2023-11-14T20:18:46-07:00 2022-12-31 990 2022-01-01 340058905 138 TOWPATH CREDIT UNION INC 138T 3306644700 2969 Smith Rd Fairlawn OH 44333 Melissa Dawson VP of Finance 3306644700 2023-11-14 1 1 11 0 AAL2 2022 2023-04-26 12:10:37Z Michael Sferro 2969 Smith Rd Fairlawn OH 44333 8942681 0 X www.towpathcu.com X 1936 OH Towpath Credit Union is a member-owned, not-for-profit financial cooperative association. The Credit Union serves all residents of Summit County as well as approved seg-group companies. It is dedicated to providing its members with quality financial services. 7 7 80 7 0 0 0 0 7437089 7839972 363024 717105 0 385604 7800113 8942681 0 0 124861 143535 3742101 4128710 0 0 0 3381720 4154751 7248682 8426996 551431 515685 178726504 191683820 159616535 171918496 19109969 19765324 X Towpath Credit Union provides competitive and secure financial products and services to qualified members. Mission Statement - We will deliver the best member experience while improving the financial wellness of our communities. 1 0 Member Loans - The Credit Union strives to provide members with financial flexibility and encourage savings with various types of loans in following categories: automobile loans, share secured loans, unsecured loans, business participation loans, mortgage loans, real estate loans, personal loans, credit cards and various other types. At year end, the credit union had approximately 13,205 loans outstanding. Depository Accounts - The Credit Union strives to provide members with financial flexibility and encourage savings with various types of depository accounts. The Credit Union currently offers depository accounts in varieties such as checking accounts, savings accounts, money market accounts, certificates of deposit accounts, IRA accounts, Holiday accounts and various other types. At year end, there were approximately 41,388 depository accounts held at the Credit Union. Debit Card Program - The Credit Union strives to provide members with financial flexibility, security, and convenient access to their funds by issuing debit cards. 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 0 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 X 6 0 1 80 1 1 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 0 1 1 1 0 OH X Melissa Dawson 3306644734 2969 Smith Rd Fairlawn OH 44333 Rose Bartolomucci CEO 40 5 X X X 400297 0 0 Michael Sferro President 40 0 X X 118999 0 0 Lester Carney Chairman 0 0 X 0 0 0 Ernest Steele Vice Chairman 0 0 X 0 0 0 Marcella Grande Treasurer 0 0 X 0 0 0 Judi Hill Secretary 0 0 X 0 0 0 John Crockett Board Member 0 0 X 0 0 0 James Talley Board Member 0 0 X 0 0 0 Kelly Peters Board Member 0 0 X 0 0 0 519296 0 0 2 0 1 0 0 0 0 0 0 0 0 0 0 Loan Interest Income 522130 5265454 5265454 0 0 Share Account Fee Income 522130 2574518 2574518 0 0 0 0 0 0 7839972 717105 717105 0 0 0 0 0 0 0 0 0 0 6000 0 0 0 6000 0 6000 6000 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 0 0 379604 379604 0 0 379604 8942681 8942681 0 0 0 0 0 143535 519296 0 2836879 196950 307832 267753 37823 231 53187 53005 58573 86480 1449233 392157 348281 28047 8158 35009 36009 309773 94922 Loan Servicing 330392 Credit Card Servicing 422316 Provision for Loan Losses 381445 29710 8426996 0 0 0 1511082 1720209 17280709 2459616 0 0 340260 531929 2122005 2143225 0 0 95142543 118231710 0 0 173707 175314 8825575 4692830 4125373 4132745 0 0 51297923 54832111 2756215 2794632 0 0 3976687 4662329 178726504 191683820 1248886 1505330 0 0 0 0 0 0 0 0 0 0 0 0 0 4600000 158367649 165813166 159616535 171918496 X 0 0 0 0 19109969 19765324 19109969 19765324 178726504 191683820 X 515685 -674628 0 0 0 814298 X 1 X 1 X 0 0 0 895276 895276 0 4128740 1654422 2474318 0 46855 46855 0 0 3657263 2895194 762069 0 97441 96359 1082 4132745 0 0 Bank Certificates 12382000 C Fed Agency Securities 16934254 F Agency CMOs 25251545 F Agency MBS 264312 F 54832111 0 Member shares 165813166 165813166 8944374 1693 0 0 0 1693 8942681 0 0 0 8942681 8426996 0 0 0 0 0 8426996 0 0 0 8426996 X X X 0 0 0 Rose Bartolomucci CEO 210000 0 18655 0 171642 0 0 0 0 0 400297 0 0 0 Michael Sferro President 110000 0 8299 0 700 0 0 0 0 0 118999 0 0 0 Rose Bartolomucci CEO Collateral Assigned Split Dollar Plan X 2059000 2143225 0 1 1 2143225 Form 990, Part III, Line 2 Towpath Credit Union embarked on a core conversion and digital transformation journey at the end of 2022, looking to significantly enhance the member experience for the future. Form 990, Part V, Line 3b Automatic six-month extension granted, will file 990T by deadline. Form 990, Part VI, Section A, Line 6 The Credit Union is comprised of a single class of voting member-owners, each of whom has equal rights in ownership, governance, and voting rights with the exception of member-owners who are elected to the Board of Directors. Form 990, Part VI, Section A, Line 7a The members of the Credit Union have the authority to elect members of the Board of Directors for three-year terms. Form 990, Part VI, Section A, Line 7b Changes to the Credit Union's Code must be approved by the Board of Directors and the Ohio Division of Financial Institutions. Form 990, Part VI, Section B, Line 11b Completed Form 990 submitted to President/CEO for final approval. Form 990, Part VI, Section B, Line 12c A Code of Conduct Affirmation form is completed by the Board of Directors annually. Form 990, Part VI, Section B, Line 15 An annual compensation survey completed by trade association (CUNA) provided to the Board of Directors to assess CEO compensation. Adjustments to CEO compensation made annually. Form 990, Part VI, Section C, Line 19 The Credit Union's financial statements are on display in the lobby of each branch. Any additional documents can be viewed at the main branch by appointment. Form 990, Part XI, Line 9 Merger with Goodyear Employees Credit Union completed on 10.31.22. Automatic six-month extension filed and granted.