MERRIMACK VALLEY CREDIT UNION

EIN: 042206928

LAWRENCE, MA

Total Revenue
$91,376,330
Total Expenses
$82,880,906
Total Assets
$2,243,805,340
Net Assets
$182,924,908
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1955
Legal Domicile
MA
Principal Officer
JOHN J HOWARD
Phone
5082792400
Tax Period
2023-01-01 to 2023-12-31

MERRIMACK VALLEY CREDIT UNION, founded in 1955, is a mid-sized nonprofit that reported $91.4M in total revenue in fiscal year 2023. Revenue surged 94% from the prior year, signaling strong growth momentum. Expenses of $82.9M left a modest 9% surplus.

Mission

MEMBER OWNED FINANCIAL INSTITUTION OFFERING A VARIETY OF SAVINGS AND LOAN PRODUCTS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $75,728,753
Investment Income $15,647,577
Other Revenue $0
TOTAL REVENUE $91,376,330

Expense Breakdown

Grants Paid $336
Salaries & Benefits $32,505,046
Fundraising Expenses $0
Other Expenses $31,050,428
TOTAL EXPENSES $82,880,906

Year-over-Year Comparison

2023 2022 Change
Revenue $91,376,330 $47,044,968 +0.9%
Expenses $82,880,906 $40,390,557 +1.1%
Net Income $8,495,424 $6,654,411 +0.3%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
26
Independent Members
26
Employees
379
Volunteers
26

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
46
$9,147,596
Total Directors
26
$32,218
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JANE ARSENAULT DIRECTOR 3.00
Director
$0 $0 $0
MARY K BRIAND DIRECTOR 3.00
Director
$0 $8,056 $8,056
MUKESH DAVE TREASURER 3.00
Officer Director
$0 $0 $0
CATHERINE DEBURRO DIRECTOR 3.00
Director
$0 $0 $0
HENRY DOYLE DIRECTOR 3.00
Director
$0 $0 $0
JOHN GARRASI DIRECTOR 3.00
Director
$0 $0 $0
RONALD GUILMETTE DIRECTOR 3.00
Director
$0 $0 $0
JOSEPH KELLEHER DIRECTOR 3.00
Director
$0 $0 $0
JOAN KUHN DIRECTOR 3.00
Director
$0 $0 $0
CHRISTIANA LANCIONE DIRECTOR 3.00
Director
$0 $0 $0
DAVID LONDON ASSISTANT TREASURER 3.00
Officer Director
$0 $7,320 $7,320
JOHN MANCINI DIRECTOR 3.00
Director
$0 $0 $0
DOMENIC P MAZZOCCO CHAIRMAN 3.00
Officer Director
$0 $0 $0
PAUL MCGOWAN DIRECTOR 3.00
Director
$0 $0 $0
PETER A MILLS DIRECTOR 3.00
Director
$0 $0 $0
BERNARD J MULHOLLAND 1ST VICE CHAIRMAN 3.00
Officer Director
$0 $6,203 $6,203
ARTHUR ODEA 2ND VICE CHAIRMAN 3.00
Officer Director
$0 $0 $0
ARTHUR OSBORN DIRECTOR 3.00
Director
$0 $0 $0
SUSAN OSBORN DIRECTOR 3.00
Director
$0 $0 $0
ALEXANDER R OSKI DIRECTOR 3.00
Director
$0 $0 $0
BRITTNEY T PICKERING DIRECTOR 3.00
Director
$0 $0 $0
LEON PRATT JR DIRECTOR 3.00
Director
$0 $0 $0
MAUREEN RONAYNE SECRETARY 3.00
Officer Director
$0 $0 $0
STEPHANIE A SOUSA DIRECTOR 3.00
Director
$0 $10,639 $10,639
DOROTHEA SPARROW DIRECTOR 3.00
Director
$0 $0 $0
JOHN F TORPEY DIRECTOR 3.00
Director
$0 $0 $0
JOHN HOWARD PRESIDENT / CEO 37.50
Officer
$868,780 $40,754 $909,534
MICHAEL VALLEY EVP/ CFO & COO 37.50
Officer
$498,150 $32,808 $530,958
BRADFORD EGAN EVP / CHIEF LENDING OFFICER 37.50
Officer
$558,165 $40,754 $598,919
STEPHEN LYNCH SVP / INFORMATION TECHNOLOGY 37.50
Officer
$361,818 $40,754 $402,572
YEAN-AI LONG SVP MARKETING 37.50
Officer
$276,551 $33,430 $309,981
ANTHONY MARINO SVP ORGANIZATIONAL DEVELOPMENT 37.50
Officer
$240,374 $18,982 $259,356
DANTE DIMASSA SVP RESIDENTIAL LENDING 37.50
Officer
$253,316 $35,232 $288,548
ROBERT PIEPENBURG VP COMMERCIAL LENDING 37.50
Officer
$230,308 $21,448 $251,756
CHRISTINE RONCA SVP OPERATIONS 37.50
Officer
$221,963 $18,209 $240,172
JOHN MACKENZIE VP FINANCE 37.50
Officer
$222,563 $32,933 $255,496
LOUIS SERIO VP IT 37.50
Officer
$219,860 $18,608 $238,468
THERESA HAYES VP ONLINE AND DIGITAL CHANNELS 37.50
Officer
$204,048 $38,751 $242,799
TRACY MERMET VP HUMAN RESOURCES 37.50
Officer
$208,337 $31,215 $239,552
ROBERT CABRAL VP CONSUMER LENDING MANAGER 37.50
Officer
$188,025 $15,112 $203,137
JOHN HIMMEL VP COLLECTIONS 37.50
Officer
$163,185 $28,596 $191,781
ANNETTE YEE VP PROJECT DEVELOPMENT & CRA OFFICER 37.50
Officer
$157,274 $28,152 $185,426
STEPHANIE LEE VP OPERATIONS 37.50
Officer
$176,301 $21,347 $197,648
ANITA PARKER VP / RISK MANAGEMENT 37.50
Officer
$195,251 $15,125 $210,376
GLENN PREZZANO VP CORPORATE COMMUNICATION & COMMUNITY RELATIONS 37.50
Officer
$175,162 $13,399 $188,561
KATIE LOWERY AVP MORTGAGE LENDING OPERATIONS 37.50
Officer
$192,725 $22,451 $215,176
ALYSSA PERRY AVP COMPLIANCE 37.50
Officer
$140,131 $14,437 $154,568
PAUL CARRIERE MORTGAGE LOAN ORIGINATOR (OUTSIDE) 37.50
Officer
$175,936 $36,566 $212,502
JON ALMOND AVP BSA/FRAUD MANAGER 37.50
Officer
$136,018 $34,462 $170,480
ZOBEIDA DUARTE AVP MEMBER SUPPORT 37.50
Officer
$132,856 $18,309 $151,165
KRISTINA PARKHURST AVP, ACCOUNTING MANAGER 37.50
Officer
$130,681 $33,991 $164,672
MEGHA SINGH AVP COLLECTIONS 37.50
Officer
$144,314 $11,279 $155,593
DAVID TRAPP AVP ALM, PLANNING & BUDGETING 37.50
Officer
$140,990 $24,945 $165,935
RICHARD WRIGHT STRATEGIC ADVISOR 37.50
Officer
$289,419 $10,241 $299,660
NICOLE JAMES EVP, CHIEF RETAIL OFFICER & CHIEF PEOPLE OFFICER 37.50
Officer
$210,974 $15,657 $226,631
CHRISTOPHER WHITE SVP DIGITAL CHANNELS 37.50
Officer
$145,077 $20,373 $165,450
RONALD RYEL VP INFORMATION SECURITY 37.50
Officer
$123,231 $10,529 $133,760
LISA ROHMER SVP LOAN ADMINISTRATION 37.50
Officer
$111,004 $17,952 $128,956
ANN-MARIE GORDON VP DEPOIST OPERATIONS 37.50
Officer
$107,955 $17,738 $125,693
MILAGROS ZAYAS VP MEMBER EXPERIENCE 37.50
Officer
$98,453 $17,037 $115,490
TIMOTHY FRECHETTE VP COMMERICAL LEDNING OFFICER 37.50
Officer
$85,676 $17,318 $102,994
JSEPH CONNORS VP COMMUNITY & MEMBER ENGAGEMENT 37.50
Officer
$107,557 $17,187 $124,744
SARITA LEDANI VP SEG, MEMBER GROWTH & DEVELOPMENT 37.50
Officer
$82,803 $15,881 $98,684
PEDRO LOPES AVP TECHNOLOGY APPLICATIONS & AUTOMATION 37.50
Officer
$85,558 $20,612 $106,170
GARY CHANDLER VP GENERAL COUNSEL 37.50
Officer
$81,307 $10,713 $92,020
PAULA KERWIN VP MARKETING 37.50
Officer
$68,532 $10,158 $78,690
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $91,376,330 $82,880,906 $2,243,805,340 $8,495,424
2022 $47,044,968 $40,390,557 $1,350,910,772 $6,654,411
2021 $42,120,021 $39,001,674 $1,277,963,779 $3,118,347
2020 $45,165,109 $44,139,851 $1,248,774,526 $1,025,258
2019 $42,166,834 $38,298,954 $1,074,575,376 $3,867,880
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