Nonprofit · EIN 05-0198580
PEOPLES CREDIT UNION
Also known as SEVEN CASTLES CLUB
Tax-exempt · MIDDLETOWN, RI 02842
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $39,099,623 | $37,350,618 | $1,749,005 | $807,987,071 | $735,362,620 | $72,624,451 |
| December 31, 2024 | 990 | $34,998,828 | $34,532,228 | $466,600 | $747,015,309 | $679,569,720 | $67,445,589 |
| December 31, 2023 | 990 | $30,263,370 | $28,807,587 | $1,455,783 | $717,003,402 | $651,785,291 | $65,218,111 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $36,446,210
- Investment income
- $2,653,413
- Net gain from sales of assets
- -$20,381
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $220,182
- Compensation of officers, directors and key employees
- $881,539
- Other salaries and wages
- $8,449,375
- Salaries, compensation and benefits (total)
- $11,633,957
- Professional fundraising fees
- $0
- Legal fees
- $47,017
- Accounting fees
- $266,028
- Occupancy
- $2,834,212
- Travel
- $43,356
- Depreciation
- $1,213,452
Balance sheet and other
- Total assets, start of year
- $747,015,309
- Total assets, end of year
- $807,987,071
- Total liabilities, end of year
- $735,362,620
- Net assets, end of year
- $72,624,451
- Land, buildings and equipment
- $18,618,990
- Publicly traded securities
- $51,768,258
- Gross unrelated business income
- $40,369
- Gross receipts
- $39,120,004
- Employees
- 140
- Volunteers
- 0
- Year formed
- 1922
- State of legal domicile
- RI
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Sean Daly | Head of People's Credit Union Officer | 40 | $480,497 | $10,500 |
| William DeWitt | Head of Member Delivery & Marketing Highest-paid employee | 40 | $259,367 | $40,868 |
| Timothy Jermain | Head of Lending Highest-paid employee | 40 | $262,751 | $29,145 |
| Patricia Carlin | Head of Finance & Risk Officer | 40 | $256,033 | $8,109 |
| Karen Parent | Head of Human Resources & Talent Highest-paid employee | 40 | $205,117 | $36,302 |
| Terri Raymond | Head of Retail Highest-paid employee | 40 | $189,012 | $18,528 |
| Christopher Eden | Head of Information Security & Tech. Highest-paid employee | 40 | $180,661 | $15,455 |
| Christopher S Ottiano MD | Board Chair Trustee or director, Officer | 2 | $14,800 | $0 |
| Thomas Vignali | Board Treasurer Trustee or director, Officer | 2 | $12,800 | $0 |
| Toni Lyn McGowan | Board Secretary Trustee or director, Officer | 2 | $12,800 | $0 |
| Edward T Lopes Jr | Board Vice-Chair Trustee or director, Officer | 2 | $12,400 | $0 |
| William L Douglas Jr | Board Member Trustee or director | 2 | $10,800 | $0 |
| Terri Marcucci Fitch | Board Member Trustee or director | 2 | $10,800 | $0 |
| Steven Kozlowski | Board Member Trustee or director | 2 | $10,800 | $0 |
| Alyson Adkins | Board Member Trustee or director | 2 | $10,400 | $0 |
3 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Frank Newsome | Board Member Trustee or director | 2 | $10,400 |
| John Trifero | Board Member Trustee or director | 2 | $10,400 |
| Timothy J DelGiudice | Board Member Trustee or director | 2 | $10,000 |
990 for the year ended December 31, 2024: 20 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Sean Daly | Head of People's Credit Union Officer | 40 | $450,935 | $23,550 |
| William DeWitt | Head of Member Delivery & Marketing Highest-paid employee | 40 | $235,495 | $41,338 |
| Margaret McGill | Past Head of Finance & Risk Officer | 40 | $250,272 | $16,988 |
| Timothy Jermain | Head of Lending Highest-paid employee | 40 | $237,996 | $25,304 |
| Karen Parent | Head of HR & Talent Highest-paid employee | 40 | $179,624 | $41,006 |
| Christopher Eden | Head of IS & Technology Highest-paid employee | 40 | $160,767 | $18,876 |
| Patricia Carlin | Head of Finance & Risk Officer | 40 | $160,406 | $6,105 |
| John Banks | Head of Mortgage Operations Highest-paid employee | 40 | $127,948 | $3,827 |
| Christopher S Ottiano MD | Board Chair Trustee or director, Officer | 2 | $14,800 | $0 |
| Toni Lyn McGowan | Board Secretary Trustee or director, Officer | 2 | $12,800 | $0 |
| Thomas W Vignali CPA | Board Treasurer Trustee or director, Officer | 2 | $12,000 | $0 |
| Edward T Lopes Jr | Board Vice Chair Trustee or director, Officer | 2 | $11,733 | $0 |
| Alyson Adkins | Board Member Trustee or director | 2 | $11,467 | $0 |
| Frank Newsome | Board Member Trustee or director | 2 | $11,103 | $0 |
| William L Douglas Jr | Board Member Trustee or director | 2 | $10,800 | $0 |
| Terri Marcucci Fitch | Board Member Trustee or director | 2 | $10,800 | $0 |
| John Trifero | Board Member Trustee or director | 2 | $10,800 | $0 |
| Timothy J DelGiudice | Board Member Trustee or director | 2 | $7,600 | $0 |
| Steven Kozlowski | Board Member Trustee or director | 2 | $7,200 | $0 |
| Louann Lawrence | Past Board Member Trustee or director | 2 | $3,200 | $0 |
990 for the year ended December 31, 2023: 17 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Sean Daly | Head of People's Credit Union Officer | 40 | $572,017 | $18,487 |
| William DeWitt | Head of Member Delivery & Marketing Highest-paid employee | 40 | $259,269 | $43,079 |
| Margaret McGill | Head of Finance & Risk Officer | 40 | $241,219 | $34,727 |
| Karen Parent | Head of HR & Talent Highest-paid employee | 40 | $199,721 | $39,348 |
| Christopher Eden | Head of IS & Technology Highest-paid employee | 40 | $177,696 | $18,795 |
| Jane McDurman | Head of Retail Administration Highest-paid employee | 40 | $160,263 | $21,283 |
| Timothy Jermain | Head of Lending Highest-paid employee | 40 | $128,183 | $13,486 |
| Christopher S Ottiano MD | Board Chair Trustee or director, Officer | 2 | $14,400 | $0 |
| Alyson Adkins | Board Vice Chair Trustee or director, Officer | 2 | $12,800 | $0 |
| Toni Lyn McGowan | Board Secretary Trustee or director, Officer | 2 | $12,800 | $0 |
| Thomas W Vignali CPA | Board Treasurer Trustee or director, Officer | 2 | $12,400 | $0 |
| Edward T Lopes Jr | Board Member Trustee or director, Officer | 2 | $10,800 | $0 |
| William L Douglas Jr | Board Member Trustee or director | 2 | $10,800 | $0 |
| Terri Marcucci Fitch | Board Member Trustee or director | 2 | $10,400 | $0 |
| Louann Lawrence | Board Member Trustee or director | 2 | $10,000 | $0 |
| Frank Newsome | Board Member Trustee or director | 2 | $7,600 | $0 |
| John Trifero | Board Member Trustee or director | 2 | $7,600 | $0 |
Address and contacts
- Address (IRS master file)
- 858 W MAIN RD, MIDDLETOWN, RI 02842-6315
- In care of
- % PATRICIA CARLIN
- Mailing address (990-N for 2009)
- 161 MIDDLE ROAD, PORTSMOUTH RI 028711251
- Principal officer (990 for 2025)
- Sean Daly, 858 West Main Road, Middletown, RI 02842
- Principal officer (990-N for 2009)
- EDMUND SILVERIA, 161 MIDDLE ROAD, PORTSMOUTH RI 028711251
- Signed the 990
- Sean Daly, Head of Finance and Risk
- Phone
- (401) 846-8930
- Website
- www.peoplescu.com
- Return prepared by
- Berry Dunn McNeil & Parker LLC
Mission
The priority of People's Credit Union is to offer value added products and services for the benefit of our existing and prospective members. We are committed to providing convenient delivery of our products and services in a friendly, welcoming, and responsive environment. To ensure ongoing confidence and trust, we will continue to promote our financial strength as an organization.
Program accomplishments
- People's is a member-owned organization committed to providing superior financial services to the community. People's provided 16,260 loans to members. The outstanding loan balance at 12/31/25 was $653,577,173.
- People's maintains savings accounts for members. Total outstanding savings accounts at 12/31/25 was 30,366 for $429,301,481.
- People's maintains demand deposit accounts for members. Total outstanding demand deposit accounts at 12/31/25 was 23,572 for $193,841,549.
- People's offers safe deposit boxes to members. The number of safe deposit boxes rented is 963.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | 990 on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 05-0198580
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1956
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $807,987,071
- Income (IRS master file)
- $39,120,004
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $39,099,623 | $37,350,618 | $807,987,071 | IRS |
| 990 | December 2024 | $34,998,828 | $34,532,228 | $747,015,309 | IRS |
| 990 | December 2023 | $30,263,370 | $28,807,587 | $717,003,402 | XML |
| 990 | December 2022 | $26,116,724 | $21,364,433 | $687,852,954 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990-N for 2009 Officer: EDMUND SILVERIA | December 31, 2009 | ≤ $50,000 receipts | – | – | e-Postcard |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 05-0198580).
Questions about PEOPLES CREDIT UNION
- What is the EIN of PEOPLES CREDIT UNION?
- The employer identification number (EIN) of PEOPLES CREDIT UNION is 05-0198580.
- Is PEOPLES CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1956.
- Are donations to PEOPLES CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does PEOPLES CREDIT UNION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of PEOPLES CREDIT UNION due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did PEOPLES CREDIT UNION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who is the principal officer of PEOPLES CREDIT UNION?
- The 990 for the year ended December 31, 2025 names Sean Daly.
- Who are the officers and directors of PEOPLES CREDIT UNION?
- The 990 for the year ended December 31, 2025 lists 18 people; 18 received compensation from the organization, the highest $480,497 (Sean Daly, Head of People's Credit Union).
- How much revenue does PEOPLES CREDIT UNION have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $39,099,623, expenses of $37,350,618 and total assets of $807,987,071 at year end.
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