Peoples Credit Union
- Assets
- $620.0m
- Revenue
- $25.0m
- Investments
- $2.1m
- Employees
- 141
- Location
- Middletown, RI
- Founding
- 04/1956
- Data as of
- 12/2021
- EIN
- 05-0198580
Organization Overview
Peoples Credit Union is located in Middletown, RI. The organization was established in 1956. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Peoples Credit Union employed 141 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Peoples Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Peoples Credit Union generated $25.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $19.0m during the year ending 12/2021. While expenses have increased by 1.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
STATE CHARTERED CREDIT UNION
Describe the Organization's Program Activity:
Part 3 - Line 4a
PEOPLE'S IS A MEMBER-OWNED ORGANIZATION COMMITTED TO PROVIDING SUPERIOR FINANCIAL SERVICES TO THE COMMUNITY. PEOPLE'S PROVIDED 15,241 LOANS TO MEMBERS. THE OUTSTANDING LOAN BALANCE AT 12/31/21 WAS $530,221,890.
PEOPLE'S MAINTAINS SAVINGS ACCOUNTS FOR MEMBERS. TOTAL OUTSTANDING SAVINGS ACCOUNTS AT 12/31/21 WAS 28,972 FOR $317,127,076.
PEOPLE'S MAINTAINS DEMAND DEPOSIT ACCOUNTS FOR MEMBERS. TOTAL OUTSTANDING DEMAND DEPOSIT ACCOUNTS AT 12/31/21 WAS 23,154 FOR $231,545,159.
PEOPLE'S OFFERS SAFE DEPOSIT BOXES TO MEMBERS. THE NUMBER OF SAFE DEPOSIT BOXES RENTED IS 1,094.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sean Daly President & CEO | Officer | 40 | $497,646 |
William Dewitt Evp, Chief Marketing Officer | 40 | $240,061 | |
Cormac Mccarthy Evp, Chief Lending Officer | 40 | $234,950 | |
Margaret Mcgill Evp & CFO | Officer | 40 | $219,547 |
Kari Reardon Mortgage Loan Officer | 40 | $183,773 | |
Diane Crosby Mortgage Loan Officer | 40 | $175,120 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cocc Inc Data Processing Services | 12/30/21 | $1,735,009 |
Customized Service Concepts Llc Atm Equipment Sales & Service | 12/30/21 | $209,709 |
Think Stack Information Technology | 12/30/21 | $465,749 |
Arkatechture Data & Analytics | 12/30/21 | $236,973 |
Meridianlink Inc Loan Origination Software | 12/30/21 | $166,269 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $24,180,550 |
| Investment income | $778,785 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $61,051 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,020,386 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,372 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $866,170 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,596,493 |
| Pension plan accruals and contributions | $273,753 |
| Other employee benefits | $1,585,828 |
| Payroll taxes | $559,625 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $37,397 |
| Fees for services: Accounting | $207,359 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $595,251 |
| Advertising and promotion | $576,608 |
| Office expenses | $927,332 |
| Information technology | $887 |
| Royalties | $0 |
| Occupancy | $2,886,434 |
| Travel | $15,414 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $227,939 |
| Interest | $584,736 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $801,487 |
| Insurance | $164,830 |
| All other expenses | $0 |
| Total functional expenses | $19,033,530 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $56,377,792 |
| Savings and temporary cash investments | $14,977,299 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $454,914,645 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $575,504 |
| Net Land, buildings, and equipment | $15,777,019 |
| Investments—publicly traded securities | $51,136,098 |
| Investments—other securities | $2,129,700 |
| Investments—program-related | $0 |
| Intangible assets | $4,105,568 |
| Other assets | $19,998,132 |
| Total assets | $619,991,757 |
| Accounts payable and accrued expenses | $6,300,907 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,522,930 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $548,856,237 |
| Total liabilities | $556,680,074 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $63,311,683 |
| Total liabilities and net assets/fund balances | $619,991,757 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Harvard University Employees Credit Union Cambridge, MA | $1,037,994,144 | $42,695,601 |
Sharon & Cresent United Credit Union Sharon, MA | $1,214,608,643 | $40,886,511 |
St Annes Credit Union Of Fall River Mass Fall River, MA | $1,266,762,131 | $34,865,858 |
Sikorsky Financial Credit Union Inc Stratford, CT | $1,094,000,567 | $34,623,993 |
Leominster Credit Union Leominster, MA | $813,719,349 | $30,410,755 |
St Marys Credit Union Inc Marlborough, MA | $985,400,554 | $32,310,700 |
Connex Credit Union Inc North Haven, CT | $868,570,264 | $30,771,499 |
Align Credit Union Lowell, MA | $748,085,438 | $24,193,748 |
Connecticut State Employees Credit Union Inc Hartford, CT | $2,481,303,480 | $34,343,368 |
Greenwood Credit Union Inc Warwick, RI | $681,592,383 | $32,311,818 |
Liberty Bay Credit Union Braintree, MA | $714,665,238 | $24,208,397 |
Freedom Credit Union Springfield, MA | $649,826,140 | $26,093,008 |