Failed Alabama CU says work remains on soured loans but organization is back in black.
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.