109 14995248 19761142 0 0 0 0 2895152 2396550 0 0 0 1056573 1092999 3951725 3489549 11043523 16271593 551241640 582914539 626274 1994509 550615366 580920030 INSURES THOSE DEPOSITS IN EXCESS OF THE FDIC LIMITS AND ALSO PROVIDES TEMPORARY LIQUIDITY TO MEMBER BANKS BY MAKING LOANS TO THEM, SECURED BY MEMBER BANKS' ASSETS. 0 0 THE LIQUIDITY FUND WAS ESTABLISHED IN 1932 FOR THE PURPOSE OF PROVIDING TEMPORARY LIQUIDITY TO MEMBER BANKS BY MAKING LOANS TO THEM SECURED BY MEMBER BANKS' ASSETS. DEPOSIT INSURANCE FUND WAS ESTABLISHED IN 1934 FOR THE INSURANCE OF ALL DEPOSITS IN MASSACHUSETTS SAVINGS BANKS. CURRENTLY ALL MASSACHUSETTS SAVINGS BANKS AND COOPERATIVE BANKS ARE MEMBERS OF THE FDIC. THEREFORE, THE FUND CURRENTLY INSURES ONLY THOSE DEPOSITS IN EXCESS OF THE FDIC LIMITS 0 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 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 25 0 1 7 1 0 0 0 0 0 0 0 0 X 11 6 1 1 1 0 1 1 0 1 1 0 0 0 1 1 1 1 0 1 1 0 X KEVIN J DABRIEO 7819944221 ONE LINSCOTT ROAD WOBURN MA 01801 DAVID G FALWELL DIRECTOR 2.00 X 8000 0 0 EDWARD F MANZI JR DIRECTOR (ENDED 9/2025) 2.00 X 14800 0 0 JEFFREY WORTH DIRECTOR 2.00 X 12600 0 0 PETER G BROWN DIRECTOR 2.00 X 18300 0 0 RAIJA L VAISANEN DIRECTOR 2.00 X 8500 0 0 ROBERT S KARAM DIRECTOR (ENDED 12/2024) 2.00 X 2000 0 0 ROBERT W TERRAVECCHIA JR DIRECTOR 2.00 X 16800 0 0 ROBERT J FRASER DIRECTOR 2.00 X 11300 0 0 CAROL MCCLINTOCK DIRECTOR 2.00 X 8500 0 0 MEG MCISAAC DIRECTOR 2.00 X 8000 0 0 KAZ BORAWSKI DIRECTOR 2.00 X 7000 0 0 JOSEPH T BAPTISTA DIRECTOR (AS OF 12/2024) 2.00 X 2000 0 0 ANDREW J RACZKA DIRECTOR (ENDED 9/2024) 2.00 X 7600 0 0 ANDREW CALAMARE PRESIDENT/CEO (RETIRED 12/31/2024) 35.00 X 775435 0 48608 ANNEMARIE LEE VICE PRESIDENT 35.00 X 197661 0 79270 JUDITH JAVIDPOUR PRESIDENT/CEO (AS OF 1/1/2025) 35.00 X 405843 0 90301 KARA M MCNAMARA SENIOR VICE PRESIDENT 30.00 X 197127 0 60493 MATTHEW P CALNAN SENIOR VICE PRESIDENT 35.00 X 192513 0 82961 KEVIN DABRIEO SVP, CFO (AS OF 1/1/2025) 35.00 X 36716 0 2015 MAURA VILLANOVA REPORTS SPECIALIST 35.00 X 106328 0 49277 2037023 0 412925 6 0 1 0 LONGFELLOW INVESTMENT MGMT COMPANY 125 HIGH ST OLIVER TOWER SUITE 832 BOSTON MA 02110 INVESTMENT MGMT 285343 THE BRENNAN GROUP ONE WALNUT STREET BOSTON MA 02108 LOBBYING/STRATEGIC PLANNING 125040 2 19550737 19550737 5644023 5643727 296 296 296 MISCELLANEOUS INCOME 999999 210109 210109 210109 19761142 210109 0 19551033 1734106 115784 277395 167520 101745 29261 78045 90000 299622 206863 5213 55428 26284 65693 35045 135099 BANK SERVICE CHARGES 54230 MISCELLANEOUS 9462 DUES/MEMBERSHIPS 2754 3489549 5578472 3049229 1339875 2088070 535448138 568260483 8875155 9516757 551241640 582914539 626274 1994509 626274 1994509 X 550615366 580920030 0 0 0 0 550615366 580920030 551241640 582914539 X 16271593 9031984 5001087 X X 0 1 X 1 0 0 OTHER ACCRUED LIABILITIES 116913 ACCRUED PENSION LIABILITIES 121297 ACCRUED EMPLOYEE BENEFITS 273300 INVESTMENT SECURITIES TRADE PAYABLE 1482999 1994509 24122211 4606939 4606939 19515272 245870 245870 19761142 3454868 0 3454868 34681 34681 3489549 PART XI, LINE 2D - OTHER ADJUSTMENTS: ASSESSMENTS FROM MEMBERS 4,606,939. PART XI, LINE 4B - OTHER ADJUSTMENTS: LIQUIDITY FUND INCOME 245,870. PART XII, LINE 4B - OTHER ADJUSTMENTS: LIQUIDITY FUND EXPENSES 34,681. PARTS XI & XII - RECONCILIATION OF REVENUE AND EXPENSES: DEPOSITORS INSURANCE FUND AND LIQUIDITY FUND FILE A CONSOLIDATED FORM 990 BUT THEY HAVE SEPARATED AUDITED FINANCIAL STATEMENTS. X X X 0 0 0 ANDREW CALAMARE PRESIDENT/CEO (RETIRED 12/31/2024) 755053 0 0 0 20382 0 13800 0 34808 0 824043 0 0 0 JUDITH JAVIDPOUR PRESIDENT/CEO (AS OF 1/1/2025) 318005 0 85000 0 2838 0 57336 0 32965 0 496144 0 0 0 ANNEMARIE LEE VICE PRESIDENT 182487 0 11000 0 4174 0 47351 0 31919 0 276931 0 0 0 MATTHEW P CALNAN SENIOR VICE PRESIDENT 169183 0 22000 0 1330 0 51260 0 31701 0 275474 0 0 0 KARA M MCNAMARA SENIOR VICE PRESIDENT 172761 0 23000 0 1366 0 32289 0 28204 0 257620 0 0 0 MAURA VILLANOVA REPORTS SPECIALIST 99924 0 5000 0 1404 0 18594 0 30683 0 155605 0 0 0 PART II, COLUMN F ANDREW CALAMARE RECEIVED $162,360 SERP PAYMENT. MAURA VILLANOVA SISTER OF KARA M. MCNAMARA, CURRENT OFFICER 115784 COMPENSATION PAID BY DIF FOR SERVICES AS A HIGHLY COMPENSATED EMPLOYEE 0 FORM 990, PART VI, SECTION A, LINE 2 THREE OF OUR DIRECTORS ARE ALSO DIRECTORS OF THE MASSACHUSETTS BANKERS ASSOCIATION. TWO OF OUR DIRECTORS ARE ALSO DIRECTORS OF THE SAVINGS BANK EMPLOYEES RETIREMENT ASSOCIATION. FORM 990, PART VI, SECTION A, LINE 3 THE DEPOSITORS INSURANCE FUND (DIF) HAS CONTRACTED WITH LONGFELLOW INVESTMENT MANAGEMENT, INC. TO MANAGE APPROXIMATELY 70% OF THE DIF'S INVESTMENT PORTFOLIO. LONGFELLOW'S INVESTMENT ACTIVITIES ARE GOVERNED BY SPECIFIC INVESTMENT POLICIES AND INVESTMENT GUIDELINES ADOPTED ANNUALLY BY THE INVESTMENT COMMITTEE OR BY THE BOARD. THE BOARD REVIEWS AND APPROVES ALL PURCHASES AND SALES OF INVESTMENTS FOR THE PREVIOUS QUARTER AT ITS QUARTERLY BOARD MEETING. FORM 990, PART VI, SECTION A, LINE 4 THE DIF'S MOST RECENT BY-LAW AMENDMENTS ARE SUMMARIZED AS FOLLOWS: MODERNIZATION AND CLARIFICATION THE AMENDED BY-LAWS INCLUDE UPDATES INCLUDING GENDER NEUTRAL TERMINOLOGY (E.G. "CHAIR OF THE BOARD" RATHER THAN "CHAIRMAN") AND RECOGNIZING ELECTRONIC NOTICES AND CORRESPONDENCE IN PLACE OF "WRITTEN NOTICES". THE AMENDMENTS ALSO CLARIFY GOVERNANCE MATTERS BY GRANTING THE BOARD EXPLICIT AUTHORITY TO REMOVE A DIRECTOR FROM OFFICE WITH OR WITHOUT CAUSE AND TO ESTABLISH THE COMPOSITION OF THE EXECUTIVE COMMITTEE. IN ADDITION, THEY PROVIDE THE BOARD FLEXIBILITY BY ALLOWING THE ANNUAL MEETING TO BE HELD AT A DATE OTHER THAN IN MARCH. FINALLY, WHILE THIS CIRCUMSTANCE HAS NOT YET ARISEN, THE AMENDMENTS CLARIFY THAT NO MORE THAN ONE INDIVIDUAL FROM THE SAME BANK OR, IN THE CASE OF A PUBLIC DIRECTOR, THE SAME COMPANY, MAY SERVE ON THE BOARD. BOARD COMPOSITION, TERM LIMITS, AND BOARD OFFICERS THE BY-LAWS REQUIRE AT LEAST THREE OF THE NINE BANK DIRECTORS TO BE FROM BANKS THAT ARE CONSIDERED "SMALL". THE AMENDMENTS RE-DEFINE A "SMALL BANK" AS ONE WHOSE TOTAL ASSETS PLACE IT IN THE BOTTOM ONE-THIRD OF ALL MEMBER BANKS, CALCULATED AS OF THE PREVIOUS JUNE 30TH. THIS DEFINITION WILL RE-INDEX ANNUALLY, ENSURING THAT THE BOARD COMPOSITION WILL REMAIN DIVERSIFIED IN ASSET SIZE. THE AMENDMENTS ALSO EXTEND DIRECTOR TERM LIMITS. PREVIOUSLY, BANK DIRECTORS COULD SERVE THREE CONSECUTIVE TWO-YEAR TERMS, WHILE PUBLIC DIRECTORS COULD SERVE FOUR CONSECUTIVE TWO-YEAR TERMS. THE AMENDMENTS ALLOW BOTH BANK DIRECTORS AND PUBLIC DIRECTORS TO SERVE FIVE CONSECUTIVE TWO-YEAR TERMS. THIS EXTENSION REFLECTS THE TIME THAT IS NEEDED FOR A BOARD MEMBER TO GAIN SUFFICIENT KNOWLEDGE OF THE DIF'S UNIQUE AND COMPLEX STATUTORY AND OPERATIONAL FRAMEWORK. THE AMENDMENTS ALSO ADDRESS THE ELECTION OF BOARD OFFICERS. THE CHAIR AND VICE CHAIR OF THE BOARD WILL BE ELECTED ANNUALLY BY A MAJORITY VOTE OF THE BOARD, WITH VACANCIES FILLED BY THE BOARD AS NEEDED. DIRECTOR ELECTION VOTING PROCEDURES THE AMENDMENTS MODERNIZE THE VOTING PROCEDURES BY PERMITTING MEMBER BANKS TO VOTE IN PERSON, OR REMOTELY BY MAIL OR ELECTRONICALLY. LIKEWISE, THE DEFINITION OF A QUORUM HAS BEEN REVISED TO ACCOMMODATE THESE METHODS OF VOTING. CONFORMING AMENDMENTS AMENDMENTS RELATING TO MEMBERSHIP WERE MADE TO ALIGN THE BY-LAWS WITH A STATUTORY CHANGE ENACTED IN 2024 WHICH DEFINES A FORMER MEMBER BANK AS A SAVINGS OR CO-OPERATIVE BANK WITHOUT EXCESS DEPOSIT INSURANCE AFTER WITHDRAWING FROM MEMBERSHIP. IN ADDITION, THE AMENDMENTS PROVIDE FURTHER CLARIFICATION ON FEDERAL MEMBER BANKS WHERE THE DIF PROVIDES EXCESS DEPOSIT INSURANCE BY WRITTEN AGREEMENT. FORM 990, PART VI, SECTION A, LINE 6 THE DEPOSITORS INSURANCE FUND IS A PRIVATE SPECIAL ACT CORPORATION ESTABLISHED BY THE COMMONWEALTH OF MASSACHUSETTS. THE FUND IS OPERATED AND WHOLLY OWNED BY ITS MEMBERS ALL 72 STATE CHARTERED SAVINGS AND COOPERATIVE BANKS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS THE GOVERNING BODY OF THE DEPOSITORS INSURANCE FUND. ALL MEMBERS ARE ELIGIBLE TO VOTE ANNUALLY IN AN ELECTION FOR DIRECTORS. THE TERM LIMITS FOR DIRECTORS ARE PURSUANT TO THE FUND'S BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE DIF'S AUDITING FIRM USING INFORMATION FROM THE AUDIT AND ADDITIONAL INFORMATION SUPPLIED BY THE DIF'S TREASURER. THE TREASURER REVIEWS AND APPROVES THE FORM 990 FOR ACCURACY BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C THE DIF RECEIVES OVERSIGHT FROM THE BOARD OF DIRECTORS AND ITS COMMITTEES TO ENSURE THAT SUCH POLICIES ARE ADHERED TO ON A REGULAR BASIS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF THE CEO AND OTHER OFFICERS ARE ADDRESSED IN DECEMBER OF EACH YEAR BY THE COMPENSATION COMMITTEE WHICH IS THEN APPROVED AND RATIFIED BY THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE DIF'S CHARTER IS CODIFIED IN CHAPTER 44 OF THE MASSACHUSETTS ACTS OF 1932, AS AMENDED, AND CHAPTER 43 OF THE MASSACHUSETTS ACTS OF 1934, AS AMENDED. AS SUCH, THE DIF'S CHARTER IS AVAILABLE TO THE PUBLIC. THE DIF'S AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC VIA THE DIF'S WEBSITE AND IS ALSO AVAILABLE UPON REQUEST. THE DIF'S CONFLICTS OF INTEREST POLICY AND THE FEDERAL FORM 990 ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: FAS 158 CHANGE IN PENSION LIABILITY 394,148. ASSESSMENTS FROM MEMBERS 4,606,939. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE FISCAL YEAR 10/31/2025.