Naheola 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 naheola credit union as of december 31, 2024, was open to any citizen, employee, or church member in choctaw, marengo, washington, clarke, sumter, hale, perry, greene, mobile, escambia, or baldwin county, in the state of alabama, and consisted of approximately 12,256 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 approximate 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 may also be made by petition. 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: merger and dissolution 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 prior to filing.”

“Credit union employees are required to review the credit union's conflict of interest policy and complete an annual conflict of interest diclosure form.”

“The credit union's board of directors determines the ceo's compensation annually with the assistance of a custom salary matrix formulated by an independent compensation consultant to more closely fit the credit union's market. The ceo also uses this matrix to determine the compensation for all other credit union employees.”

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

“Other comprehensive income 16,328.”

“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 march 31 each year.”

“The credit union has a supervisory committee that 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 auditor/accountant.”