2025-11-13T17:58:30-07:00 2024-12-31 990 2024-01-01 340058905 138 TOWPATH CREDIT UNION INC 138T 3306644700 2969 Smith Rd Fairlawn OH 44333 Melissa Dawson EVP/CFO 3306644700 2025-11-12 1 2024 2025-03-06 01:10:19Z Melissa Dawson 2969 Smith Rd Fairlawn OH 44333 13589594 0 X www.towpathcu.com X 1936 OH Towpath Credit Union is a member-owned, not-for-profit financial cooperative dedicated to serving the needs of its members throughout Summit County and approved select employee groups. Committed to excellence, Towpath Credit Union provides high-quality financial products and personalized services designed to help members achieve their financial goals. 7 7 87 7 0 0 0 0 10148735 12093275 1192132 1258595 277430 237724 11618297 13589594 0 0 0 1621351 4387789 4605308 0 0 0 6203122 6351483 10590911 12578142 1027386 1011452 198013463 198342445 177861076 177105093 20152387 21237352 Towpath Credit Union proudly serves its qualified members with secure, competitive financial products and services that strengthen our community. Mission Statement - Towpath Credit Union's mission is to pave pathways to modern financials opportunities that uplift the community. 0 0 Member Loans - Towpath Credit Union is committed to providing members with financial flexibility and stability through a variety of loan options. These include automobile loans, share-secured loans, unsecured loans, business participation loans, mortgage loans, real estate loans, personal loans, credit cards, and several other lending products designed to meet diverse financial needs. At year-end, the Credit Union had approximately 13,782 loans outstanding. Depository Accounts - Towpath Credit Union is dedicated to providing members with financial flexibility while encouraging savings through a variety of depository account options. These include checking accounts, savings accounts, money market accounts, share certificates, IRA accounts, holiday accounts, and several other account types designed to support members' financial goals. At year-end, the Credit Union maintained approximately 45,100 depository accounts. Debit Card Program - Towpath Credit Union is committed to providing members with financial flexibility, security, and convenient access to their funds through its debit card program. This service allows members to easily access their accounts, make purchases, and manage their finances with confidence and ease. 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 3866 0 1 87 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 0 0 OH X Melissa Dawson 3306644734 2969 Smith Rd Fairlawn OH 44333 Michael Sferro President/CEO 40 1 X X X 170637 0 19047 Kathryn Lee EVP/CHRO 40 1 X 109188 0 9933 Melissa Dawson EVP/CFO 40 1 X 108396 0 9966 Jeremy Wascak SVP/CSO 40 1 X 106483 0 9455 Edward Schmuhl SVP, CIO/CIS 40 0 X 101883 0 9202 Lester Carney Chairman 1 0 X 0 0 0 Ernest Steele Vice Chairman 1 0 X 0 0 0 James Talley Treasurer 1 0 X 0 0 0 Judi Hill Secretary 1 0 X 0 0 0 Bob Newman Board Member 1 0 X 0 0 0 Brian Gay Board Member 1 0 X 0 0 0 Kelly Peters Board Member 1 0 X 0 0 0 596587 0 57603 5 0 1 0 0 0 Loan Interest Income 522130 9203799 9203799 0 0 Fee Income 522130 2889476 2889476 0 0 0 0 0 0 12093275 1258595 1258595 0 0 0 0 0 0 0 0 0 0 9000 0 0 0 9000 0 9000 9000 0 0 0 0 228724 228724 0 0 228724 13589594 13589594 0 0 0 0 0 1621351 681188 0 3109275 206140 312948 295757 278228 23347 68455 0 0 51606 0 210249 2314459 142793 0 373178 34032 0 6430 21 42857 679888 60120 Loan Servicing 422854 Credit Caerd Servicing 484786 Provision for Loan Loss 1114716 43464 12578142 0 0 0 1296146 1620212 9592925 13407239 0 0 517878 558520 2164657 2186304 0 0 128773922 134055189 0 0 240024 300286 8133067 3548935 4891626 4584132 0 47915522 38620703 2390660 2710578 0 230103 299282 198013463 198342445 2085392 1139509 0 0 0 0 0 0 0 0 0 0 0 0 0 0 175775684 175965584 177861076 177105093 X 0 0 0 0 20152387 21237352 20152387 21237352 198013463 198342445 1011452 73513 0 0 0 0 X 1 X 1 X 0 0 895275 0 895275 4218490 0 1844088 2374402 0 0 0 0 3019302 0 1704847 1314455 0 0 0 0 4584132 0 0 Certificates of Deposit 5981000 C Fed Agency Securities 10500000 C Agency CMO's 21961657 F Agency MBS 178046 F 38620703 0 Member Shares 175965584 175965584 13589594 0 0 0 0 0 13589594 0 0 0 13589594 12578142 0 0 0 0 0 12578142 0 0 0 12578142 X X X 0 0 0 Michael Sferro President/CEO 145000 0 19525 0 7800 0 0 0 19047 0 191372 0 0 0 Melissa Dawson EVP/CFO 99000 0 12970 0 1800 0 0 0 9933 0 123703 0 0 0 Kathryn Lee EVP/CHRO 99000 0 12970 0 1800 0 0 0 9966 0 123736 0 0 0 Edward Schmuhl SVP, CIO/CIS 91000 0 11326 0 1800 0 0 0 9202 0 113328 0 0 0 Jeremy Wascak SVP/CSO 95500 0 10904 0 1800 0 0 0 9454 0 117658 0 0 0 Rose Bartolomucci Former CEO Collateral Assigned Split Dollar Plan X 2050000 2186304 0 1 1 2186304 Form 990, Part V, Line 3b Automatic six-month extension granted, will fine 990T by Nov 17, 2025. 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 America's Credit Unions is provided to the Board of Directors to assess CEO compensation. Adjustments to CEO compensation are typically 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. Extension was filed for 990 return - due Nov 17, 2025.