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Nonprofiteer
← CITIZENS EQUITY FIRST CREDIT UNION

Form 990 for tax year 2024

Filed by CITIZENS EQUITY FIRST CREDIT UNION.

Totals

Total revenue
$499,911,966
Total expenses
$438,638,813
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$376,747,525
Investment income
$122,618,218
Other revenue
$546,223
Total assets, end of year
$7,913,483,068
Total liabilities, end of year
$7,033,122,241
Net assets or fund balances, end of year
$880,360,827
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: LOAN INTEREST

    total $321,593,008 · related or exempt $321,593,008

  • 2b · Program service revenue: FEES AND CHARGES

    total $55,154,517 · related or exempt $51,974,675 · unrelated business $3,179,842

  • 3 · Investment income

    total $103,645,436 · excluded $103,645,436

  • 6a · Gross rents

    real property $547,366

  • 6b · Less rental expenses

    real property $1,143

  • 6c · Rental income or loss

    real property $546,223

  • 6d · Net rental income or loss

    total $546,223 · related or exempt $546,223

  • 7a · Gross sales of assets other than inventory

    securities $18,935,490 · other assets $2,435,559

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $2,398,267

  • 7c · Gain or loss

    securities $18,935,490 · other assets $37,292

  • 7d · Net gain or loss

    total $18,972,782 · excluded $18,972,782

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $180,149,081

  • 5 · Compensation of officers, directors and key employees

    total $3,323,601

  • 7 · Other salaries and wages

    total $77,854,472

  • 8 · Pension plan contributions

    total $7,740,229

  • 9 · Other employee benefits

    total $13,420,097

  • 10 · Payroll taxes

    total $6,047,774

  • 11b · Fees: legal

    total $354,409

  • 11c · Fees: accounting

    total $359,761

  • 12 · Advertising and promotion

    total $9,551,987

  • 13 · Office expenses

    total $8,674,289

  • 14 · Information technology

    total $7,580,599

  • 16 · Occupancy

    total $8,300,436

  • 17 · Travel

    total $151,207

  • 19 · Conferences, conventions and meetings

    total $896,677

  • 20 · Interest

    total $32,104,819

  • 22 · Depreciation, depletion and amortization

    total $7,767,285

  • 23 · Insurance

    total $1,441,624

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $36,540,903

  • 24b · Other expenses: MISCELLANEOUS NON INTER

    total $27,522,284

  • 24c · Other expenses: LOAN SERVICING

    total $8,857,279

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $127,186,986 · end of year $67,496,144

  • 2 · Savings and temporary cash investments

    beginning of year $270,623,139 · end of year $333,536,786

  • 4 · Accounts receivable

    beginning of year $10,886,095 · end of year $12,405,401

  • 7 · Other notes and loans receivable

    beginning of year $5,781,562,580 · end of year $6,041,893,463

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,960,571 · end of year $7,891,081

  • 10a · Land, buildings and equipment: cost or other basis

    $188,792,180

  • 10b · Land, buildings and equipment: accumulated depreciation

    $116,261,939

  • 10c · Land, buildings and equipment, net

    beginning of year $73,456,216 · end of year $72,530,241

  • 11 · Investments: publicly traded securities

    beginning of year $1,059,520,602 · end of year $1,200,040,526

  • 12 · Investments: other securities

    beginning of year $5,345,000 · end of year $45,345,000

  • 14 · Intangible assets

    beginning of year $24,677,632 · end of year $25,215,757

  • 15 · Other assets

    beginning of year $99,358,721 · end of year $107,128,669

  • 17 · Accounts payable and accrued expenses

    beginning of year $109,314,297 · end of year $81,131,016

  • 19 · Deferred revenue

    beginning of year $2,838,455 · end of year $2,911,029

  • 21 · Escrow or custodial account liability

    beginning of year $24,849,949 · end of year $25,541,326

  • 25 · Other liabilities

    beginning of year $6,533,510,018 · end of year $6,923,538,870

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $790,064,823 · end of year $880,360,827

Mission and programs · 2024

Mission

PROVIDE QUALITY SERVICE AND PRODUCTS TO IMPROVE THE FINANCIAL WELL BEING OF MEMBERS.

  • EXPANSION IN CALIFORNIA WITH THE OPENING OF THE GILROY MEMBER CENTER.LAUNCHED THE ILLINOIS STATE UNIVERSITY AND PEORIA RIVERMEN BRANDED DEBIT CARDS, STRENGTHENING AND ENHANCING THE RELATIONSHIPS WITH THESE ORGANIZATIONS, AND OFFERING MEMBERS THE OPPORTUNITY TO SHOW THEIR REDBIRD AND RIVERMEN PRIDE WITH A CEFCU-BRANDED DEBIT CARD! THESE ADDITIONS EXPANDED THE CREDIT UNION'S CO-BRANDED DEBIT CARDS BY JOINING THE ESTABLISHED SAN JOSE STATE UNIVERSITY DEBIT CARD - ALLOWING SJSU FANS TO SHOW THEIR SPARTAN SPIRIT!

  • CONTINUED TO PROVIDE A WIDE VARIETY OF SAVINGS PRODUCTS WITH LOW FEES AND COMPETITIVE RATES. PAID DIVIDENDS TOTALING 36% OF REVENUES INCLUDING A $55 MILLION EXTRAORDINARY DIVIDEND DIVIDED BETWEEN BORROWERS AND SAVERS.

  • PROVIDED A FULL RANGE OF MORTGAGE, CONSUMER, AND BUSINESS LOANS TO MEMBERS AND MEMBER OWNED BUSINESSES. GRANTED NEARLY $1.7 BILLION IN CONSUMER LOANS, OVER $373 MILLION IN MORTGAGE LOANS, AND OVER $70 MILLION TO MEMBER OWNED BUSINESSES.

As filed on the 2024 return.

Listed in Part VII

  • Matthew J Mamer

    PRESIDENT-TREASURER

    Total calculated
    $865,129
    From this org
    $776,687
    From related orgs
    $0
    Other
    $88,442
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $558,974
    Bonus
    $187,204
    Other
    $30,509
    Deferred
    $82,072
    Nontaxable benefits
    $6,370
    Filer's total
    $865,129

  • Joseph R Needham

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    3

  • Jennifer T Strickland

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    3

  • Eric J Rahn

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    3

  • Timothy R Brunton

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    3

  • Kavita Sachdev

    SECRETARY

    Total calculated
    $4,623
    From this org
    $4,623
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Todd W Bryant

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Angel G Martinez

    BOARD MEMBER

    Total calculated
    $1,332
    From this org
    $1,332
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Robert M Metzinger

    BOARD MEMBER

    Total calculated
    $2,411
    From this org
    $2,411
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Billy J Frank

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Jada A Hoerr

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Sean D Scranton

    BOARD MEMBER

    Total calculated
    $2,329
    From this org
    $2,329
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Matthew D Joliff

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • Alycia D Hightower

    CHIEF PEOPLE OFFICER

    Total calculated
    $388,858
    From this org
    $337,365
    From related orgs
    $0
    Other
    $51,493
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $273,182
    Bonus
    $33,683
    Other
    $30,500
    Deferred
    $44,502
    Nontaxable benefits
    $6,991
    Filer's total
    $388,858

  • Kevin D Schneider

    CHIEF LEGAL COUNSEL

    Total calculated
    $469,423
    From this org
    $406,875
    From related orgs
    $0
    Other
    $62,548
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $354,165
    Bonus
    $52,710
    Other
    $0
    Deferred
    $58,166
    Nontaxable benefits
    $4,382
    Filer's total
    $469,423

  • Mark A Hoffmire

    CHIEF OPERATIONS OFFICER

    Total calculated
    $439,531
    From this org
    $365,237
    From related orgs
    $0
    Other
    $74,294
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $303,961
    Bonus
    $38,276
    Other
    $23,000
    Deferred
    $70,204
    Nontaxable benefits
    $4,090
    Filer's total
    $439,531

  • Timothy I Dunton

    CHIEF DELIVERY OFFICER

    Total calculated
    $457,577
    From this org
    $380,635
    From related orgs
    $0
    Other
    $76,942
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $330,527
    Bonus
    $46,600
    Other
    $3,508
    Deferred
    $64,434
    Nontaxable benefits
    $12,508
    Filer's total
    $457,577

  • Wyatt S Wolven

    CHIEF FINANCIAL OFFICER

    Total calculated
    $365,873
    From this org
    $335,216
    From related orgs
    $0
    Other
    $30,657
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $289,428
    Bonus
    $42,135
    Other
    $3,653
    Deferred
    $24,756
    Nontaxable benefits
    $5,901
    Filer's total
    $365,873

  • Dianna L Hunter

    CHIEF OPERATIONS OFFICER

    Total calculated
    $326,515
    From this org
    $292,269
    From related orgs
    $0
    Other
    $34,246
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $241,462
    Bonus
    $27,807
    Other
    $23,000
    Deferred
    $32,752
    Nontaxable benefits
    $1,494
    Filer's total
    $326,515

  • Pedro Diaz

    VICE PRESIDENT

    Total calculated
    $321,035
    From this org
    $286,262
    From related orgs
    $0
    Other
    $34,773
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $233,606
    Bonus
    $37,745
    Other
    $14,911
    Deferred
    $30,040
    Nontaxable benefits
    $4,733
    Filer's total
    $321,035

  • Todd R Haller

    SENIOR VICE PRESIDENT

    Total calculated
    $331,749
    From this org
    $283,867
    From related orgs
    $0
    Other
    $47,882
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $235,479
    Bonus
    $35,994
    Other
    $12,394
    Deferred
    $47,882
    Nontaxable benefits
    $0
    Filer's total
    $331,749

  • Theresa A Lake

    VICE PRESIDENT

    Total calculated
    $296,075
    From this org
    $252,797
    From related orgs
    $0
    Other
    $43,278
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $199,651
    Bonus
    $33,400
    Other
    $19,746
    Deferred
    $41,784
    Nontaxable benefits
    $1,494
    Filer's total
    $296,075

  • Denise Ghere

    SENIOR VICE PRESIDENT

    Total calculated
    $287,961
    From this org
    $248,179
    From related orgs
    $0
    Other
    $39,782
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $210,528
    Bonus
    $30,425
    Other
    $7,226
    Deferred
    $33,230
    Nontaxable benefits
    $6,552
    Filer's total
    $287,961

  • Ronald Routh

    VICE PRESIDENT

    Total calculated
    $299,736
    From this org
    $244,421
    From related orgs
    $0
    Other
    $55,315
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $182,917
    Bonus
    $31,004
    Other
    $30,500
    Deferred
    $44,377
    Nontaxable benefits
    $10,938
    Filer's total
    $299,736

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
COMPANION TRAVEL IS PROVIDED FOR OFFICER AND BOARD MEMBER SPOUSES ATTENDING CREDIT UNION RELATED CONFERENCES.
PART I, LINE 4B
NAME: JOHN SIEFKEN, DESCRIPTION: SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN, CURRENT YEAR AMOUNT: $52,163. PLAN DESCRIPTION: SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN NAME: MATTHEW MAMER, DESCRIPTION: SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN, CURRENT YEAR AMOUNT: $0. PLAN DESCRIPTION: SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CEFCU FINANCIAL SERVICES

    C · INSURANCE · IL · 100% owned · share of income $1,000,069 · share of assets $6,154,162 · controlled entity

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202523209349301952

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