Premier America Credit Union
- Assets
- $3.4b
- Revenue
- $107.5m
- Investments
- $15.0m
- Employees
- 450
- Location
- Chatsworth, CA
- Founding
- 09/1961
- Data as of
- 12/2021
- EIN
- 95-3442691
Organization Overview
Premier America Credit Union is located in Chatsworth, CA. The organization was established in 1961. 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, Premier America Credit Union employed 450 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Premier America 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, Premier America Credit Union generated $107.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $91.5m during the year ending 12/2021. While expenses have increased by 6.6% 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.
Since 2016, Premier America Credit Union has awarded 23 individual grants totaling $328,203. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
A COOPERATIVE ORGANIZED FOR THE PURPOSE OF PROMOTING THRIFT AND SAVINGS AMONGST ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CREDIT UNION ENCOURAGED AND PROMOTED SAVINGS AND ACQUIRED 9,387 NEW MEMBERS IN 2021. TOTAL MEMBERSHIP STOOD AT 112,648 AS OF DECEMBER 31, 2021 WHILE DEPOSIT BALANCES GREW BY $188 MILLION COMPARED TO THE PREVIOUS YEAR, AND THE ORGANIZATION CONTINUED TO PAY MEMBERS FAVORABLE DIVIDEND RATES ON THEIR SAVINGS.
THE CREDIT UNION MET MORTGAGE NEEDS OF FIRST TIME HOME BUYERS AND REFINANCING NEEDS OF EXISTING HOMEOWNERS, ALLOWING THEM TO TAKE ADVANTAGE OF LOWER INTEREST RATES. LOWER INTEREST RATES WERE MADE POSSIBLE BY BEING A FNMA MORTGAGE LOAN SELLER AND SERVICER. DURING THE YEAR, THE ORGANIZATION GRANTED 790 REAL ESTATE LOANS AND HOME EQUITY LINES OF CREDIT TOTALING OVER $846 MILLION TO ITS MEMBERS.
THE CREDIT UNION'S CORE VALUES AND PURPOSE DRIVE OUR COMMITMENT TO SERVING MEMBERS AND LOCAL COMMUNITIES. IN 2021, OUR DEDICATION TO GIVING BACK WAS OF PARAMOUNT IMPORTANCE AS PREMIER AMERICA DONATED $224,834 TO LOCAL CHARITIES AND COMMUNITY ORGANIZATIONS AND TEAM MEMBERS INVESTED OVER 600 HOURS OF SERVICE TO NON-PROFIT ORGANIZATIONS. PREMIER AMERICA IS FOCUSED ON PROVIDING SAFE, RESPONSIBLE AND AFFORDABLE FINANCIAL SERVICES TO HELP MEMBERS REACH THEIR DREAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rodolfo Pereira President & CEO | Officer | 40 | $3,537,762 |
W Brad Cunningham CFO | Officer | 40 | $1,736,607 |
Kelly Karren Financial Advisor | 40 | $463,798 | |
Ernie Celaya Mortgage Loan Officer | 40 | $382,084 | |
Ernesto Norona Chief Lending Officer | Officer | 40 | $346,183 |
Janakiramana Yandapalli Chief Technology Officer | Officer | 40 | $344,887 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ncr Corporation Online Banking | 12/30/21 | $1,237,722 |
Cu Engage Llc Consulting | 12/30/21 | $907,750 |
Axelliant Llc Data Processing/consulting | 12/30/21 | $1,225,300 |
Jack Henry And Associates Data Processing | 12/30/21 | $829,724 |
Strum Agency Advertising/marketing | 12/30/21 | $1,084,750 |
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 | $100,652,858 |
| Investment income | $5,827,484 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $189,834 |
| Net Gain/Loss on Asset Sales | $835,792 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $107,505,968 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $231,494 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $16,514,743 |
| Compensation of current officers, directors, key employees. | $6,844,780 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $23,482,235 |
| Pension plan accruals and contributions | $3,284,176 |
| Other employee benefits | $1,839,755 |
| Payroll taxes | $2,074,810 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $359,856 |
| Fees for services: Accounting | $507,396 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,513,118 |
| Advertising and promotion | $2,280,123 |
| Office expenses | $8,092,772 |
| Information technology | $4,654,801 |
| Royalties | $304,996 |
| Occupancy | $3,344,622 |
| Travel | $155,287 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $224,388 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,576,339 |
| Insurance | $241,517 |
| All other expenses | $1,019,322 |
| Total functional expenses | $91,505,540 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $434,199,782 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,804,051 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,447,543,049 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,620,969 |
| Net Land, buildings, and equipment | $14,943,542 |
| Investments—publicly traded securities | $443,909,027 |
| Investments—other securities | $15,000,392 |
| Investments—program-related | $0 |
| Intangible assets | $2,501,444 |
| Other assets | $35,090,284 |
| Total assets | $3,406,612,540 |
| Accounts payable and accrued expenses | $23,185,669 |
| Grants payable | $0 |
| Deferred revenue | $497,139 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,070,062,572 |
| Total liabilities | $3,093,745,380 |
| 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 | $312,867,160 |
| Total liabilities and net assets/fund balances | $3,406,612,540 |
Grants Awarded
Over the last fiscal year, Premier America Credit Union has awarded $158,095 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
Chatsworth, CA PURPOSE: PROGRAM SUPPORT | $82,885 |
Salt Lake City, UT PURPOSE: PROGRAM SUPPORT | $21,500 |
Thousand Oaks, CA PURPOSE: PROGRAM SUPPORT | $15,210 |
Oxnard, CA PURPOSE: PROGRAM SUPPORT | $10,000 |
Camarillo, CA PURPOSE: PROGRAM SUPPORT | $8,000 |
Port Hueneme, CA PURPOSE: PROGRAM SUPPORT | $7,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Golden 1 Credit Union Sacramento, CA | $18,331,687,285 | $525,382,897 |
Patelco Credit Union Dublin, CA | $9,047,982,000 | $276,202,116 |
Onpoint Community Credit Union Portland, OR | $9,040,369,064 | $300,691,175 |
San Diego County Credit Union San Diego, CA | $10,817,931,463 | $305,241,036 |
Credit Unions In The State Of California Pasadena, CA | $5,170,841,754 | $207,665,347 |
Credit Unions In The State Of California Santa Rosa, CA | $7,428,683,362 | $248,972,690 |
Travis Credit Union Vacaville, CA | $4,695,813,134 | $194,928,518 |
Safe Credit Union Folsom, CA | $4,443,372,826 | $162,136,670 |
California Credit Union Glendale, CA | $4,290,889,688 | $164,391,792 |
Credit Unions In The State Of California Sunnyvale, CA | $11,067,829,708 | $197,844,755 |
Educational Employees Credit Union Fresno, CA | $4,681,848,243 | $140,033,802 |
Oregon Community Credit Union Eugene, OR | $2,826,121,126 | $182,242,816 |