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HomeMy WebLinkAbout01-0321 IN RE: ESTATE OF IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION MICHAEL A. STARKER NO. ,302/ YEAR OF 200~ DECREE OF DISTRIBUTION AND NOW, to wit, this ~ay o~ ' 2~ upon presentation of the Petition of Lisa S. Shackett, through her attorney, Carl G. Wass, Esquire, CALDWELL & KEARNS, P.C., for the distribution of the assets of the Estate of Michael A. Starker, under and pursuant to Section 3102 of the Probate, Estates and Fiduciaries Code, Act of 1972, it is hereby ORDERED AND DECREED that the assets of the Estate of Michael A. Starker be distributed to Lisa S. Shackett, as agent for the Estate of Michael A. Starker, deceased, for the purpose of permitting the said agent to make the following payments: A. To pay to Hetrick Funeral Home, Inc. the sum of$1,010,00, and to pay to Caldwell & Kearns, on account of attorney's fees and filing fees, the total sum of $825.00, and B. To utilize the remainder of the assets of the estate of the decedent, in the sum of $4,211.06, to apply toward the partial payment (95%) of the total indebtedness of the decedent to the creditors identified in paragraph NO.4 of the Petition. IT IS FURTHER ORDERED AND DECREED that the said Lisa S. Shackett, agent, shall have full power and authority hereunder, as agent for the Estate of Michael A. Starker, to execute any document necessary for the purpose of liquidating the PSECU savings and checking account of the decedent at PSECU, Account No. 017367738, and to negotiate three checks issued by the Patriot-News Company, Liberty Mutual Insurance Company, and Pennsylvania Employees Benefit Trust, and to apply the proceeds derived therefrom to the purposes set forth in the attached Petition. BY THE COURT: J. 21373 INRE: ESTATE OF IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION MICHAEL A. STARKER NO. YEAR OF 2000 PETITION TO SETTLE A SMALL ESTATE PURSUANT TO THE PROBATE. ESTATE AND FIDUCIARIES CODE. ACT OF 1972. SECTION 3102 TO THE HONORABLE, THE JUDGES OF THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA, ORPHANS' COURT DIVISION: Your Petitioner, Lisa S. Shackett, by her attorney, Carl G. Wass, Esquire, respectfully represents the following matters: 1. Michael A. Starker died, intestate, on September 10, 2000, residing and domiciled at 415A Ninth Street, New Cumberland, Cumberland County, Pennsylvania (New Cumberland, Pennsylvania), 17070. 2. Your Petitioner, Lisa S. Shackett, is an adult individual residing at 15 Rue Nicole, Pleasant Valley, Connecticut 06063. Your Petitioner is the sister of the decedent, and is a party in interest, having authority, thereby, to execute and present this Petition. In view of the insolvency of the estate and the unavailability of any assets for distribution to any heirs, it is unnecessary to secure the consent of other heirs of the decedent. Nevertheless, Petitioner sets forth that the decedent was survived by his mother, father, and one additional sister, to wit: A. Mother: Nancie B. Starker, 220 Main Street, Unit 1-A, New Hartford, Connecticut 06057. B. Father: Samuel J. Starker, 9 Northgate Village, Media, Pennsylvania 19063. C. Joanie Lee: 6639 Buttonwood Avenue, Oak Park, California 91377. 3. At the time of the death of the decedent, the entirety of his estate consisted of the following: A. A PSECU account No. 017367738, having a savings account component in the sum of $646.44, and a checking account component in the sum of $4,536.47. B. A reimbursement check from the Patriot-News Co. for the cancellation of a newspaper subscription, in the sum of $18. C. A refund check from Liberty Mutual Insurance Company on account of a refund of unearned automobile liability insurance premium, in the sum of $78. D. A medical reimbursement check in the sum of $42.40 from the Pennsylvania Employees Benefit Trust. E. A refund from the United States Treasury for overpayment of Federal income taxes for calendar year 2000. The total value of the foregoing assets is $6,046.06, a sum less than the $25,000 threshold figure permitting a Petition to be filed in a small estate. 4. At the time of his death, the decedent had the following debts: 1. VISA Loan Account No. 017367758 PSECU 2. AT&T Long Distance Telephone Charges 3. Comcast Cable Television Cable Indebtedness 4. UGI Gas Service debt 5. Liberty Mutual Ins. Co. Automobile Insurance Premium 6. Texaco Credit Card Indebtedness 7. Discover Credit Card Indebtedness 8. Sears MasterCard Credit Card Indebtedness 9. PP&L Electric Service Indebtedness 10. American Express Credit Card Indebtedness 11. Verizon Telephone Service 12. Crumay Parnes Associates Medical bill The foregoing debts total $4,411.79. $2,487.70 $ 132.88 $ 53.61 $ 44.54 $ 79.00 $ 144.27 $ 274.85 $ 355.86 $ 61.84 $ 645.86 $ 76.38 $ 55.00 In addition to the foregoing debts of the decedent, your Petitioner, on behalf of the estate, has incurred the following expenses as a result of the death of the decedent, to wit: A. Funeral service expenses to Hetrick Funeral Home, Harrisburg, Pennsylvania, in the sum of $1 ,010.00, and, B. Attorney's fees to Carl G. Wass, Esquire, Caldwell & Kearns, P.C., for services rendered subsequent to the disappearance of the decedent prior to the discovery, several months later, of his remains, and in the preparation of the insolvent inheritance tax return and the preparation and presentation of the within Petition, in the total sum of $750.00, and, C. Expenses and filing fees to the Clerk of Court of Cumberland County for the filing of the insolvent inheritance tax return and the within Petition, totaling $75.00. The expenses associated with the administration of the estate of the decedent total $1,835.00. 5. A Pennsylvania inheritance tax return, INSOLVENT, has been filed with the Register of Wills of Cumberland County, and, because the expenses of administration and the debts of the decedent exceed the available assets of the decedent, there is no inheritance tax due. 6. Your Petitioner desires to be authorized by Your Honorable Court to receive the assets of the estate of the decedent so that, from such assets, she may pay in full the funeral expense to Hetrick Funeral Home ($1,010.00) and may pay to Caldwell & Kearns, P.C., and the Clerk of Orphans Court of Cumberland County, the expenses of administration of the estate in the total sum of $825.00. In addition, your Petitioner also desires to receive the assets of the estate so that, after payment of the funeral expense and the expenses of administration, she may utilize the remaining $4,211.06 for the purpose of applying the same in partial payment of the debts of the decedent previously set forth in paragraph No.4. Your Petitioner proposes to communicate with each of the identified creditors and to offer to pay to each of the creditors a portion of the total indebtedness of each from the remaining funds, to wit: each creditor shall receive 95% of the total indebtedness of the decedent to each of said creditors. WHEREFORE, your Petitioner prays Your Honorable Court enter a Decree of Distribution authorizing your Petitioner to liquidate and to receive the balances in the PSECU savings and checking account of the decedent, and to be granted authority to negotiate the three checks in her possession, previously identified, for the purpose of enabling your Petitioner to pay the funeral expense of decedent, the expenses of administration of the estate, and to pay to the creditors of the decedent a portion of the indebtedness of the decedent to each of those creditors. Date: ~c:v.~l ~I cD-e) ( CALDWELL & KEARNS By ~~......u Carl G. Wass, E uire 3631 North Front Street Harrisburg, PA 17110 (717) 232-7661 I.D. No. 07268 Attorney for Petitioner 21373 - . , . .. '. . .. VERIFICATION I, LISA S. SHACKETT, verify that the averments made in this Petition are true and correct to the best of my knowledge, information and belief. I understand that false statements herein are made subject to the penalties of 18 Pa. C.S. 4904, relating to unsworn falsification to authorities. Date:'=i{~ dl, rl).9D1 &v:it ). JLw Lisa S. Shackett 21492 \, 16-62/9- ~ COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE BUREAU OF INDIVIDUAL TAXES INHERITANCE TAX DIVISION DEPT. 280601 HARRISBURG, PA 17128-0601 NOTICE OF INHERITANCE TAX APPRAISEMENT, ALLOWANCE OR DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX DATE ESTATE OF DATE OF DEATH FILE NUMBER COUNTY ACN 05-07-2001 STARKER 09-10-2000 21 01-0321 CUMBERLAND 101 CARL G WASS ESQ CALDWELL & KEARNS 3631 N FRONT ST HBG PA 1'1110 (/V/J547 EX AFP nt-DOl MICHAEL A Amount Remitted MAKE CHECK PAYABLE AND REMIT PAYMENT TO: REGISTER OF WILLS CUMBERLAND CO COURT HOUSE CARLISLE, PA 17013 CUT ALONG THIS LINE ~ RETAIN LOWER PORTION FOR YOUR RECORDS ~ REV=is4j-EX-AFP-n2:iioY-NOYicE-OF-YNHEififANCE-YAX-APPRAiSEiiENT~--AiLOWAtiCE-OR----------------- DISALLOWANCE OF DEDUCTIONS AND ASSESSMENT OF TAX ESTATE OF STARKER MICHAEL A FILE NO. 21 01-0321 ACN 101 DATE 05-07-2001 TAX RETURN WAS: (X) ACCEPTED AS FILED CHANGED RESERVATION CONCERNING FUTURE INTEREST - SEE REVERSE APPRAISED VALUE OF RETURN BASED ON: ORIGINAL RETURN 1. Real Estate (Schedule A) 2. Stocks and Bonds (Schedule B) 3. Closely Held Stock/Partnership Interest (Schedule C) 4. Mortgages/Notes Receivable (Schedule D) 5. Cash/Bank Deposits/Misc. Personal Property (Schedule E) 6. Jointly Owned Property (Schedule F) 7. Transfers (Schedule G) 8. Total Assets (1) (2) (3) (4) (5) (6) (7) .00 .00 .00 .00 5,321.31 .00 .00 (8) APPROVED DEDUCTIONS AND EXEMPTIONS: 9. Funeral Expenses/Adm. Costs/Misc. Expenses (Schedule H) 10. Debts/Mortgage Liabilities/Liens (Schedule I) 11. Total Deductions 12. Net Value of Tax Return 13. Charitable/Governmental Bequests; Non-elected 9113 Trusts (Schedule J) 14. Net Value of Estate Subject to Tax NOTE: I~ an assessment was issued previously, lines re~lect ~igures that include the total o~ ALL ASSESSMENT OF TAX: 15. Amount of Line 14 at Spousal rate (15) 16. Amount of Line 14 taxable at Lineal/Class A rate (16) 17. Amount of Line 14 at Sibling rate (17) 18. Amount of Line 14 taxable at Collateral/Class B rate (18) 19. Principal Tax Due TAX CREDITS: (9) (10) 1,835.00 4 .411 .79 NOTE: To insure proper credit to your account, submit the upper portion of this form with your tax payment. 5,321.31 (11) (12) (13) (14) 6.?46 79 925.48- .00 925.48- 14, 15 and/or 16, 17, 18 and 19 will returns assessed to date. .00 X 00 = .00 X 045 = .00 X 12 = .00 X 15 = (19)= .00 .00 .00 .00 .00 PAYMENT RECEIPT DISCOUNT (+) AMOUNT PAID DATE NUMBER INTEREST/PEN PAID (-) TOTAL TAX CREDIT .00 BALANCE OF TAX DUE .00 INTEREST AND PEN. .00 TOTAL DUE .00 . * IF PAID AFTER DATE INDICATED, SEE REVERSE FOR CALCULATION OF ADDITIONAL INTEREST. ( IF TOTAL DUE IS LESS THAN $1, NO PAYMENT IS REQUIRED. IF TOTAL DUE IS REFLECTED AS A "CREDIT" (CR), YOU MAY BE DUE A REFUND. SEE REVERSE SIDE OF THIS FORM FOR INSTRUCTIONS.) REV..l~eX+(6-1!O) '* COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE DEPT 280601 HARRISBURG, PA 17128-0601 J {g -;;(;'1 - 13 REV-1500 INHERITANCE TAX RETURN RESIDENT DECEDENT OFFICIAL USE ONlY FILE NUMBER l.L-~L __4__1_ COUNTY CODE YEAR NUMBER I- Z W C W U w C DECEDENT'S NAME (LAST, FIRST, AND MIDDLE INITIAL) Starker Michael A DATE OF OEA1H (MM-DD-Year) DATE OF BIRTH (MM-DD-Year) SOCIAL SECURITY NUMBER 017-36-7758 1HIS RETURN MUST BE FILED IN DUPLICATE WITH THE REGISTER OF WILLS SOCIAL SECURITY NUMBER w >- :!c::!:cn u""" w&g :1:",-, U"-lXl "- '" 09/10/2000 09/05/1960 (IF APPLICABLE) SURVIVING SPOUSE'S NAME (LAST, FIRST, AND MIDDLE INITIAL) [g] 1 Original Retum INSOLVENT o 4, Limited Estate ESTATE o 6. Decedent Died Testate (Alt1lchcopyofWiIl) o 9. litigation Proceeds Received o 2. Supplemental Return o 4a. Future Interest Compromise (date of death after 12-12-82) o 7. Decedent Maintained a Uvir1g Trust \Atta:h copy tHrust) o 10. Spousal Poverty Credit (dale of death between 12-31-91 and 1-1-95) o 3. Remainder Retum (dateofdeath prior 10 12-13-82) o 5. Federal Estate Tax Return Required _ 8. Total Number of Safe Deposit Boxes o 11, Election to tax under Sec. 9113(A} (Attach Sc:h OJ THIS SECTION PIIUST BE COPIIPLETED_ ALL CORRESPONDENCE AND CONFIDENTiAl TAX INFORPIIATION SHOULD BE DIRECTED TO: NAME COMPLETE MAILING ADDRESS Carl G, Wass Es uire 3631 North Front Street FIRM NAME (If Applicable) CALDWELL & KEARNS TELEPHONE NUMBER 717 232-7661 Harrisbur PA 17110 >- z w o z o "- "' w '" '" o u z o ~ ...J ::) l- ii: oct u w 0:: z o ~ ::) 11. :;; o u ~ 1. Real Estate (Schedule A) 2, Stocks and Bonds (Schedule B) (1) (2) (3) (4) (5) OFFICIAL USE 6NL Y I I I 5,321,311 -u I 3. Closely Held Corporation, Partnership or Sole-Proprietorship (6) (7) (8) 5,321.31 1,835,00 4,411.79 (11) (12) (13) 6,246,79 o 4. Mortgages & Noles Receivable (Schedule DJ 5. Cash, Bank Deposits & Miscellaneous Persor1al Propert'j (Schedule E) 6, JDint~ Owned Property (Schedule F) o Separate Billing Requested 7. InterNivos Transfers & Miscellaneous Non-Probate Propert'j (Schedule G or L) 8, Total Gross Assets (Iotal Lines 1-7) 9. Funeral Expenses & Administrative Costs (Schedule H) 10. Debts of Decedent, Mortgage Liabilities, & Liens (Schedule I) 11, Total Deductions (total Lines 9 & 10) 12. Net Value of Estate (Line 8 minus Line 11) (9) (10) (14) [) 13. Charitable and Governmental Bequests/See 9113 Trusts for which an election to lax has not been made (Schedule J) 14. Net Value Subjectto Tax (Line 12 minus Une 13) SEE INSTRUCTIONS ON REVERSE SIDE FOR APPLICABLE RATES 15. Amount of Line 14 taxable at the spousal tax rate, or transfers under Sec. 9116 (a)(1.2) XO_ (15) X ,0_ (16) X .12 (17) X ,15 (18) (19) o 20. 0 CHECK HERE IF YOU ARE REQUESTING A REFUND OF AN OVERPAYMENT > > BE SURE TO ANSWER ALL QUESTIONS ON REVERSE SIDE AND RECHECK MATH < < 16. Amount of Line 14 taxable at lineal rate 17. Amount of Line 14 taxable at sibling rate 18. Amount of Line 14 taxable at collateral rate 19. Tax Due Decedent's Complete Address: STREET ADDRESS 415 A 9th Street CITY T STATE I ZIP New Cumberland PA 17070 Tax Payments and Credits: 1. Tax Due (Page 1 Line 19) 2. Credits/Payments A. Spousal Poverty Credit 8. Prior Payments C. Discount (1) o Total Credits (A + 8 + C) (2) 3. InteresUPenalty if applicable D. Interest E. Penalty TotallnteresUPenalty (D + E) (3) 4. If Line 2 is greater than Line 1 + Line 3, enter the difference. This is the OVERPAVMENT. Check box on Page 1 Une 20 10 request a refund (4) 5. If Line 1 + Une 3 is greater than Line 2, enter the difference. This is the TAX DUE. (5) 0 A. Enter the interest on the tax due. (5A) B. Enter the total of Line 5 + 5A. This is the BALANCE DUE. (58) Make Check Payable to: REGISTER OF WILLS, AGENT PLEASE ANSWER THE FOllOWING QUESTIONS BY PLACING AN 'X' IN THE APPROPRIATE BLOCKS 1. Did decedent make a transfer and: Ves No a. retain the use or income of the property transferred; ........................................................................... 0 00 b. retain the right to designate who shall use the property transferred or its income; ........................................ 0 [E] c. retain a reversionary interesl; or ................................................................ ......................... 0 00 d. receive the promise for life of either payments, benefits or care? ............................ ....................... ........ 0 00 2. If death occurred after December 12, 1982, did decedent transfer property wilhin one year of death without receiving adequate consideration?.......................... .............................................. ........ 0 ~ 3. Did decedent own an "in trust for" or payable upon death bank account or security at his or her death? ................. 0 [E] 4. Did decedenf own an Individual Ret/remenl Account, annuity, or other non-probate property which contains a beneficiary designation? .................,................. ................................................ .. ........... ...... 0 ~ IF THE ANSWER TO ANV OF THE ABOVE QUESTIONS IS YES, YOU MUST COMPLETE SCHEDULE G AND FILE IT AS PART OF THE RETURN. ADDRESS 15 Rue Nicole Pleasant Valle SIGNATURE OF PREPARER OTHER TH N REP CT ~ ADDRESS PA 17110 For dates of death on or after July 1, 1994 and before January 1, 1995, the tax rate imposed on the net value of transfers to or for the use of the surviving spouse is 3% [72 PS ~9116 (a) (1.1) (i)l. For dates of death on or after January 1, 1995, the tax rate imposed on the net value of transfers to or forthe use of the survivin9 spouse is 0% [72 P.S. ~9116 (a) (1.1) (ii)]. The statute does not exemot a transfer to a surviving spouse from tax, and the statutory requirements for disclosure of assets and filing a tax return are stiff applicable even if the surviving spouse is the only beneficiary. For dates of death on or after July 1, 2000: The tax rate imposed on the net value of fransfers from a deceased child twenty-one years of age or younger at death to or for the use of a natural parent, an adoptive parent, or a stepparent of the child is 0% [72 P.S. ~9116(a)(1.2)1. The tax rate imposed on the net value of transfers to or for the use of the decedent's lineal beneficiaries is 4.5%, excepl as noled in 72 P.S. 99116(12) [72 P.S. 99116(a)(I)). The lax rale imposed on the net value of transfers to or for the use of the decedent's siblings is 12% 172 P.S. ~9116(a)(1.3)J. A siblin9 is defined, under Section 9102, as an individual who has at least one parent in common with the decedent, whether by blood or adoption. ""~m.I'."":. COMMONWEALTH OF PENNSYLVANIA \NHERIT ANCE TAX RETURN RESIDENT DECEDENT SCHEDULE E CASH, BANK DEPOSITS, & MISC. PERSONAL PROPERTY ESTATE OF Starker Michael A. FILE NUMBER 21 00 Include the proceeds of litigation and the dale the proceeds were received by the estate. All property jointly-owned with the right of survivorship must be disclosed on Schedule F. ITEM NUMBER 1. DESCRIPTION PSECU Savings Account #017367738 Exhibit 1 VALUE AT DATE OF DEATH 646.44 2. PSECU Savings Account #017367738 Exhibit 1 4,536.47 3. The Patriot News, Newspaper Subscription Cancellation Refund 18.00 4. Uberty Mutual Insurance Company, Automobile Insurance Cancellation Refund 78.00 5. Pennsylvania Employees Benefit Trust, Medical Reimbursement 42.40 TOTAL (Also enter on line 5, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) 5321.31 . .~- <'C"""'''''J'~ COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE H FUNERAL EXPENSES & ADMINISTRATIVE COSTS Starker Michael A FILE NUMBER 21 00 ESTATE OF Debts of decedent must be reported on Schedule I. ITEM NUMBER DESCRIPTION AMOUNT A. FUNERAL EXPENSES: 1. Hetrick Funeral Home, Harrisburg, PA 1,010.00 B. ADMINISTRATIVE COSTS' 1. Personal Representative's Commissions Name of Personal Representative (5) Social Security Number(s) I EIN Number of Personal Representative(s) Street Address City Stale Zip Year(s) Commission Paid: 2. Attorney Fees Carl G. Wass, Caldwell & Kearns, P.C. 750.00 3. Family Exemption: (If decedent's address is not the same as claimant's, attach explanation) Claimant Street Address City State Zip Relationship of Claimant 10 Decedent 4. Probate Fees 5. Accountanfs Fees 6. Tax Return Preparer's Fees 7. York County Register of Wills - Petition in Small Estate & associated filing costs 75.00 TOTAL (Also enter on line 9, Recapitulation) $ 1 835.00 (Ii more space is needed, insert additional sheets of the same size) . .~. <"M"'''''''~ COMMONWEALTH OF PENNSYLVANIA INHERITANCE TAX RETURN RESIDENT DECEDENT SCHEDULE I DEBTS OF DECEDENT, MORTGAGE LIABILITIES, & LIENS ESTATE OF Starker Michael A. FILE NUMBER 21 00 Include unreimbursed medical expenses. ITEM NUMBER 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. DESCRIPTION AMOUNT 2,487.70 PSECU, Visa Loan Account #017367758 Exhibit 1 A T& T . Long distance telephone charges 132.88 Com cast Cable . Television cable indebtedness 53.61 UGI Company. Gas service debt 44.54 Liberty Mutual Insurance Company. Automobiie insurance premium 79.00 Texaco. Credit card indebtedness 144.27 Discover. Credit card indebtedness 274.85 Sears MasterCard. Credit card indebtedness 355.86 PP&L . Electric service indebtedness 61.84 American Express. Credit card indebtedness 645.86 Verizon . Telephone service 76.38 Crumay Parnes Associates. Medical bill 55.00 TOTAL (Also enter on line 10, Recapitulation) $ (If more space is needed, insert additional sheets of the same size) 4411.79 PSECit the financial link December 29,2000 Caldwell and Kearns Attn: Carl Wass 3631 North Front St. Harrisburg, Pa 17110 RE: Michael Starker SS # 017367758 Dear Mr. Wass: Mr. Michael Starker opened the above referenced account on August 27, 1992 in his name only. Mr. Starker was an active PSECU member at the time of his death, having a Visa Loan, Savings and Checking Account. Our records indicate that Mr. Starker did not carry Credit Life Insurance on this loan. Account Dividends January Date of Death Current 2000 to Date of Death Balance Balance Savings (SI) $ 20,23 $ 639.98 $ 646.44 Checking (S4) $ 21.83 $1920,20 $ 4536.4 7 Account Interest Paid January Date of Death Current 2000 to Date of Death Balance Balance Visa Loan (L9) $133.58 $2487.70 $2487,70 If the estate has sufficient funds to payoff the above Visa Loan, please remit a check, made payable to PSECU, in the amount of$2487,70. If there is not sufficient funds to payoff the loan, please provide PSECU with a letter stating this fact. If you have any questions, please contact me at (717) 234-8484 or toll-free at (800) 237- 7328, then press 6, extension 3120. ~ncer~IY'LUn \~ ~Iard Account Advisor PENNSYLVANIA STATE EMPLOYEES CREDIT UNION Main Address: 1 Credit Union Place, Harrisburg, PA 17110-2990. (717) 234-8484 . (800) 237-7328 Mailing Address: P.O. Box 67013, Harrisburg, PA 17106-7013. (717) 777-2100 (TOO). (800) 472-1967 (TOO) Web Address: www.psecu.com Savings federally insurtld up to $100,000 by the National Credit Union AdministratIon. EXHIBIT 1