2023-11-15T16:10:52-06:00 2022-12-31 042513210 GERALD T REILLY & COMPANY 424 ADAMS STREET MILTON MA 02186 990 2022-01-01 042206928 MERRIMACK VALLEY CREDIT UNION MERR 5082792400 500 MERRIMACK STREET LAWRENCE MA 01843 MICHAEL E VALLEY EVP/CFO & COO 5082792400 2023-11-15 1 MICHAEL VALLEY 999009999 0 STEPHEN A ROLLINS CPA P01438963 6176968900 2023-11-15 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JOHN J HOWARD 500 MERRIMACK STREET LAWRENCE MA 01843 47391333 0 X WWW.MVCU.COM X 1955 MA MEMBER OWNED FINANCIAL INSTITUTION OFFERING A VARIETY OF SAVINGS AND LOAN PRODUCTS. 13 13 259 0 0 119629 0 0 37614385 41518840 4505636 5526128 0 0 42120021 47044968 87000 1181 4223338 3195254 16296524 18799013 0 0 0 18394812 18395109 39001674 40390557 3118347 6654411 1277963779 1350910772 1171392901 1273923129 106570878 76987643 TO SERVE OUR COMMUNITY AND PARTNER WITH OUR MEMBERS TO OFFER VALUE ADDED FINANCIAL PRODUCTS, SERVICES, SOLUTIONS AND EXCELLENT MEMBER SERVICE. 0 0 SERVE APPROXIMATELY 84,000 MEMBERS OFFERING A WIDE VARIETY OF LOAN AND DEPOSIT PRODUCTS. 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 15162 0 1 259 1 1 1 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 MA X MICHAEL VALLEY 5082792412 500 MERRIMACK STREET LAWRENCE MA 01843 DOMENIC MAZZOCOO CHAIRMAN 3.00 X X 0 0 0 ARTHUR O'DEA 2ND VICE CHAIR 3.00 X X 0 0 0 MAUREEN RONAYNE SECRETARY 3.00 X X 0 0 0 MUKESH DAVE TREASURER 3.00 X X 0 0 0 CATHERINE DEBURRO DIRECTOR 3.00 X 0 0 0 RONALD GUILMETTE DIRECTOR 3.00 X 0 0 0 PETER A MILLS DIRECTOR 3.00 X 0 0 0 ALEXANDER OSKI DIRECTOR 3.00 X 0 0 0 LEON PRATT JR DIRECTOR 3.00 X 0 0 0 DAVID LONDON ASSISTANT TREASURER 3.00 X X 0 0 7320 STEPHANIE SOUSA DIRECTOR 3.00 X 0 0 10619 MARY K BRIAND DIRECTOR 3.00 X 0 0 8037 BERNARD MULHOLLAND 1ST VICE CHAIR 3.00 X X 0 0 6193 GLENN PREZZANO VP CORPORATE COMMUNICATION & COMMUNITY RELATIONS 37.50 X X 110140 0 5691 KATIE LOWERY AVP MORTAGE LENDING OPERATIONS 37.50 X X 162891 0 18614 JOHN HOWARD PRESIDENT/CEO 37.50 X 863175 0 43874 MICHAEL VALLEY EVP/CFO & COO 37.50 X 375202 0 29725 BRAD EGAN EVP/CHIEF LENDING OFFICER 37.50 X 306996 0 37053 DANTE DIMASSA VP RESIDENTAL LENDING 37.50 X 244348 0 32195 YEAN-AI LONG SVP MARKETING 37.50 X 248994 0 30003 STEPHEN LYNCH SVP / IT 37.50 X 275028 0 29526 ANTHONY MARINO SVP / ORGANIZATION DEVELOP 37.50 X 221425 0 17572 JOHN MACKENZIE VP FINANCE 37.50 X 187981 0 28077 ROBERT CABRAL VP CONSUMER LENDING MANAGE 37.50 X 171390 0 13698 CHRISTINE RONCA VP RETAIL OPERATIONS 37.50 X 191156 0 15130 TRACY MERMET VP HUMAN RESOURCES 37.50 X 180629 0 28068 JOHN HIMMEL VP COLLECTIONS 37.50 X 156777 0 25731 LOUIS SERIO VP IT 37.50 X 202802 0 16828 CHERIE LISEE VP RISK MANAGEMENT 37.50 X 46909 0 8226 THERESA HAYES VP ONLINE & DIGITAL CHANNE 37.50 X 155339 0 28570 ROBERT PIEPENBURG VP COMMERCIAL LENDING 37.50 X 217886 0 37081 ANNETTE YEE VP PROJECT DEVELOPMENT & C 37.50 X 145013 0 24819 STEPHANIE LEE VP OPERATIONS 37.50 X 157067 0 18746 JENNIFER GURECKIS VP CONTROLLER 37.50 X 67847 0 12842 ANITA PARKER AVP BSA OFFICER 37.50 X 160657 0 12544 4849652 0 546782 20 0 1 0 JOHN M FLOYD & ASSOCIATES 1415 N LOOP WEST SUITE 500 HOUSTON TX 77008 CONSULTING 356339 DELTA & DELTA REALTY TRUST 875 EAST STREET TEWKSBURY MA 01876 RENT 204998 BEDEL TECHNOLOGY LLC PO BOX 464 GREENSBURG IN 47240 IT CONSULTING 170550 XACTUS LLC PO BOX 70784 PHILADELPHIA PA 19176 CREDIT REPORTS 170125 500 RIVERWALK LLC 280 MERRIMACK ST LAWRENCE MA 01843 BRANCH RENT, LAWRENCE & CONDO FEE 165145 10 LOAN INTEREST FEE 522100 30712121 30712121 FEE INCOME 522100 9074166 9074166 0 OTHER OPERATING INCOME 522100 1732553 1732553 41518840 5558049 5558049 314444 346365 -31921 -31921 -31921 47044968 47076889 0 -31921 1181 3195254 5336427 9710631 848145 1810148 1093662 1220551 121621 356625 100000 202239 992058 2189532 2033982 77543 1057141 1571640 251747 MISCELLANEOUS OPERATING 2503633 ATM EXPENSE 1757092 PROVISION FOR LOAN LOSS 1650000 LOAN SERVICING EXPENSE 1435528 874177 40390557 6259204 8030000 58344110 71488280 24992936 25330770 803122726 917187352 1167408 825413 24287951 10310138 14215354 13977813 341345531 281212079 3764681 5148181 1766822 892645 22985007 26818239 1277963779 1350910772 5758352 7465792 4394279 4725190 25000000 80000000 1136240270 1181732147 1171392901 1273923129 X 0 0 0 0 106570878 76987643 106570878 76987643 1277963779 1350910772 6654411 -36237648 0 X X 0 1 X 1 0 0 1 X 1423683 1423683 16246963 5921747 10325216 3163123 2404151 758972 2958071 1947035 1011036 496111 37205 458906 13977813 SECURITIES - AVAILABLE FOR SALE 281212079 F 281212079 MEMBER SHARE AND DEPOSIT ACCOUNTS 1181732147 1181732147 PART IV, LINE 2B: ESCROW PAYABLE IS FOR REAL ESTATE TAXES ON FICS LOANS. 1 LAWRENCE PARTNERSHIPS 420 COMMON ST LAWRENCE MA 01840 043479606 15000 0 GENERAL SUPPORT EMMAUS INC 127 HOW STREET HAVERHILL MA 01830 222702774 501(C)(3) 30000 0 ANNUAL SPONSORSHIP AND GENERAL SUPPORT CU KIDS AT HEART 35 CORPORATE DRIVE SUITE 300 BURLINGTON MA 01803 814905853 501(C)(3) 16000 0 GENERAL SUPPORT PART I, LINE 2: CREDIT UNION PROVIDES GRANTS TO HELP IMPROVE COMMUNITY. X X X X 1 0 0 JOHN HOWARD PRESIDENT/CEO 661301 0 201874 0 0 0 21350 0 22524 0 907049 0 0 0 MICHAEL VALLEY EVP/CFO & COO 321079 0 54123 0 0 0 21350 0 8375 0 404927 0 0 0 BRAD EGAN EVP/CHIEF LENDING OFFICER 259722 0 47274 0 0 0 21342 0 15711 0 344049 0 0 0 STEPHEN LYNCH SVP / IT 275028 0 0 0 0 0 14069 0 15457 0 304554 0 0 0 YEAN-AI LONG SVP MARKETING 217212 0 31782 0 0 0 14419 0 15584 0 278997 0 0 0 DANTE DIMASSA VP RESIDENTAL LENDING 222660 0 21688 0 0 0 17104 0 15091 0 276543 0 0 0 ROBERT PIEPENBURG VP COMMERCIAL LENDING 189550 0 28336 0 0 0 15252 0 21829 0 254967 0 0 0 ANTHONY MARINO SVP / ORGANIZATION DEVELOP 190023 0 31402 0 0 0 15500 0 2072 0 238997 0 0 0 LOUIS SERIO VP IT 178057 0 24745 0 0 0 14196 0 2632 0 219630 0 0 0 JOHN MACKENZIE VP FINANCE 166290 0 21691 0 0 0 13159 0 14918 0 216058 0 0 0 TRACY MERMET VP HUMAN RESOURCES 159793 0 20836 0 0 0 10917 0 17151 0 208697 0 0 0 CHRISTINE RONCA VP RETAIL OPERATIONS 165621 0 25535 0 0 0 12599 0 2531 0 206286 0 0 0 ROBERT CABRAL VP CONSUMER LENDING MANAGE 150706 0 20684 0 0 0 11997 0 1701 0 185088 0 0 0 THERESA HAYES VP ONLINE & DIGITAL CHANNE 124897 0 30442 0 0 0 10874 0 17696 0 183909 0 0 0 JOHN HIMMEL VP COLLECTIONS 138466 0 18311 0 0 0 10974 0 14757 0 182508 0 0 0 KATIE LOWERY AVP MORTAGE LENDING OPERATIONS 150821 0 12070 0 0 0 10512 0 8102 0 181505 0 0 0 STEPHANIE LEE VP OPERATIONS 141542 0 15525 0 0 0 10995 0 7751 0 175813 0 0 0 ANITA PARKER AVP BSA OFFICER 148070 0 12587 0 0 0 11246 0 1298 0 173201 0 0 0 ANNETTE YEE VP PROJECT DEVELOPMENT & C 128400 0 16613 0 0 0 10151 0 14668 0 169832 0 0 0 PETER MATTHEWS FORMER CEO/PRESIDENT SPLIT DOLLAR LOAN X 1553869 850000 0 1 1 JOHN J HOWARD CEO/PRESIDENT SPLIT DOLLAR LOAN X 8135738 17960071 0 1 1 BRAD EGAN CLO & CORPORATE STRATEGY EVP SPLIT DOLLAR LOAN X 7848605 6520699 0 1 0 25330770 FORM 990, PART VI, SECTION A, LINE 6 DEPOSITORS WITH A MINIMUM BALANCE OF $5 IN THEIR SAVINGS ACCOUNT ARE MEMBERS AND EACH MEMBER HAS EQUAL VOTING RIGHTS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS ARE VOTED BY THE MEMBERS AT THE ANNUAL MEETING FORM 990, PART VI, SECTION A, LINE 7B ELECTION OF DIRECTORS, CHARTER CHANGES, AND MERGERS REQUIRE A VOTE BY THE MEMBERS FORM 990, PART VI, SECTION B, LINE 11B THE CONTROLLER AND/OR CFO WILL PRESENT THE 990 TO THE CEO AND AUDIT COMMITTEE FOR FINAL REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST MUST BE DISCLOSED PURSUANT TO THE POLICY. SUCH DISCLOSURES MUST BE MADE IN WRITING TO THE COMPLIANCE OFFICER. THE COMPLIANCE OFFICER MUST RETAIN THOSE DISCLOSURES. THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS DETERMINES THE CEO'S SALARY STRUCTURE BASED UPON MARKET DATA SUBSCRIBED BY THE SVP OF HR. THE CU USES COMPENSATION SURVEYS FOR GENERAL PAY SCALES AND TOM WARREN AND ASSOCIATES TO COMPLETE A SALARY STRUCTURE REALIGNMENT. THIS PROCESS WAS MOST RECENTLY COMPLETED IN [2019]. FORM 990, PART VI, SECTION C, LINE 19 THE CREDIT UNION'S FINANCIAL STATEMENTS ARE AVAILABLE IN THE LOBBY OF EACH BRANCH. THE CREDIT UNION'S CALL REPORT INFORMATION IS AVAILABLE ON THE NCUA WEBSITE. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED