Mobile Educators 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." mobile educators credit union, an alabama state chartered credit union, was established to provide these services to its members who are employees of the mobile and baldwin county school systems, employees of mobile college, springhill college, employees of any other educational institution or any other teacher group in the counties of mobile and baldwin; employees of baldwin county alabama; employees of municipalities located in baldwin county alabama; employees of the credit union; and students of the above school systems; members of the immediate families of the preceding groups and organizations of the above field of membership who are not served by any other credit union. As of december 31, 2019, the credit union provided services to approximately 9,422 members.”

“The credit union's bylaws govern the election procedures. The board of directors are elected by the credit union's members at the annual meeting. The terms of the board of directors, as set by the bylaws, are three (3) years, and are staggered so that approximately an equal number of regular terms expire at each annual meeting at least forty-five (45) days prior to each annual meeting, the chairman shall appoint a nominating committee of three (3) members for the purpose of nominating members to fill vacancies on the board of directors, credit committee and supervisory committee at the next annual meeting. The nominating committee shall make its report to the chairman of the board no later than thirty (30) days prior to the annual meeting. Notices shall be mailed or posted at least twenty-one (21) days prior to the date of the annual meeting. Not less than 100 members, through a written petition to the nominating committee, may propose one or more nominees not later than ten (10) days after this mailing. Written ballots are required for all elections unless there is only one nominee for the office. All elections are determined by a plurality vote. Irrespective of the number of shares held, no member has more than one vote.”

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

“The president/ceo reviews the form 990 prior to filing.”

“Credit union employees are required to review the credit union's conflict of interest policy in the employee handbook.”

“Compensation is determined by the credit union's board of directors.”

“The credit union's financial statements are displayed in the lobbies of each of its branches. The governing documents and conflict of interest policy would be available upon request.”

“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 audit by an independent accountant as of june 30 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 supervisory committee audit/agreed upon procedures and the selection of the independent auditor/accountant.”