Lake State Credit Union

“Lake state credit union merged with members cooperative credit union effective july 1, 2015.”

“The credit union membersip is limited to all residents living in carlton, chisago, kanabec, isanti, pine, aitkin, washington, and st louis counties, and all members of their immediate families regardless of their place of residence.”

“Each year 2 or 3 members of our board of directors are up for election. Our members vote for them each year.”

“Our membership had to approve our merger with members cooperative credit union.”

“The board of lake state credit union is no longer in existence as it merged with members cooperative credit union on july 1, 2015. Tammy heikkinen will be provided a copy of the form 990 for review with members cooperative's officers and board members.”

“All ethic statements are reviewed by the president/ceo and results reported to the board of directors. Any exceptions must be approved by the ceo and board of directors. The ethic statements are filed in the hr manager's office for documentation and referral purposes. At this time, there are no known or potential conflicts of interest to monitor.”

“For 2015 compensation, based on the information received from the salary review using cuna's salary survey and market trends, and after consultation with nancy gossell, our hr attorney we have on retainer, the president/ceo, svp-cfo, vp of accounting, and hr manager applied a salary range increase of 3% for the other management positions and the remaining positions. The management and other positions received their performance reviews from their supervisor, using the same salary guideline for the wage increase based on performance rating and where they currently fall in the salary range.”

“If members request them, financial reports are posted in each of our lobbies and put in our annual report. However, the credit union merged with members cooperative credit union on july 1, 2015 so the organization is no longer in existence.”

“Timothy j smith - 440 eagle dr, hermantown, mn 55811”

“The credit union discontinued operations and merged with members cooperative credit union on july 1, 2015.”

“Transfer of assets to members coop. Credit union due to merger 07/01/15. -20,215,049.”

“Lake state credit union is no longer in existence as it was merged with members cooperative credit union on july 1, 2015. The filing due date for their form 990 has always been on may 15th. They assumed the due date for their final form 990 was may 15, 2016. They were not aware that when they merged with members cooperative credit union on july 1, 2015 that the form 990 was due on the 15th day of the fifth month after the merger. Upon becoming aware of the different due date, the credit union engaged their accounting firm to prepare the filing as soon as possible. The late filing was totally unintentional on the credit union's part. Their returns have always been filed timely in the past. The credit union respectfully requests the abatement of any late filing penalties for their final year ended july 1, 2015.”