Oak Trust Credit Union

“Oak Trust amended its bylaws and Articles of Incorporation to reflect the change in the Field of Membership for the credit union as a result of the sale/spinoff of the Egan Minnesota branch and related membership.”

“Oak Trust Credit Union is a cooperative, not-for-profit financial institution organized to promote thrift and to provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.”

“Oak Trust Credit Union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy , sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.”

“Credit Union members also have the right to vote and influence the direction of the credit union. A credit union is led by a board of directors (all of whom must be members themselves), which is elected by the credit union membership. If members want things to change at the credit union, they vote for a board member that shares their philosophy. Each member gets one vote; votes are not allotted depending on how much you keep at the credit union. As a result, all credit union members have an equal voice when voting.”

“The Accounting Manager prepares the form 990 Tax return and the Chief Financial Officer reviews it.”

“Employees have an obligation to conduct business within guidelines that prohibit actual or potential conflicts of interest. This policy establishes only the framework within which Oak Trust Credit Union wishes the business to operate. The purpose of these guidelines is to provide general direction so that employees can seek further clarification on issues related to the subject of acceptable standards of operation. An actual or potential conflict of interest occurs when an employee is in a position to influence a decision that may result in a personal gain for that employee or for a relative as a result of Oak Trust Credit Union's dealings. For the purposes of this policy, a relative is any person who is related by blood or marriage, or whose relationship with the employee is similar to that of persons who are related by blood or marriage. An Oak Trust Credit Union officer or employee shall not represent Oak Trust Credit Union in any transactions where he or she has any material connection or financial interest. This policy includes, but is not limited to, approval of credit union overdrafts, and waiving of credit union charges, late charges, or other normal fees. It also includes making loans or any similar type of activity. Personal gain may also result in cases where an employee or relative has a significant ownership in a firm with which Oak Trust Credit Union does business or when an employee or relative receives any kickback, bribe, substantial gift, or special consideration as a result of any business dealings involving Oak Trust Credit Union. It is imperative that all relationships that could result in a potential conflict of interest be disclosed so safeguards can be established to protect all parties.”

“It shall be the policy of the board of directors of Oak Trust Credit Union to evaluate the performance of its CEO annually. The purpose of the evaluation is to improve the performance of the CEO.”

“The monthly financial statements are posted in an area visible to the public in all branch sites. All other informational material may be available upon request.”