The $184 million Mutual Savings Credit Union of Birmingham has emerged from state conservatorship by restoring profitability and fixing its balance sheet, according to the Alabama regulator Glenn T. Latham.
Alabama's top credit union regulator said he will lift the year-old conservatorship of the $184 million Mutual Savings Credit Union now that the Birmingham CU has restored profitability and fixed its balance sheet.
The $183 million Mutual Savings Credit Union of Birmingham, Ala., placed into a controversial conservatorship by regulators a year ago, is on the mend and is recording a profit for the first quarter, president/CEO Douglas Key said last week.
The once-failed $183 million Mutual Savings Credit Union of Birmingham, Ala. is on the fast track to recovery, said President/CEO Douglas Key.
Alabama's top regulator and the former CEO and board of the failed $193 million Mutual Savings Credit Union of Birmingham have settled their legal dispute although the CU remains under state conservatorship.
The legal clash from last October pitting Alabama's top regulator against the CEO and board of the $193 million failed Mutual Savings Credit Union of Birmingham, has been settled out of court, it was announced this week.