Commonwealth Credit Union

“Commonwealth credit union converted from a state chartered credit union to a federally chartered credit union effective february 3, 2025. All services will continue without interruption under the new federal charter. Governing documents were updated as needed to address the charter conversion.”

“Any individual that has an account with the credit union is a member. In total, there are 130,195 members of the credit union. Eligibility to join commonwealth credit union is as follows: if a person or someone they are related to lives, works, worships, attends school or volunteers in the kipda and bluegrass regions, which includes the following 25 counties: anderson, bourbon, boyle, bullitt, clark, estill, fayette, franklin, garrard, harrison, henry, jefferson, jessamine, lincoln, madison, mercer, nicholas, oldham, owen, powell, scott, shelby, spencer, trimble, and woodford.”

“Commonwealth credit union board of directors are elected by the membership at an annual meeting held in march of each year. Each primary member is entitled to one vote to elect the board.”

“Members of the credit union have the right to approve the election and removal or members of the governing body, as well as other matters that are subject to approval by the members as they occur. Commonwealth credit union initiated a conversion from a kentucky state-chartered credit union to a federally-chartered credit union effective february 3, 2025. A special member vote was held on november 19, 2024. The members voted in favor of the conversion, with 79.53% of the membership voting in favor of the conversion to a federal charter.”

“Commonwealth credit union board of directors were provided with a copy of the form prior to the board meeting. They were asked to review the form and contact the ceo with questions. At the board meeting, the ceo provided explanations and answered questions from the board during the review of the form.”

“A statement of the credit union's compliance with kentucky revised statue 290.195 is included in the associate handbook which each employee signs as having read and agrees to abide by krs290.195 which provides that no director, officer or associate participate in interests that could give rise to conflict. Also, at the beginning of each year, every employee must sign a conflict of interest policy. The human resources department ensures that each employee signs and agrees to this policy and monitors that it is done.”

“Marsh mclennan agency was used as an outside consultant to provide an independent review of the positions, salary structures, levels, and overall compensation strategy. In addition, parc compensation consulting was used as an outside consultant to provide an independent compensation review of executive positions.”

“The financials are made available and distributed to the public every year at the annual meeting in pamphlet form. Governing documents, conflict of interest policy and financials would also be distributed upon request to the public.”

“Commonwealth credit union converted from a state chartered credit union to a federally chartered credit union effective february 3, 2025. All services will continue without interruption under the new federal charter. As a federally chartered credit union under 501(c)(1), the organization will no longer be required to file form 990.”

“Other professional fees 71,079.”

“Miscellaneous 161,653. Education 17,509. U of l partnership 72.”

“Net assets at time of conversion to federally chartered credit union -244,145,105.”