2009Annual ReportSt. Jean’s Credit Union

a Landmark2009:

Contents

Agenda 4

Our Mission 5

Letter from the Chairman of the Board 6

Board of Directors & Management 7

Staff & Service Awards 9

Donations & Sponsorships 10

Organizations & Activities 11

Demographics 12

Comparative Statement of Financial Condition 14

Comparative Statement of Income & Expenses 15

Select Employee Groups 16

Convenient Services 17

Letter from the President 19

Hours & Locations 20

AgendaWelcome, Richard Dragone

Call of Meeting, Richard Dragone

Minutes of 2009 Annual Meeting, J. Paul Burke

Chairman’s Report, Richard Dragone

Treasurer’s Report, J. Paul Burke

President’s Report, C. David Surface

Reporting of Nominating Committee, Patrick Brady

Vote of New Directors

Vote to Ratify Director’s Expenses

Vote to Adopt Loan Limits Prescribed by Massachusetts

General Laws

Good of the Order, Richard Dragone

Award Prizes, Kathleen D. Donahue

Adjournment

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The mission of St. Jean’s Credit Union is to fulfill the needs of our diverse membership with the utmost integrity and privacy.

Our Mission

5

Letter from the Chairman of the Board of DirectorsDear Loyal Member,

2009 was another successful year for St. Jean’s Credit Union. The Board of Directors is proud to report that we have consistently maintained our Five Diamond Award as published by Bauer Financial Inc., Gables, Florida. As Massachusetts’ First Credit Union, we are committed to providing our membership with the most efficient means of delivering products and services.

St. Jean’s Credit Union is proud to provide our members with dependable home financing that assists them in achieving their dream of owning their own home. Despite the turmoil in the housing market, we continue to provide our members with real estate financing in the form of First Time Home Buyer Programs, First Mortgage Programs, and Home Equity Programs to fit their individual needs.

We continue to strive to find new ways to make your experience a most convenient one. With the opening of our new Main Office this past September, we have added a drive-thru and drive up ATM as well as a beautiful new facility for you to conduct your financial business. As we approach our centennial celebration, be assured that your Board of Directors will work diligently to guide Massachusetts’ First Credit Union.

On behalf of the Board of Directors I would like to extend our thanks to every member of St. Jean’s Credit Union for their loyalty and support.

Sincerely,

Richard DragoneRichard DragoneChairman of the Board of Directors

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Board of DirectorsRichard J. Dragone

Stephen F. Salvo

Patrick Brady

J. Paul Burke

Richard Bonnevie

Philip J. Doyle

Edward J. Leblanc

Linda Leblanc

Ira Novoselsky

C. David Surface

Steven M. Walsh

ManagementC. David Surface

Kathleen D. Donahue

Gay Bronski

Lisa Campbell

Amy Delaney

Karen Interbartolo

Renee Kelleher

Nita Ludensky

Kathryn MacDonald

Nicole Markee

Scott Ramsey7

Joyce BeltramMelissa BonnettiEsther CheltenhamHolly CimminoJean Paul DellyDonna DesimoneColleen DonahueJanet DowPatricia DunnPatricia FestaGiselle HunterWilliam LeBlancDaniel Lemenager

2009 Service AwardsMeaghan MacDonaldHeather MotsisJudith RewinskiLisa CampbellNicole MarkeeKaren Ross

Cindy PleitezJudith Rewinski

Wanda RolandKaren Ross

Donna SharpEnoy Souvannasy

Pamela SotoDebra Lee Surface

Anna TeMarilena Thorn

Ann TiltLinda Wiggin

Gloria Zelada

5 Years5 Years5 Years

10 Years20 Years20 Years

Diana LempRobin Lermond

Barbara LiberatoreMeaghan MacDonald

Christine MinayaHeather MotsisGrehica Moreta

Christopher NardoneStephanie Papoulias

Grettel PerezSophany Phin

Michelle Plante

Staff & Service Awards

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Donations& Scholarships

America’s Credit Union MuseumAnna Jaques HospitalAutism Society of AmericaBishop Fenwick High SchoolBuddy Fennell Memorial FundChildren’s Hospital BostonCredit Union Affordable PledgeCredit Union HouseFamily & Children’s ServicesFranco-American ClubGirls Inc. of LynnHomes for Our TroopsJewish American War VeteransKnights of ColumbusLincoln-Thomson School Field DayLynnArtsLynn Classical High SchoolLynn English High School BaseballLynn Fireworks FundLynn Football Program LuncheonLynn MuseumLynn RotaryLynn Special GamesMassachusetts Coalition for the HomelessMy Brothers TableNewburyport Chamber of CommerceNewburyport Education & Business Coalition

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North Shore Chamber of CommerceNorth Shore Consumer Credit AssociationNorth Shore StormNorth Shore VeteransNSMC Walk for CancerPMR Scholarship FundProject CopeRevere Parks & RecreationRevere Beautification CommitteeRevere Veterans CommitteeRevere Ward 2 FestivalSalem Chamber of CommerceSalem Main StreetsStephen M. O’Grady FoundationSt. Mary’s High SchoolToys for Tots

Organizations& ActivitiesAmerican Cancer Society Daffodil DaysAutism SocietyBishop Fenwick High School Class Ambassador ProgramCredit Union Community Hope Initiative

CUNA Marketing & Business Development CouncilEast Boston & Revere Rotary ClubFranklin Street Business Association Girls Inc. of LynnKnights of Columbus Scholarship BoardLincoln-Thomson Elementary School Reading ProgramLincoln-Thomson Elementary School Council Business PartnerLynnArts, Inc. Board of DirectorsLynn Business PartnershipLynn Chamber of CommerceMassachusetts Credit Union League, Board of DirectorsMassachusetts Coalition for the HomelessNewburyport Chamber of CommerceReal SolutionsSalem Chamber of CommerceStorey Avenue CommitteeSt. Jean’s Credit Union Artist PartnershipTri-County Chapter Board of Directors

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61611135

737504549323289246224192149127125124114109121

LynnRevereNewburyportPeabodySalemAmesbury SalisburySaugusBeverlySwampscottDanversByfieldRowleyNewburyHaverhillGeorgetownWest Newbury

DemographicsMaldenIpswichMerrimacEverettWinthropNahantGloucesterOther (MA)

New HampshireMaineVermontRhode IslandOther States

Total Members

71828065566755

1627

555891210

899

14,897

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ComparativeStatementof FinancialCondition

Audited 2008$81,766,993<$508,724>$28,365,390

-$1,862,527$2,015,357

$803,493$758,642$474,629

$2,436,707

$117,975,014

$22,517,458$9,982,027

$282,925$41,357,082$19,091,056

$9,666,588 $598,773$179,569

$103,675,478

$1,905,824

$12,393,712

$14,299,536

$117,975,014

AssetsLoans to MembersLess Allowance Loan LossesInvestmentsLess: Allowance for Investment LossesCashLand & BuildingLeasehold ImprovementsFurniture EquipmentAccrued IncomeOther Assets

Total Assets

LiabilitiesSharesShare DraftsClubsCertificatesMoney MarketsIRAsAccounts Payable

Other Liabilities

Total Liabilities

EquityRequired Reserve

Undivided Earnings

Total Equity

Total Liabilities & Equity

Audited 2009$87,077,249<$510,775>$36,852,689

<330,950>$2,510,286$2,832,385$1,145,488$1,113,218

$469,040$2,687,140

$133,845,770

$24,285,784$10,934,744

$294,087$43,109,002$30,404,420$11,084,918

$539,703$147,881

$120,800,539

$1,905,824

$11,139,407

$13,045,231

$133,845,770

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Audited 2008$5,222,176

$864,920$1,288,658

$7,375,754

Audited 2008$2,532,244

$506,540$1,169,537

$391,266$230,920

-

$4,830,507

$2,472,861

<$23,271>

$49,115

IncomeInterest on LoansIncome from Investments

Other Operating Income

Total Income

ExpensesSalary & BenefitsBuilding OccupancyOffice Operating ExpensesOther Operating ExpensesProvision for Loan LossesProvision for Investment Losses

Total Operating Expenses

Dividend to Members

Other Gain (Loss)

Net Income

Audited 2009$5,357,204

$573,953$1,430,439

$7,361,596

Audited 2009$2,512,133

$792,839$1,116,906

$542,206$316,857$330,950

$5,611,891

$1,996,284

<$768,962>

<1,015,541>

ComparativeStatementof Income& Expenses

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Advanced Urethane TechnologiesAlden MerrellAnna Jaques Hospital Beverly HospitalBlaire House of TewksburyBishop Fenwick High SchoolBourneuf CorporationBradford & BigelowCabot StainCassidy Brothers ForgeCity of Newburyport EmployeesDugan SupplyElectronic ProductsENPRO Services, Inc.Essex Engineering, Inc.

Select Employee GroupsEssex Group Management

Essex Park Rehabilitation & Nursing HomeGeneral LinenGeonautics

Home Health VNAH.P. Hood

Lexington HealthcareLifecare Center of Lynn

Lynn Home for Elderly PersonsMasconomet Healthcare

M & H EngineeringMirra Corporation

Northeast EDMNSMC Salem Hospital

Opportunity WorksPeabody Glen Healthcare Center

Port Healthcare CenterPorthole Restaurant

R & D Engineering Services, Inc.Riverside Veterinary Clinic

Seaview RetreatStarensier

Sterling Machine CompanyTown of Newbury EmployeesTown of Topsfield Employees

Town of Swampscott EmployeesTurning Point

Union HospitalUnion Specialties

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Deposit ServicesShare Savings AccountNOW Checking AccountFreshman5 AccountMasterMoney Debit CardATM CardTerm Certificate AccountIRA AccountHoliday & Vacation Club AccountsMoney Market AccountMatriMoney Wedding Registry Account

Lending ServicesShare SecuredPersonal Loans

New & Used Vehicle Loans1st & 2nd Mortgages

Home Improvement LoanHome Equity Line of Credit

Tuition LoanFuel Loan

Revolving CreditCredit Card

Member Benefitsstjeans@home

Online StatementsBill Pay & Presentment

Freedom PhoneLoan Life Insurance*

Loan Disability Insurance*Mortgage Life Insurance

American Express Travelers Cheques

Business Deposit ServicesShare Draft Business AccountsMoney Market AccountsNight Depository at our Salem Branch & Operations CenterOnline Bill Payment & PresentmentOnline StatementsFreedom PhoneComplete Internet Banking ServicesCheck Images accessible via stjeans@homeIRA PlansMerchant Bankcard ServicesACH Transactions Wire TransfersEFTPS (Electronic Federal Tax Payment System)

Business Lending ServicesLines of Credit

Term LoansCommercial Real Estate

Business Credit Cards17

Letter from the PresidentDear Loyal Member,

As we look back on 2009, we reflect on the exciting year we have had at St. Jean’s Credit Union! Through the commitment and hard work of our staff, we have answered your need for convenience. In September, we opened our new Main Office at 250 Maple Street in Lynn. With the opening of this facility, we are able to offer you the convenience of a drive-thru, drive up ATM and internet café. While the service you receive continues to be superior, the atmosphere of our new home is fresh and exciting. I would like to person-ally invite you to visit our new Main Office to view first hand, the upgrades that have been made for your convenience.

In addition to facility upgrades, we have organized initiatives to better understand the demands of our membership. A Generation Y Committee has been formed in order to assist the credit union in reaching out to members of this generation. Made up of employees that are also members of Generation Y, the committee meets monthly to discuss ways we can improve on our outreach to these members, as well as educate this generation on financial responsibility. Look for exciting new products in 2010 that focus on the wants of this technically savvy group of members.

In addition to new products and services, we are continuing to successfully serve local businesses through our Business Account program. Offering a menu of products including Business Checking and Business Lending, to Merchant Bank Card Services this program offers a comprehensive package to manage your business.

Dependable products and services are the foundation of our mission here at St. Jean’s Credit Union. In 2010 we will be celebrating our 100th Anniversary. We anticipate a year full of celebration and enthusiasm for the credit union movement as well as the history of our institution. Mindful of our roots, we operate on the premise of people helping people and have continued to do so for close to 100 years. As we celebrate this milestone in the upcoming year, know that you, the membership, are the reason why your financial institution is thriving. We welcome you to visit our locations and participate in all of our Anniversary activities throughout the year.

On behalf of the staff of St. Jean’s Credit Union, I would like to extend our thanks to every member for their loyalty and support.

Sincerely,

C. David SurfaceC. David SurfacePresident & CEO

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Hours & LocationsMain Office250 Maple Street • Lynn, MA • 01904781.592.5420Monday: Drive Thru: 7:30a.m. - 4:30p.m. Branch: 8:30a.m. - 4:30p.m.Tuesday: Drive Thru: 7:30a.m. - 4:30p.m. Branch: 8:30a.m. - 4:30p.m.Wednesday: Drive Thru: 7:30a.m. - 4:30p.m. Branch: 8:30a.m. - 4:30p.m.Thursday: Drive Thru: 7:30a.m. - 6:30p.m. Branch: 8:30a.m. - 6:30p.m.Friday: Drive Thru: 7:30a.m. - 6:30p.m. Branch: 8:30a.m. - 6:30p.m.Saturday: Drive Thru: 8:00a.m. - 1:00p.m. Branch: 8:30 - 1:00p.m.

Salem Branch & Operations Center370 Highland Avenue • Salem, MA • 01970978.219.1000Monday: Drive Thru: 7:30a.m. - 4:30p.m. Branch: 8:30a.m. - 4:30p.m.Tuesday: Drive Thru: 7:30a.m. - 4:30p.m. Branch: 8:30a.m. - 4:30p.m.Wednesday: Drive Thru: 7:30a.m. - 4:30p.m. Branch: 8:30a.m. - 4:30p.m.Thursday: Drive Thru: 7:30a.m. - 6:30p.m. Branch: 8:30a.m. - 6:30p.m.Friday: Drive Thru: 7:30a.m. - 6:30p.m. Branch: 8:30a.m. - 6:30p.m.Saturday: Drive Thru: 8:00a.m. - 1:00p.m. Branch: 8:30 - 1:00p.m.

visit us online at www.stjeanscu.com

Newburyport Branch45 Storey Avenue • Newburyport, MA • 01950978.462.2771Monday: 9:00a.m. - 4:00p.m.Tuesday: 9:00a.m. - 4:00p.m.Wednesday: 9:00a.m. - 4:00p.m.Thursday: 9:00a.m. - 6:00p.m.Friday: 9:00a.m. - 6:00p.m.Saturday: 9:00a.m. - 1:00p.m.

Key Branch184-186 Shirley Avenue • Revere, MA • 02151781.284.1550Monday: 8:30a.m. - 4:00p.m.Tuesday: 8:30a.m. - 4:00p.m.Wednesday: 8:30a.m. - 4:00p.m.Thursday: 8:30a.m. - 6:00p.m.Friday: 8:30a.m. - 6:00p.m.Saturday: 9:00a.m. - Noon

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