Secure First 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 secure first credit union as of december 31, 2014 was open to individuals who reside, work, attend school or worship in jefferson, tuscaloosa, blount, shelby, and walker counties. The credit union's field of membership also includes selected employee groups and individuals that reside in these counties. As of december 31, 2014, the credit union had membership and provided services to approximately 10,700 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. Prior to the annual meeting, the board chairman appoints a nominating 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 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.”

“Credit union staff review the conflict of interest policy with the credi union's manager upon employment with the credit union. The credit union manager constantly monitors the staff to make sure everyone is in compliance with the policy via reports created by an account monitoring software. Additionally, the credit union's updated post-closing loan review supports these efforts.”

“Compensation for officers, key employees & top management officials is determined on a yearly basis. Before compensation is set, the board of directors examines the type and amount of work performed by the employees while taking into account the credit unions prior year income. The board uses national peer group salary guides provided by cuna as an independent salary guide.”

“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.”