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| Related Party Transactions | Note 3. Related Party Transactions This disclosure describes the nature, description, and amounts of related party transactions. Transactions with Subsidiaries The Company has entered into several agreements with its subsidiary, MP Securities. The Company eliminates the income and expense related to these agreements in the consolidated financial statements. Related Party Transaction Policy The Board has adopted a Related Party Transaction Policy to assist in evaluating transactions the Company may enter into with a related party. Under this policy, a majority of the members of the Company’s Board and majority of its independent Board members must approve a material transaction that it enters into with a related party. Related Party Transactions with Owners The Company has entered into several transactions with its equity owners. The following table (dollars in thousands) describes the nature and dollar amounts of the related party transactions with these owners:
Related Party Transactions with Non-Owner Organizations The Company has entered into several transactions with Kane County Teacher’s Credit Union (“KCT”), whose former Chief Executive Officer and President, Mr. R. Michael Lee, serves as our Chairman of the Board and therefore possessed the ability to significantly influence the management of both parties. On April 3, 2024, KCT and Consumers Credit Union announced their intent to merge. This merger transaction was completed on December 1, 2024. Mr. Lee no longer holds a position with Consumers Credit Union. The Company does not consider Consumers Credit Union a related party, and therefore no related party items are disclosed as of and for the year ended December 31, 2025. The following table describes the nature and dollar amounts of the related party transactions with KCT through December 31, 2024:
Related Party Transactions with Management From time to time, the Company’s Board and members of its executive management team have purchased debt certificates from the Company or have purchased investment products through MP Securities. The following table (dollars in thousands) describes the nature and dollar amounts of these related party transactions with its management:
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