2025-11-17T10:43:32-06:00 2024-12-31 630813240 PEARCE BEVILL LEESBURG MOORE PC 110 OFFICE PARK DR BIRMINGHAM AL 35223 990 2024-01-01 630148940 MUTUAL SAVINGS CREDIT UNION ALAB 2056821170 2040 VALLEYDALE ROAD BIRMINGHAM AL 35244 KENDALL SPEED CEO 2056821170 2025-11-10 1 0 W GLENN BRIDGES P00519867 2053235440 2025-11-10 2024 2025-03-06 01:10:19Z KENDALL SPEED 2040 VALLEYDALE ROAD BIRMINGHAM AL 35244 40864037 0 X WWW.MUTUALSAVINGS.ORG X STATE CHARTERED COOPERATIVE CREDIT U 1936 AL COOPERATIVE CREDIT UNION 7 6 90 9 74189 14452 0 0 13969345 15060056 0 1927087 0 0 13969345 16987143 0 0 0 0 5877380 5925279 0 0 0 7604777 9194787 13482157 15120066 487188 1867077 228049256 235920761 219324292 221027409 8724964 14893352 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 CODE OF ALABAMA, SEC 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. MUTUAL SAVINGS CREDIT UNION, AN ALABAMA STATE CHARTERED CREDIT UNION, PROVIDES A VARIETY OF FINANCIAL SERVICES TO ITS MEMBERS, WHO PRIMARILY RESIDE, WORK, ATTEND SCHOOL OR WORSHIP IN FOURTEEN ALABAMA COUNTIES, INCLUDING JEFFERSON, SHELBY, DALLAS, CHILTON, AND TALLAPOOSA COUNTIES, OR WHO ARE EMPLOYED BY A MUTUAL SAVINGS SPONSOR GROUP. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2024, THE CREDIT UNION PROVIDED SERVICES TO 19,724 MEMBERS. 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 4084 0 1 90 1 1 1 0 0 0 0 0 0 0 X 7 6 0 0 0 0 1 1 1 1 1 0 0 0 0 0 1 1 1 0 X KENDALL SPEED CEO 2056821170 2040 VALLEYDALE ROAD BIRMINGHAM AL 35244 KENDALL L SPEED CEO/DIRECTOR - TREASURER 40.00 X X 309111 0 20443 RICHARD BROOKS BOARD CHAIRPERSON 1.00 X 0 0 0 KEITH NEWTON BOARD VICE CHAIRPERSON 1.00 X 0 0 0 RICHARD MCBEE BOARD SECRETARY 1.00 X 0 0 0 ALLEN RITTER BOARD MEMBER 1.00 X 0 0 0 R A FERGUSON JR BOARD MEMBER 1.00 X 0 0 0 DERRELL CRIMM BOARD MEMBER 1.00 X 0 0 0 KARL HENDRICKSON SUPERVISORY COMMITTEE CHAIRPERSON 1.00 X 0 0 0 LINDA ALLISON SUPERVISORY COMMITTEE MEMBER 1.00 X 0 0 0 SUSAN LANDRUM CFO (RETIRED IN 2024) 40.00 X 132829 0 6913 LYNNE LOFTIN COO 40.00 X 204892 0 17861 MIKE SHAW CHIEF TECHNOLOGY OFFICER 40.00 X 185218 0 20443 SONJA PURVIS CHIEF MARKETING OFFICER 40.00 X 198493 0 17861 DAVID MOONEY CFO 40.00 X 115375 0 5379 JIMMIE ROCHESTER II VP BUSINESS BANKING 40.00 X 165669 0 2920 KIMBERLY HUNT VP HUMAN RESOURCES 40.00 X 121898 0 20443 MICHAEL DYER VP COLLECTIONS 40.00 X 126334 0 17842 JEFFREY GRAHAM VP LENDING SERVICES 40.00 X 123125 0 20443 MELISSA FICQUETTE HIGHLY COMPENSATED EMPLOYEE 40.00 X 101551 0 3971 1784495 0 154519 12 0 1 0 KEY GREER HARRISON & CASEY PO BOX 360345 BIRMINGHAM AL 35236 LEGAL COUNSEL AND COLLECTIONS 284845 FLEX MARKETING INSPIRED 5330 TECHNOLOGY LANE BIRMINGHAM AL 35217 MARKETING MAILINGS SERVICES 227795 IHEARTMEDIA INC 20880 STONE OAK PARKWAY SAN ANTONIO TX 78258 ADVERTISING/MARKETING SERVICES 173095 ALLIED UNIVERSAL SECURITY PO BOX 828854 PHILADELPHIA PA 191828854 SECURITY SERVICES 163744 PEARCE BEVILL LEESBURG MOORE PC 110 OFFICE PARK DR BIRMINGHAM AL 35223 ACCOUNTING SERVICES 161171 9 LOAN INTEREST INCOME 522100 7220319 7220319 FINANCIAL SERVICE FEES AND OTHER 522100 5105150 5030961 74189 INVESTMENT INCOME 522100 2734587 2734587 15060056 16182311 9621670 20093936 3782958 -3911625 5838712 1927087 1927087 16987143 16912954 74189 0 1234818 3897672 107384 346283 339122 59045 72000 499959 111694 1004761 726590 59214 465816 440784 103899 MEMBER SHARE DIVIDENDS 3257995 COST OF FINANCIAL SERVI 1646837 PROVISION FOR LOAN LOSS 326364 OTHER OPERATING EXPENSE 120038 299791 15120066 2941808 3716469 15278803 16290712 1507733 1443735 87365 84478 144603129 135904252 836998 723704 5899012 5641055 4215439 257957 55196351 63219743 3381630 14279711 228049256 235920761 1108261 879356 11500000 0 206716031 220148053 219324292 221027409 X 0 0 0 0 8724964 14893352 8724964 14893352 228049256 235920761 X 1867077 4208456 92855 X X 0 1 X 1 0 854589 831189 23400 4943043 4759097 183946 101380 50769 50611 257957 AFS AGENCY SECURITIES 61388061 F CORPORATE CREDIT UNION CAPITAL 1395784 C FEDERAL HOME LOAN BANK STOCK 159700 C OTHER INVESTMENTS 276198 C 63219743 ACCRUED INTEREST RECEIVABLE 715500 ASSETS IN LIQUIDATION 432125 NCUSIF DEPOSIT 1951876 ROU ASSET 11180210 14279711 MEMBER SHARES AND CERTIFICATE SHARES 208940580 LEASE LIABILITY 11207473 220148053 X 16987143 0 16987143 0 16987143 15120066 0 15120066 0 15120066 PART X, LINE 2: THE FIN 48 FOOTNOTE INCLUDED IN THE CREDIT UNION'S DECEMBER 31, 2024, 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 31ST 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 CONCLUDED THAT THERE ARE NO SIGNIFICANT UNCERTAIN TAX POSITIONS REQUIRING DISCLOSURE AND THERE ARE NO MATERIAL UNRECOGNIZED TAX BENEFITS REQUIRING RECOGNITION IN THE FINANCIAL STATEMENTS. PART XI AND XII: ON A ROUTINE BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND 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 ACCOUNTING 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. X 1 1 X X 0 0 0 KENDALL L SPEED CEO/DIRECTOR - TREASURER 257195 0 51916 0 0 0 0 0 20443 0 329554 0 0 0 LYNNE LOFTIN COO 169938 0 34954 0 0 0 0 0 17861 0 222753 0 0 0 SONJA PURVIS CHIEF MARKETING OFFICER 164093 0 34400 0 0 0 0 0 17861 0 216354 0 0 0 MIKE SHAW CHIEF TECHNOLOGY OFFICER 153028 0 32190 0 0 0 0 0 20443 0 205661 0 0 0 JIMMIE ROCHESTER II VP BUSINESS BANKING 138116 0 27553 0 0 0 0 0 2920 0 168589 0 0 0 PART I, LINE 1A THE TRAVEL FOR COMPANIONS BENEFIT WAS ALLOWED FOR OFFICERS' SPOUSES, BOARD MEMBERS' SPOUSES, AND COMMITTEE MEMBERS' SPOUSES. THIS BENEFIT WAS IN THE FORM OF COMBINED DINNERS WHILE ATTENDING THE ANNUAL PLANNING MEETING. 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. KENDALL SPEED CHIEF EXECUTIVE OFFICER / TREASURER 1ST MORTGAGE X 270000 237789 0 1 1 JIMMIE ROCHESTER II VICE PRESIDENT BUSINESS BANKING NEW AUTO LOAN X 24838 7390 0 1 1 JIMMIE ROCHESTER II VICE PRESIDENT BUSINESS BANKING 1ST MORTGAGE X 176000 150578 0 1 1 JIMMIE ROCHESTER II VICE PRESIDENT BUSINESS BANKING 1ST MORTGAGE X 189000 152074 0 1 1 JIMMIE ROCHESTER II VICE PRESIDENT BUSINESS BANKING NEW AUTO LOAN X 43459 32825 0 1 1 JIMMIE ROCHESTER II VICE PRESIDENT BUSINESS BANKING 1ST MORTGAGE X 49000 35775 0 1 1 JIMMIE ROCHESTER II VICE PRESIDENT BUSINESS BANKING HOME EQUITY LINE OF CREDIT X 70000 34878 0 1 1 KRISTI M KEY REGULAR EMPLOYEE & DAUGHTER OF FORMER BOARD MEMBER & CEO DOUG KEY 1ST MORTGAGE X 106000 84478 0 1 1 JEFFREY A GRAHAM VICE PRESIDENT LENDING SERVICES 1ST MORTGAGE X 285000 267134 0 1 1 JEFFREY A GRAHAM VICE PRESIDENT LENDING SERVICES HOME EQUITY LINE OF CREDIT X 155000 14288 0 1 1 MIKE SHAW CHIEF TECHNOLOGY OFFICER 1ST MORTGAGE X 205000 184810 0 1 1 MIKE SHAW CHIEF TECHNOLOGY OFFICER USED VEHICLE X 27769 27126 0 1 1 SUSAN LANDRUM CHIEF FINANCIAL OFFICER (RETIRED IN 2024) 1ST MORTGAGE X 127000 113620 0 1 1 SUSAN LANDRUM CHIEF FINANCIAL OFFICER (RETIRED IN 2024) NEW AUTO LOAN X 20000 16314 0 1 1 SONJA H PURVIS CHIEF MARKETING OFFICER 1ST MORTGAGE X 216000 165595 0 1 1 SONJA H PURVIS CHIEF MARKETING OFFICER HOME EQUITY LINE OF CREDIT X 100000 3539 0 1 1 1528213 990 PART IV, LINE 26 DIRECTORS, OFFICERS, AND ALL EMPLOYEES OF THE CREDIT UNION ARE OFFERED LOANS ON SPECIALIZED TERMS,INCLUDING PREFERENTIAL INTEREST RATES, OTHER THAN THOSE OFFERED TO REGULAR MEMBERS IN THE ORDINARY COURSE OF BUSINESS. ALL SUCH LOANS ARE APPROVED BY EITHER THE CEO, CREDIT COMMITEE, OR BOARD OF DIRECTORS, AND REPORTED TO THE BOARD OF DIRECTORS AT THE NEXT REGULAR BOARD MEETING, AS DICTATED IN THE BOARD-APPROVED LOAN POLICY. SUCH LOANS TO DIRECTORS, OFFICERS, AND OTHER INTERESTED PERSONS ARE REPORTED EACH YEAR BY THE CREDIT UNION ON 990 SCHEDULE L. 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 MEMBERSHIP OF MUTUAL SAVINGS CREDIT UNION AS OF DECEMBER 31, 2024, WAS OPEN TO INDIVIDUALS WHO RESIDE, WORK, ATTEND SCHOOL OR WORSHIP IN FOURTEEN ALABAMA COUNTIES, INCLUDING JEFFERSON, SHELBY, DALLAS, CHILTON, AND TALLAPOOSA COUNTIES, TO THOSE WHO ARE EMPLOYED BY ONE OF THE CREDIT UNION'S SPONSORING GROUPS, AND TO FAMILY MEMBERS OF EXISTING MEMBERS OF MUTUAL SAVINGS CREDIT UNION. THE CREDIT UNION'S FIELD OF MEMBERSHIP ALSO INCLUDES SELECTED EMPLOYEE GROUPS AND INDIVIDUALS THAT RESIDE IN THESE COUNTIES. AS OF DECEMBER 31, 2024, THE CREDIT UNION HAD MEMBERSHIP AND PROVIDED SERVICES TO 19,724 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A 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. AT LEAST 60 DAYS PRIOR TO THE ANNUAL MEETING, THE BOARD CHAIRMAN APPOINTS A NOMINATING COMMITTEE OF NOT LESS THAN THREE (3) MEMBERS TO NOMINATE ONE (1) CANDIDATE FOR EACH VACANCY. ALL OTHER NOMINATIONS MUST BE DONE BY WRITTEN PETITION OF THE LESSER OF 1% OF MEMBERS OR 500 MEMBERS, AND MUST BE SUBMITTED TO THE NOMINATING COMMITTEE AT LEAST TEN (10) DAYS PRIOR TO THE ANNUAL MEETING. ELECTION BY THE MEMBERSHIP IS PERFORMED THROUGH WRITTEN BALLOTS, UNLESS THERE IS ONLY ONE NOMINEE. IRRESPECTIVE OF THE NUMBER OF SHARES HELD, NO MEMBER HAS MORE THAN ONE VOTE. MEMBERS MUST ALSO BE NATURAL PERSONS OF AT LEAST 19 YEARS OF AGE TO VOTE. ALL ELECTIONS ARE DETERMINED BY A PLURALITY VOTE. NO PROXY VOTES MAY BE CAST. FORM 990, PART VI, SECTION A, LINE 7B 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. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT PERFORMS A REVIEW OF THE FORM 990 PRIOR TO FILING. 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 AVAILABLE TO THE PUBLIC UPON REQUEST. THE CREDIT UNION'S FINANCIAL STATEMENTS CAN BE FOUND ON THE WEBSITE OF THE NCUA AT NCUA.GOV. FORM 990, PART XI, LINE 9: CHANGE IN PENSION LIABILITY ACCOUNT 92,855. FORM 990, PART XII, LINE 2B: ON A ROUTINE BASIS, THE ALABAMA CREDIT UNION ADMINISTRATION AND 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. FORM 990, PART XII, LINE 2C: A CREDIT UNION'S SUPERVISORY COMMITTEE 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 ACCOUNTANT.