Mutual Savings Credit Union

“Alabama banking code, section 5-17-5 states that, "credit union membership shall consist of the incorporators and such other persons as may be elected to membership and who subscribe to at least one share and pay the initial installment thereon and the entrance fee. Organizations, incorporated or otherwise, composed for the most part of the same general group as the credit union membership may be members. Credit union organization shall be limited to groups, of both large and small membership, having a common bond of occupation or association or to groups within a well-defined neighborhood, community or rural district." the membership of mutual savings credit union as of december 31, 2024, was open to individuals who reside, work, attend school or worship in fourteen alabama counties, including jefferson, shelby, dallas, chilton, and tallapoosa counties, to those who are employed by one of the credit union's sponsoring groups, and to family members of existing members of mutual savings credit union. The credit union's field of membership also includes selected employee groups and individuals that reside in these counties. As of december 31, 2024, the credit union had membership and provided services to 19,724 members.”

“The board of directors are elected by the credit union's membership at the annual meeting. The credit union's bylaws govern the election procedures. The terms of the board of directors, as set by the bylaws, are 3 years and are staggered so that an equal number expire at each annual meeting. At least 60 days prior to the annual meeting, the board chairman appoints a nominating committee of not less than three (3) members to nominate one (1) candidate for each vacancy. All other nominations must be done by written petition of the lesser of 1% of members or 500 members, and must be submitted to the nominating committee at least ten (10) days prior to the annual meeting. Election by the membership is performed through written ballots, unless there is only one nominee. Irrespective of the number of shares held, no member has more than one vote. Members must also be natural persons of at least 19 years of age to vote. All elections are determined by a plurality vote. No proxy votes may be cast.”

“The following types of decisions are subject to approval by the credit union's members: dissolution of the credit union, election & termination of board or committee members, expulsion of credit union members and conversion from state to federal charter.”

“Management performs a review of the form 990 prior to filing.”

“Management's compensation is determined annually by the credit union's board of directors and is based on performance and independent comparable industry compensation data.”

“The credit union makes its governing documents available to the public upon request. The credit union's financial statements can be found on the website of the ncua at ncua.gov.”

“Directors, officers, and all employees of the credit union are offered loans on specialized terms,including preferential interest rates, other than those offered to regular members in the ordinary course of business. All such loans are approved by either the ceo, credit commitee, or board of directors, and reported to the board of directors at the next regular board meeting, as dictated in the board-approved loan policy. Such loans to directors, officers, and other interested persons are reported each year by the credit union on 990 schedule l.”

“Change in pension liability account 92,855.”

“On a routine basis, the alabama credit union administration and the national credit union administration perform a regulatory examination of the financial statements and safety and soundness of the credit union. Additionally, the credit union's financial statements are audited by an independent accountant as of december 31 each year.”

“A credit union's supervisory committee is responsible for ensuring that the board of directors and management of the credit union - (1) meet required financial reporting objectives and (2) establish practices and procedures sufficient to safeguard members' assets. This includes overseeing the annual financial statement audit and the selection of the independent accountant.”