The $194 million Mutual Savings Credit Union's original August 24 court date to challenge its conservatorship has been delayed. According to Alabama Credit Union Administrator T. Glenn Latham, a new date has not yet been set.
Dismissed CEO Dale Dalbey, Chairman Barbara R. Luckett and board members of the $194 million Mutual Savings Credit Union filed an injunction shortly after the state regulator placed the Birmingham, Ala.-based institution into conservatorship.
According to its June 2009 5300 report, the Birmingham-based MSCU had an 8.16% net worth, and reported a $105,115 net profit. Return on average assets was 0.11% as of June 30, though ROA was negative during both first quarter 2009 and fourth quarter 2008. MSCU recorded a $1.25 million NCUSIF stabilization expense entry during the first quarter 2009.
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