Alabama One Credit Union

“The credit union amended article ii, section 1(a) of their bylaws to add the following counties to their field of membership: chambers, cherokee, clay, cleburne, conecuh, coosa, covington, dale, elmore, etowah, and randolph.”

“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 credit union's membership is primarily comprised of persons who live and work in tuscaloosa county, alabama and thirty-three other counties throughout alabama; employees, residents, and/or patients of various medical providers within the state of alabama; employees of the credit union and other specified employers; retirees of all aforementioned groups; and spouses, widows, and immediate family members of all aforementioned groups. As of december 31, 2024, the credit union provided services to approximately 93,807 members.”

“The credit union's bylaws govern the election procedures. The board of directors are elected by the credit union's membership at the annual meeting. 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. Under no circumstances may nominations be called for from the floor. Election by the membership is performed through mail and in-person ballots, unless there is only one nominee. All balloting is closed at the commencement of the annual meeting, whereupon the votes are tallied and results are announced. All elections are determined by a plurality vote. Proxy voting is not allowed. No members shall have more than one vote. Members must be at least nineteen years of age to participate in elections or hold elected and/or appointed positions.”

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

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

“The credit union has a conflict of interest policy. It is the policy of the credit union to prohibit any employee or insider from engaging in any activity that conflicts with the interests of the credit union or its members. Each situation is handled on a case by case basis by the board of directors, and if necessary, others as determined by the board of directors. If the situation involves a member of the board of directors, that member shall recuse himself or herself from the decision regarding the conflict and/or entry into a loan or other contract with the conflicted party. All existing and potential conflicts of interest shall be brought to the attention of the board of directors prior to approving loans or other transactions including, but not limited to, the payment of professional fees, or other fees for services rendered or the entry by the credit union into any vendor contract in which officers, directors, employees and other insiders are involved. Each member of the board shall be apprised of any potential or existing conflict prior to making a decision or acting specifically on any loan or other transaction in which insiders and/or their business associates are involved directly or indirectly. To identify any and all actual or potential conflicts of interest, each insider are required to sign a conflict of interest agreement and provide an annual acknowledgment (on or before january 15 of each year) of his/her understanding of and compliance with the applicable laws, the credit union's conflict of interest, gifts, and bribes, kickbacks and other illegal payments policies. All new employees or other insiders are required to sign the conflict of interest agreement prior to employment, service, or association and be required to provide the annual acknowledgement (by january 15 of each year) as well. The human resources director is responsible for obtaining and maintaining all agreements and annual acknowledgement statements from all officers, directors, committee members, managers, employees and other insiders. Each credit union insider shall also disclose all conflicts of interest and all potential conflicts of interest, including those in which they are inadvertently placed due to a business or personal relationship with any member, supplier, business associate, or competitor of the credit union, or any other entity with which the credit union does business.”

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

“Adjustments to equity acquired in mergers -301,284.”

“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 audited by an independent accountant as of december 31 each year.”