Alabama Postal Credit Union

“The credit union manager, Randy V Allen, is brother-in-law to Billy Lawley, a current Director.”

“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, 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 Alabama Postal Credit Union, as of December 31, 2024, was open to individuals who work as Postal employees or their family. As of December 31, 2024, the credit union had membership and provided services to approximately 890 members.”

“The Board of Directors are elected by the credit union membership at the annual meeting. The credit unions bylaws govern the election procedures. The terms of the Board of Director's, as set by the bylaws, are 3 years and are staggered so that an equal number expire at each annual meeting. Prior to the annual meeting, the Board Chairman appoints a nomination committee to nominate a candidate for each vacancy. Nominations can also be taken through absentee ballots or called for from the floor at the annual meeting. Election by the membership is performed through written ballots, unless there is only one nominee. All elections are determined by a plurality vote.”

“The following types of decisions are subject to approval by the credit unions members: Dissolution of the credit union, election and termination of Board of Director's and conversion from state to federal charter.”

“Management and Board of Director's perform a review of the Form 990 prior to filing.”

“Management's compensation is determined annually by the Credit Union's Board of Director's.”

“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.”

“Other: State Chartered Credit Union”

“On an annual basis, the Alabama Credit Union Administration and/or 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 subject to a Supervisory Committee/Agreed Upon Procedures Audit performed by an independent third party as of September 30 of each year.”

“The Credit Union has a Supervisory Committee that is responsible for ensuring that the Board of Director's and the management of the Credit Union: (1) Meet required financial reporting objectives and (2) Establish practices and procedures sufficient to safeguard member's assets. This includes overseeing any annual financial statement/Agreed Upon Procedures audit and the selection of the independent auditor/accountant.”