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Nonprofiteer
← PEOPLES CREDIT UNION

Form 990 for tax year 2025

Filed by PEOPLES CREDIT UNION.

Totals

Total revenue
$39,099,623
Total expenses
$37,350,618
Contributions and grants received
$0
Grants paid
$220,182
Program service revenue
$36,446,210
Investment income
$2,653,413
Other revenue
$0
Total assets, end of year
$807,987,071
Total liabilities, end of year
$735,362,620
Net assets or fund balances, end of year
$72,624,451
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 $30,913,511 · related or exempt $30,913,511

  • 2b · Program service revenue: Fee & Service Income

    total $5,532,699 · related or exempt $5,492,330 · unrelated business $40,369

  • 3 · Investment income

    total $2,673,794 · excluded $2,673,794

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

    other assets $20,381

  • 7c · Gain or loss

    other assets -$20,381

  • 7d · Net gain or loss

    total -$20,381 · excluded -$20,381

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $220,182

  • 5 · Compensation of officers, directors and key employees

    total $881,539

  • 7 · Other salaries and wages

    total $8,449,375

  • 8 · Pension plan contributions

    total $464,151

  • 9 · Other employee benefits

    total $1,095,119

  • 10 · Payroll taxes

    total $743,773

  • 11b · Fees: legal

    total $47,017

  • 11c · Fees: accounting

    total $266,028

  • 11g · Fees: other

    total $486,562

  • 12 · Advertising and promotion

    total $1,067,457

  • 13 · Office expenses

    total $654,669

  • 14 · Information technology

    total $486,903

  • 16 · Occupancy

    total $2,834,212

  • 17 · Travel

    total $43,356

  • 19 · Conferences, conventions and meetings

    total $82,282

  • 20 · Interest

    total $14,706,125

  • 22 · Depreciation, depletion and amortization

    total $1,213,452

  • 23 · Insurance

    total $94,602

  • 24a · Other expenses: Data Processing

    total $2,337,407

  • 24b · Other expenses: Miscellaneous Expenses

    total $835,043

  • 24c · Other expenses: Deposit Tax Expense

    total $332,964

  • 24d · Other expenses: UBI Tax

    total $8,400

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $26,976,404 · end of year $37,555,318

  • 2 · Savings and temporary cash investments

    beginning of year $2,049,315 · end of year $2,730,012

  • 7 · Other notes and loans receivable

    beginning of year $596,147,056 · end of year $653,577,173

  • 9 · Prepaid expenses and deferred charges

    beginning of year $572,793 · end of year $839,240

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

    $32,077,073

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

    $13,458,083

  • 10c · Land, buildings and equipment, net

    beginning of year $17,795,633 · end of year $18,618,990

  • 11 · Investments: publicly traded securities

    beginning of year $63,382,747 · end of year $51,768,258

  • 12 · Investments: other securities

    beginning of year $4,046,300 · end of year $4,553,800

  • 14 · Intangible assets

    beginning of year $8,365,456 · end of year $9,450,514

  • 15 · Other assets

    beginning of year $27,679,605 · end of year $28,893,766

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,347,806 · end of year $8,571,525

  • 23 · Secured mortgages and notes payable

    beginning of year $2,054,909 · end of year $2,648,065

  • 25 · Other liabilities

    beginning of year $669,167,005 · end of year $724,143,030

  • 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 $67,445,589 · end of year $72,624,451

Mission and programs · 2025

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.

Activities or mission (Part I)

State chartered credit union

  • 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.

As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Christopher S Ottiano MD

    Board Chair

    Total calculated
    $14,800
    From this org
    $14,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Edward T Lopes Jr

    Board Vice-Chair

    Total calculated
    $12,400
    From this org
    $12,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Thomas Vignali

    Board Treasurer

    Total calculated
    $12,800
    From this org
    $12,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Toni Lyn McGowan

    Board Secretary

    Total calculated
    $12,800
    From this org
    $12,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Alyson Adkins

    Board Member

    Total calculated
    $10,400
    From this org
    $10,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Timothy J DelGiudice

    Board Member

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • William L Douglas Jr

    Board Member

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Terri Marcucci Fitch

    Board Member

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Steven Kozlowski

    Board Member

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Frank Newsome

    Board Member

    Total calculated
    $10,400
    From this org
    $10,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • John Trifero

    Board Member

    Total calculated
    $10,400
    From this org
    $10,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Sean Daly

    Head of People's Credit Union

    Total calculated
    $490,997
    From this org
    $480,497
    From related orgs
    $0
    Other
    $10,500
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $473,142
    Bonus
    $0
    Other
    $7,355
    Deferred
    $10,500
    Nontaxable benefits
    $0
    Filer's total
    $490,997

  • Patricia Carlin

    Head of Finance & Risk

    Total calculated
    $264,142
    From this org
    $256,033
    From related orgs
    $0
    Other
    $8,109
    Hours/week
    40 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $243,711
    Bonus
    $10,000
    Other
    $2,322
    Deferred
    $4,682
    Nontaxable benefits
    $3,427
    Filer's total
    $264,142

  • William DeWitt

    Head of Member Delivery & Marketing

    Total calculated
    $300,235
    From this org
    $259,367
    From related orgs
    $0
    Other
    $40,868
    Hours/week
    40 + 0.5 related

    Schedule J breakdown matched by us

    Base
    $240,496
    Bonus
    $10,000
    Other
    $8,871
    Deferred
    $7,948
    Nontaxable benefits
    $32,920
    Filer's total
    $300,235

  • Timothy Jermain

    Head of Lending

    Total calculated
    $291,896
    From this org
    $262,751
    From related orgs
    $0
    Other
    $29,145
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $249,187
    Bonus
    $10,000
    Other
    $3,564
    Deferred
    $8,001
    Nontaxable benefits
    $21,144
    Filer's total
    $291,896

  • Karen Parent

    Head of Human Resources & Talent

    Total calculated
    $241,419
    From this org
    $205,117
    From related orgs
    $0
    Other
    $36,302
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,875
    Bonus
    $10,000
    Other
    $1,242
    Deferred
    $6,458
    Nontaxable benefits
    $29,844
    Filer's total
    $241,419

  • Christopher Eden

    Head of Information Security & Tech.

    Total calculated
    $196,116
    From this org
    $180,661
    From related orgs
    $0
    Other
    $15,455
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,851
    Bonus
    $10,000
    Other
    $810
    Deferred
    $4,497
    Nontaxable benefits
    $10,958
    Filer's total
    $196,116

  • Terri Raymond

    Head of Retail

    Total calculated
    $207,540
    From this org
    $189,012
    From related orgs
    $0
    Other
    $18,528
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,575
    Bonus
    $5,115
    Other
    $2,322
    Deferred
    $5,769
    Nontaxable benefits
    $12,759
    Filer's total
    $207,540

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 · Discretionary spending account
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • Small Business Collective

    501(c)(3) · Small Business Development · RI · controlled entity

    Directly controlled by People's Credit Union

Provenance

Return type
form_990
Tax year
2025
Filed
29 April 2026
IRS schema version
2025v4.1
Source object
202621209349300227

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