1ST MIDAMERICA CREDIT UNION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1934

Legal Domicile

Principal Officer

Alan Meyer

Phone

6182583168

Tax Period

2024-01-01 to 2024-12-31

1ST MIDAMERICA CREDIT UNION, founded in 1934, is a mid-sized nonprofit that reported $66.8M in total revenue in fiscal year 2024. Revenue surged 20% from the prior year, signaling strong growth momentum. Expenses of $59.1M left a modest 12% surplus.

Mission

The mission of 1st MidAmerica Credit Union is to become a dominant credit union in our field of membership by offering products and services to meet the financial needs of our members while striving to continually exceed member expectations.

Program Service Accomplishments

Program 1

One of the primary functions of the credit union is to extend credit to our members. Over the course of 2024, 11,995 loans were approved, and we extended $292,461,822 to our members.

Program 2

We ended the year with total share balances of $813,214,826. 1st MidAmerica Credit Union ended 2024 serving 63,200 members.

Program 3

1st MidAmerica Credit Union issued 7,222 certificates of deposit in 2024. The total origination amount of all CD's was $268,628,022.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $59,230,122

Investment Income $7,614,695

Other Revenue $0

TOTAL REVENUE $66,844,817

Expense Breakdown

Grants Paid $0

Salaries & Benefits $15,951,742

Fundraising Expenses $0

Program Expenses $0

Other Expenses $43,140,957

TOTAL EXPENSES $59,092,699

Year-over-Year Comparison

	2024	2023	Change
Revenue	$66,844,817	$55,685,904	+0.2%
Expenses	$59,092,699	$51,029,966	+0.2%
Net Income	$7,752,118	$4,655,938	+0.7%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✓ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

250

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$3,562,891

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Alan Meyer	President/CEO	50	Officer	$1,028,397	$787,517	$1,815,914
James Cherry	Chief Information Officer	50	Officer	$468,897	$183,861	$652,758
Terri Herbstreit	Vice President of Accounting	50	Highest	$308,503	$180,066	$488,569
Robert Blacklock	Chief Financial Officer	50	Officer	$323,537	$109,017	$432,554
Perry Withers	Chief Lending Officer	50	Officer	$266,533	$130,894	$397,427
Amber Scott	Chief Experience Officer	50	Officer	$221,036	$43,202	$264,238
Elysa Robin	VP of Human Resources	50	Highest	$220,695	$27,827	$248,522
Brenda Jackson	Vice President Branch Operations	50	Highest	$178,302	$33,861	$212,163
Gary Hoggatt Jr	Vice President of Mortgage Services	50	Highest	$142,091	$36,618	$178,709
Brett Pont	Vice President of Commercial Lending	50	Highest	$160,854	$7,237	$168,091
Rosemary Gibson	Chairman	10	Director	$0	$0	$0
Andrew Macias	Vice Chairman	2	Director	$0	$0	$0
Chris Greer	Treasurer	2	Director	$0	$0	$0
Henry Vize	Secretary	2	Director	$0	$0	$0
Joshua Evans	Director	2	Director	$0	$0	$0
Timothy Kallal	Director	2	Director	$0	$0	$0
Rebecca Alexander	Director	2	Director	$0	$0	$0
Bill Meyer	Director	2	Director	$0	$0	$0
Lori Artis	Director	2	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$66,844,817	$59,092,699	$1,000,354,535	$7,752,118
2023	$55,685,904	$51,029,966	$964,490,813	$4,655,938
2022	$45,283,692	$37,779,980	$933,135,816	$7,503,712
2021	$45,661,014	$35,551,494	$860,013,719	$10,109,520
2020	$44,870,473	$41,869,554	$825,806,409	$3,000,919
2019	$46,451,605	$42,129,461	$744,684,094	$4,322,144
2018	$43,734,489	$40,325,603	$751,703,026	$3,408,886