Departmant of Financial Institution Division of Credit Unions in Ind

“Following is a summary of the bylaw changesupdated the following language from shareholder to members regarding sharesregarding expulsion/termination of membershipregarding signers of notes, checks and drafts regarding unsecured loans/security regarding dividends. Changed annual meeting to annual members meeting. Added the following forums website for notification of meetings electronic device for voting option option for email to be used for notice of ballot to members if they opted indescription of voting processdescription of ballot and mail ballot processlanguage permitting board of directors to amend bylaws subsection e allowing board to delegate performance of duties to ceo section 10 allowing board to appoint an executive committee section 11 allowing board to take action without meeting if all directors consent in writing. Removed language regarding passbooks.”

“There is one class of members. Members have the right to elect the board and supervisory committee members at the annual membership meeting.”

“Each member owns one share and can only vote once. Members have the opportunity to vote at the annual meeting on nominees for the board positions selected by the nominating committee. The board appoints from withing itself members of the nominating committee. Should a board position have more than one candidate, a ballot would be mailed 60 days prior to the annual meeting to all voting members. The ballots must be returned five days prior to the annual meeting. All ballots would be verified and tallied. The results of the ballots would be announced at the annual meeting.”

“The form 990 is prepared internally and reviewed by an independent tax return preparer prior to filing the return. Senior management and the treasurer conducts an initial review of the form 990 and then the board treasurer provides copies of the return to the board and responds to any questions that arise.”

“Board members, officers, and key employees review the conflict of interest policy annually to disclose potential conflicts. Board members do not participate in voting on matters where conflicts of interest exist. The board chairman ensures this practice is upheld. Likewise, officers and key employees with conflicts of interest shall disclose the matter to the ceo and chairman of the board of directors. The individual shall make no decision or take any actions with respect to the matter unless authorized by the ceo and/or board of directors. The officer, director, or key employeemay be asked to resign or end the conflict.”

“The compensation committee and the board reviews the ceos salary and benefits annually. Approximately every three years the committee uses compensation surveys with criteria on similar size organizations in its decision making process. All deliberations and decisions regarding the compensation and benefits are included in the committee mintues. Thie survey was last performed in 2011.”

“Summary of the financial statements are available at each branch location. Governing documents and the conflict of interest policy are not required disclosures pursuant to internal revenue code section 6104. These documents are not available to the public at this time.”

“Change in unrealized postretirement benefit transition obligation.”