2024-11-15T10:55:32-06:00 2023-12-31 630813240 PEARCE BEVILL LEESBURG MOORE PC 110 OFFICE PARK DR BIRMINGHAM AL 35223 990 2023-01-01 630353833 ALABAMA ONE CREDIT UNION ALAB 2057591595 1215 VETERANS MEMORIAL PARKWAY TUSCALOOSA AL 35404 MATT TURNER SENIOR DIRECTOR OF TREASURY 2057591595 2024-11-14 1 0 W GLENN BRIDGES JR CPA P00519867 2053235440 2024-11-14 2023 2024-10-15 13:58:12Z WHITNEY OSWALT 1215 VETERANS MEMORIAL PARKWAY TUSCALOOSA AL 35404 62571573 0 X WWW.ALABAMAONE.ORG X STATE CHARTERED COOPERATIVE CREDIT UNION 1953 AL COOPERATIVE CREDIT UNION 9 9 371 17 1334027 314695 0 0 50038173 62571573 0 0 0 0 50038173 62571573 65550 64510 0 0 18801346 21402425 0 0 0 24910250 35542691 43777146 57009626 6261027 5561947 969346923 1221344942 891749562 1135785434 77597361 85559508 X COOPERATIVE SOCIETY INCORPORATED FOR THE TWOFOLD PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. 0 0 57009626 ALABAMA BANKING CODE, SECTION 5-17-1, STATES THAT A CREDIT UNION IS A COOPERATIVE SOCIETY INCORPORATED FOR THE TWOFOLD PURPOSE OF PROMOTING THRIFT AMONG ITS MEMBERS AND CREATING A SOURCE OF CREDIT FOR THEM AT LEGITIMATE RATES OF INTEREST. ALABAMA ONE CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, PROVIDES A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS. THE CREDIT UNION'S MEMBERSHIP IS PRIMARILY COMPRISED OF PERSONS WHO LIVE AND WORK IN TUSCALOOSA COUNTY, ALABAMA AND TWENTY-ONE OTHER COUNTIES THROUGHOUT WEST, CENTRAL, AND SOUTH 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, 2023, THE CREDIT UNION PROVIDED SERVICES TO APPROXIMATELY 83,100 MEMBERS. 57009626 0 0 0 0 0 0 0 1 0 1 0 1 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 1 0 0 0 0 1 1 1 0 0 1 24969 0 1 371 1 1 1 0 0 0 0 0 0 0 X 9 9 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 X W WHITNEY OSWALT 2057591595 1215 VETERANS MEMORIAL PARKWAY TUSCALOOSA AL 35404 RON ABERNATHY BOARD TREASURER 1.00 X 0 0 0 TAMIKA ALEXANDER BOARD SECRETARY 1.00 X 0 0 0 FRANKLIN BOHANNON SUPERVISORY COMMITTEE MEMBER 1.00 X 0 0 0 MARION DODSON BOARD MEMBER 1.00 X 0 0 0 TOM FANNING BOARD MEMBER 1.00 X 0 0 0 BARRY MIXON BOARD MEMBER 1.00 X 0 0 0 LUCY SELLERS BOARD MEMBER 1.00 X 0 0 0 JULIE SMITH SUPERVISORY COMMITTEE MEMB 1.00 X 0 0 0 JONATHAN WALKER SUPERVISORY COMMITTEE MEMB 1.00 X 0 0 0 LOO WHITFIELD BOARD CHAIRPERSON 1.00 X 0 0 0 FRED BRASWELL BOARD VICE CHAIRPERSON 1.00 X 0 0 0 DAVID LOE SUPERVISORY COMMITTEE CHAIRPERSON 1.00 X 0 0 0 SHELIA PENN BOARD MEMBER 1.00 X 0 0 0 WILLIAM C WELLS CEO 40.00 X 593911 0 177296 WHITNEY OSWALT CFO 40.00 X 292763 0 101335 JASON HALPERIN CHIEF RETAIL LENDING OFFIC 40.00 X 266804 0 57350 SHELBY GRANTHAM SENIOR DIRECTOR OF OPERATI 40.00 X 165416 0 55786 WILLIAM R STALLINGS CHIEF COMMERCIAL LENDING O 40.00 X 220659 0 40013 ROBERT LONG CHIEF TECHNOLOGY OFFICER 40.00 X 227889 0 89296 WILLIAM TURNER SENIOR DIRECTOR OF TREASURY 40.00 X 166042 1125 42843 MICHAEL BROWN SENIOR DIRECTOR OF RETAIL OPERATI 40.00 X 159668 0 63592 TYLER FOSTER DIRECTOR OF WEALTH ADVISOR 40.00 X 137980 0 34756 BRITTANY FLOYD SENIOR DIRECTOR OF MARKETING & BUSINESS DEVELOPMEN 40.00 X 139894 0 60149 MARTIN HOUSTIN CHIEF GROWTH OFFICER 40.00 X 143832 0 55085 WILLIAM RICKMAN AREA EXECUTIVE 40.00 X 163744 0 28077 2678602 1125 805578 24 0 1 0 QUALITY DATA SYSTEMS INC 8655 CROWN CRESCENT CT CHARLOTTE NC 28227 ATM/ITM SERVICING 1253652 VERINEXT CORP 3535 GRANDVIEW PKWY SUITE 335 BIRMINGHAM AL 35243 IT SERVICES 1243228 CONSULTANTS & BUILDERS INC 3100 MEDLOCK BRIDGE RD 420 NORCROSS GA 30071 CONSTRUCTION SERVICES 850746 K & A BUILDERS INC 2601 KAULTON RD TUSCALOOSA AL 35401 CONSTRUCTION SERVICES 524464 THE NEXT BEST THING 2209 9TH STREET 602 TUSCALOOSA AL 35401 JANITORIAL SERVICES 359290 13 LOAN INTEREST INCOME 522100 37704605 37704605 FINANCIAL SERVICE FEE AND OPERATI 522100 20745252 19411225 1334027 INVESTMENT INCOME 522100 4121716 4121716 62571573 62571573 61237546 1334027 0 64510 2497401 14819505 1048999 1816625 1219895 138138 91760 639669 1101614 5779928 1352269 312276 3562789 443739 MEMBER DIVIDEND AND INT 13951545 COST OF FINANCIAL SERVI 5553104 PROVISION FOR LOAN LOSS 1252099 OTHER OPERATING EXPENSE 578256 785505 57009626 20039983 27341322 235926 17359798 758413352 883141067 2573476 3250340 49152644 18432999 21460407 30719645 131709416 206283966 4108321 14669220 30806042 38579584 969346923 1221344942 16154274 10387562 28327 27538 2113656 1433917 28921840 50980810 5000000 9721548 839531465 1063234059 891749562 1135785434 X 0 0 0 0 77597361 85559508 77597361 85559508 969346923 1221344942 X 5561947 3160852 -760652 X X 0 1 X 1 0 0 1 X 4804961 4804961 27148082 9364221 17783861 9720 5670 4050 16290460 8931879 7358581 899421 131229 768192 30719645 FEDERAL AGENCY SECURITIES 154224608 F CERTIFICATES OF DEPOSIT 20558604 C CUSO INVESTMENT 404860 C CORPORATE CREDIT UNION CAPITAL SHARES 13303734 C OTHER CORPORATE ACCOUNTS 170373 C FEDERAL HOME LOAN BANK INVESTMENTS 6421787 C CORPORATE AMERICA CERTIFICATES OF DEPOSIT 11200000 C 206283966 MEMBER SHARES AND CERTIFICATE SHARES 1063234046 DIVIDENDS PAYABLE 13 1063234059 X 62571573 0 62571573 0 62571573 57009626 0 57009626 0 57009626 PART IV, LINE 2B: THE CREDIT UNION ACCEPTS AND MAINTAINS ESCROW PAYMENTS TO PAY ANNUAL TAXES AND INSURANCE ON MEMBER BORROWER MORTGAGE LOANS. PART X, LINE 2: THE FIN 48 FOOTNOTE INCLUDED IN THE CREDIT UNION'S DECEMBER 31, 2023 AUDITED FINANCIAL STATEMENTS IS AS FOLLOWS: THE CREDIT UNION IS EXEMPT, BY STATUTES, FROM MOST FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION FILES A FEDERAL FORM 990 AND HAS A DECEMBER 31, TAX YEAR END. THE STATE OF ALABAMA IMPOSES A 6.5% EXCISE TAX ON THE TAXABLE INCOME OF STATE-CHARTERED CREDIT UNIONS AS OF DECEMBER 31, EACH TAX YEAR. THE CREDIT UNION HAS ASSESSED ITS ACTIVITIES AND ANY POTENTIAL FEDERAL INCOME TAX LIABILITY BASED ON THE GUIDANCE FROM THE PROVISIONS OF FASB ASC 740, INCOME TAXES, ASSOCIATED WITH UNCERTAINTY IN INCOME TAX POSITIONS. MANAGEMENT BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE INCOME TAX POSITIONS TAKEN AND TO BE TAKEN ON ITS TAX RETURNS BASED ON AN ASSESSMENT OF MANY FACTORS INCLUDING EXPERIENCE AND INTERPRETATIONS OF TAX LAWS APPLIED TO THE FACTS OF EACH MATTER. THE CREDIT UNION HAS CONCLUDED THAT THERE ARE NO SIGNIFICANT UNCERTAIN TAX POSITIONS REQUIRING DISCLOSURE, AND THERE ARE NO MATERIAL AMOUNTS OF UNRECOGNIZED TAX BENEFITS REQUIRING RECOGNITION IN THE FINANCIAL STATEMENTS. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY ARISING FROM FEDERAL TAXATION OF ACTIVITIES DEEMED TO BE UNRELATED TO ITS EXEMPT PURPOSES AND ANY POTENTIAL ADDITIONAL LIABILITY RESULTING FROM THE TAXING AUTHORITIES IMPOSING TAXES, PENALTIES, AND INTEREST ON THE TAXES DUE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. CURRENTLY, THE 2022, 2021, AND 2020 FEDERAL TAX RETURNS ARE OPEN FOR EXAMINATION BY THE IRS. PARTS XI AND XII: 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 IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUTING PRINCIPLES FOR DEPOSITORY AND LENDING FINANCIAL INSTITUTIONS. AS A LENDING AND DEPOSIT-TAKING FINANCIAL INSTITUTION, THE CREDIT UNION IS NOT REQUIRED TO PREPARE ITS FINANCIAL STATEMENTS IN ACCORDANCE WITH SFAS 117. 1 ALABAMA ONE ASPIRE FOUNDATION 1215 VETERANS MEMORIAL PARKWAY TUSCALOOSA AL 35404 843427199 501(C)(3) 64510 0 CASH DONATIONS TO SPONSOR AO ASPIRE'S MISSION. PART I, LINE 2: AOCU MADE DONATIONS TO AO ASPIRE IN 2023. AOCU IS AO ASPIRE'S CONTROLLING ENTITY, AND HAS DIRECT CONTROL OVER THE USE OF THE FUNDS. X 1 1 X X X X X 0 1 0 WILLIAM C WELLS CEO 452102 0 137700 0 4109 0 156135 0 21161 0 771207 0 0 0 WHITNEY OSWALT CFO 231469 0 60695 0 599 0 74883 0 26452 0 394098 0 0 0 JASON HALPERIN CHIEF RETAIL LENDING OFFIC 215821 0 50520 0 463 0 32908 0 24442 0 324154 0 0 0 ROBERT LONG CHIEF TECHNOLOGY OFFICER 198000 0 29025 0 864 76250 71368 0 17928 0 317185 76250 0 0 WILLIAM R STALLINGS CHIEF COMMERCIAL LENDING O 137616 0 82880 0 163 0 29852 0 10161 0 260672 0 0 0 MICHAEL BROWN SENIOR DIRECTOR OF RETAIL OPERATI 138726 0 20616 0 326 0 39913 0 23679 0 223260 0 0 0 SHELBY GRANTHAM SENIOR DIRECTOR OF OPERATI 143145 0 21571 0 700 500 40446 0 15340 0 221202 500 0 0 WILLIAM TURNER SENIOR DIRECTOR OF TREASURY 143406 0 22340 0 296 1125 40446 0 2397 0 208885 1125 0 0 BRITTANY FLOYD SENIOR DIRECTOR OF MARKETING & BUSIN 116655 0 22848 0 391 0 28217 0 31932 0 200043 0 0 0 MARTIN HOUSTIN CHIEF GROWTH OFFICER 128423 0 14733 0 676 0 33805 0 21280 0 198917 0 0 0 WILLIAM RICKMAN AREA EXECUTIVE 138269 0 25293 0 182 0 24918 0 3159 0 191821 0 0 0 TYLER FOSTER DIRECTOR OF WEALTH ADVISOR 136000 0 1980 0 0 0 14620 0 20136 0 172736 0 0 0 PART I, LINE 1A THE CREDIT UNION'S TRAVEL POLICY ALLOWS DIRECTORS, SVC MEMBERS, AND EMPLOYEES TO BRING SPOUSES (AND IN SOME CASES, CHILDREN) WHEN TRAVELING ON CREDIT UNION BUSINESS AND BE REIMBURSED FOR THEIR REASONABLE TRAVEL COSTS. PART I, LINE 1B THE BOARD OF DIRECTORS APPROVES TRAVEL EACH YEAR FOR ANY BOARD MEMBER OR OFFICER OF THE CREDIT UNION AND IF A SPOUSE WILL BE PERMITTED TO TRAVEL. ALL EXPENSES ARE REVIEWED BY THE BOARD. PART I, LINE 3 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. PART I, LINE 4B AS OF APRIL 1, 2018, THE CREDIT UNION ADOPTED THE ALABAMA ONE CREDIT UNION 457(F) DISCRETIONARY CONTRIBUTION PLAN. THE PLAN IS INTENDED TO BE A NON-QUALIFIED INELIGIBLE DEFERRED COMPENSATION PLAN WITHIN THE MEANING OF SECTION 457(F) OF THE INTERNAL REVENUE CODE. THE PURPOSE OF THE PLAN IS TO 1) ALLOW PARTICIPANTS AN OPPORTUNITY TO ELECT TO DEFER THE RECEIPT OF COMPENSATION (PARTICIPANT COMPENSATION DEFERRAL), AND 2) PROVIDE A VEHICLE FOR THE CREDIT UNION TO CREDIT AMOUNTS ON A TAX DEFERRED BASIS FOR EMPLOYEE PARTICIPANTS (EMPLOYER CONTRIBUTION CREDIT). THE AMOUNT OF ANNUAL CONTRIBUTIONS TO A PARTICIPANT'S ACCOUNT IS SUBJECT TO IRS LIMITATIONS AS DEFINED IN THE PLAN. PARTICIPANT ACCOUNTS ARE 100% VESTED AFTER A PERIOD OF 5 YEARS IN ANY AMOUNTS CREDITED TO THEIR ACCOUNT. EACH PARTICIPANTS ACCOUNT WILL BE ADJUSTED FOR CREDITED INTEREST OR INCREASES OR DECREASES IN THE REALIZABLE NET ASSET VALUE, AS APPLICABLE, OF THE DESIGNATED DEEMED PLAN INVESTMENTS. THE DEFERRED COMPENSATION ACCOUNTS ARE SHOWN AS BOTH ASSETS AND LIABILITIES ON THE CREDIT UNION'S FINANCIAL STATEMENTS AND ARE AVAILABLE TO CREDITORS IN THE EVENT OF THE CREDIT UNION'S LIQUIDATION. THE BALANCE OF THE 457(F) DEFERRED COMPENSATION ARRANGEMENT WAS $1,922,835 AND $1,416,176 AS OF DECEMBER 31, 2023 AND 2022, RESPECTIVELY. ROBERT LONG ROBERT LONG IS AOCU'S CHIEF TECHNOLOGY OFFICER ROBERT LONG OWNS THE PROJECT MANAGEMENT RESOURCES, INC CORPORATION, WHICH IS A 29.41% PARTNER IN THE VULCAN DATACORP, LLC PARTNERSHIP IN WHICH THE CREDIT UNION IS A 67.4% PARTNER. PMR IS ALSO A 45% PARTNER IN TELLERIX, LLC, WHICH AOCU IS THE 45% PARTNER OF. PMR AND AOCU ARE ALSO BOTH 25% PARTNERS IN THE CU VIRTUAL PARTNERSHIP. DURING 2023, AOCU MADE USE OF VULCAN DATACORP'S AND TELLERIX'S SERVICES, AND PAID CERTAIN EXPENSES OF THESE PARTNERSHIPS, WHICH WERE REIMBURSED PRIOR TO 12/31/2023. 0 FORM 990, PART VI, SECTION A, LINE 4 ALABAMA ONE CREDIT UNION BOARD OF DIRECTOS UPDATED THEIR BYLAWS IN A BOARD MEETING ON JANUARY 25, 2023. ALABAMA ONE CREDIT UNION LAST REVISED AND APPROVED THEIR BYLAWS IN 2021. REPORTABLE CHANGES NOT PREVIOUSLY LISTED ON A FORM 990 ARE AS FOLLOWS. ARTICLE VI BOARD OF DIRECTORS SEC. 1A: AMENDED THE LANGUAGE GOVERNING THE NUMBER OF DIRECTORS FROM "A MINIMUM OF SEVEN (7) MEMBERS AND A MAXIMUM OF NINE (9) MEMBERS" TO "A MINIMUM OF NINE (9) MEMBERS" (REPORTABLE CHANGE - COMPOSITION, QUALIFICATIONS OF THE GOVERNING BODY'S VOTING MEMBERS) SEC. 1A: ADDED THE FOLLOWING LANGUAGE: "NO PERSON MAY BE APPOINTED, NOMINATED, OR ELECTED OR RE-APPOINTED OR RE-ELECTED FOR A TERM THAT WILL BEGIN AFTER THE PERSON HAS ATTAINED THE AGE OF 75. IN THE EVENT A DIRECTOR ATTAINS THE AGE OF 75 DURING THE MIDDLE OF A TERM, THE DIRECTOR SHALL BE ALLOWED TO COMPLETE THE REMAINDER OF THE TERM. THE NUMBER OF BOARD DIRECTORS MAY BE CHANGED TO AN ODD NUMBER NOT FEWER THAN FIVE (5) BY RESOLUTION OF THE BOARD. (REPORTABLE CHANGE - COMPOSITION, QUALIFICATIONS OF THE GOVERNING BODY'S VOTING MEMBERS) SEC. 1B: ADDED THE FOLLOWING LANGUAGE: "IT SHALL BE THE POLICY OF ALABAMA ONE CREDIT UNION'S BOARD OF DIRECTORS THAT ANY ELECTED BOARD OF DIRECTOR WHO RETIRES FROM ACTIVE SERVICE AT THE AGE OF 75 AND HAS SERVED AT LEAST 3 FULL TERMS CAN BE NOMINATED BY THE BOARD OF DIRECTORS FOR THE HONORARY TITLE AND POSITION OF VOLUNTEER EMERITUS FOR AN ADDITIONAL THREE-YEAR TERM. THE VOLUNTEER EMERITUS SHALL HAVE THE PRIVILEGE TO ATTEND REGULAR BOARD MEETINGS (WITH NO VOTING RIGHTS), ATTEND ONE CREDIT UNION SPONSORED EDUCATIONAL CONFERENCE, AND THE ALABAMA ONE CREDIT UNION VOLUNTEER ANNUAL PLANNING SESSION. THE EMERITUS STATUS CAN BE REVOKED IF NEEDED BY MAJORITY VOTE OF THE BOARD OF DIRECTORS." (REPORTABLE CHANGE - COMPOSITION, QUALIFICATIONS OF THE GOVERNING BODY'S VOTING MEMBERS) ARTICLE IX SUPERVISORY COMMITTEE SEC. 1A: AMENDED THE LANGUAGE GOVERNING THE NUMBER OF SUPERVISORY COMMITTEE MEMBERS FROM "A MINIMUM OF THREE (3) MEMBERS OF THIS CREDIT UNION" TO "A MINIMUM OF THREE (3) MEMBERS AND A MAXIMUM OF FIVE (5) MEMBERS ("MEMBER") OF THIS CREDIT UNION" (REPORTABLE CHANGE - COMPOSITION, QUALIFICATIONS OF THE GOVERNING BODY) SEC. 1A: ADDED THE FOLLOWING LANGUAGE:"NO MEMBER MAY BE APPOINTED, NOMINATED, OR ELECTED OR RE-APPOINTED OR RE-ELECTED FOR A TERM THAT WILL BEGIN AFTER THE PERSON HAS ATTAINED THE AGE OF 75. IN THE EVENT A MEMBER ATTAINS THE AGE OF 75 DURING THE MIDDLE OF A TERM, THE MEMBER SHALL BE ALLOWED TO COMPLETE THE REMAINDER OF THE TERM." (REPORTABLE CHANGE - COMPOSITION, QUALIFICATIONS OF THE GOVERNING BODY) SEC. 1B: ADDED THE FOLLOWING LANGUAGE: "IT SHALL BE THE POLICY OF ALABAMA ONE CREDIT UNION'S BOARD OF DIRECTORS THAT ANY ELECTED SUPERVISORY COMMITTEE MEMBER WHO RETIRES FROM ACTIVE SERVICE AT THE AGE OF 75 AND HAS SERVED AT LEAST 3 FULL TERMS CAN BE NOMINATED BY THE BOARD OF DIRECTORS FOR THE HONORARY TITLE AND POSITION OF VOLUNTEER EMERITUS FOR AN ADDITIONAL THREE-YEAR TERM. THE VOLUNTEER EMERITUS SHALL HAVE THE PRIVILEGE TO ATTEND REGULAR BOARD MEETINGS (WITH NO VOTING RIGHTS), ATTEND ONE CREDIT UNION SPONSORED EDUCATIONAL CONFERENCE, AND THE ALABAMA ONE CREDIT UNION VOLUNTEER ANNUAL PLANNING SESSION. THE EMERITUS STATUS CAN BE REVOKED IF NEEDED BY MAJORITY VOTE OF THE BOARD OF DIRECTORS." (REPORTABLE CHANGE - COMPOSITION, QUALIFICATIONS OF THE GOVERNING BODY) FORM 990, PART VI, SECTION A, LINE 6 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 TWENTY-ONE OTHER COUNTIES THROUGHOUT WEST, CENTRAL, AND SOUTH 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, 2023, THE CREDIT UNION PROVIDED SERVICES TO APPROXIMATELY 83,100 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A 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. FORM 990, PART VI, SECTION A, LINE 7B 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. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT PERFORMS A REVIEW OF THE FORM 990 AND 990-T PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C 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. FORM 990, PART VI, SECTION B, LINE 15 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. FORM 990, PART VI, SECTION C, LINE 19 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. FORM 990, PART XI, LINE 9: EQUITY ACQUIRED IN MERGER 3,508,757. CECL ADJUSTMENT -4,269,409. FORM 990, PART XII, LINE 2B: 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. AOCU HOLDINGS LLC 2115 11TH STREET TUSCALOOSA AL 35401 811605657 TO HOLD CERTAIN OPERATING OREO PROPERTIES AL 0 108518 ALABAMA ONE CREDIT UNION ALABAMA ONE AGENCY LLC 1215 VETERANS MEMORIAL PKWY STE 205 TUSCALOOSA AL 35404 822280788 TO PROVIDE INSURANCE SERVICES AL 335174 324268 ALABAMA ONE CREDIT UNION ALABAMA ONE ASPIRE FOUNDATION 1215 VETERANS MEMORIAL PARKWAY TUSCALOOSA AL 35404 843427199 FINANCIAL WELLNESS AND OPERATION CREDIT UNION CHRISTMAS AL 501(C)(3) 170(B)(1)(A)(VI) ALABAMA ONE CREDIT UNION 0 TELLERIX LLC 1215 VETERANS MEMORIAL PKWY STE 209 TUSCALOOSA AL 35404 873400370 ATM/ITM SERVICING & IT CONSULTING AL ALABAMA ONE CREDIT UNION UNRELATED 164616 430914 0 1 0.45000 VULCAN DATACORP LLC 1215 VETERANS MEMORIAL PKWY STE 207 TUSCALOOSA AL 35404 844695988 IT CONSULTING AL ALABAMA ONE CREDIT UNION UNRELATED -5852 70230 0 1 0.64700 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 TELLERIX LLC Q 58572 CASH ALABAMA ONE ASPIRE FOUNDATION B 64510 CASH