The $195 million Mutual Savings Credit Union, which underwent Alabama conservatorship last July, has a new president/CEO-Douglas Key, a Pelham, Ala. attorney.
In a press release, T. Glenn Latham, Alabama Credit Union administrator, said Key, a partner and founding owner of Birmingham-based Key, Greer, Frawley, Key & Harrison, was picked for the job based on industry experience.
The state's July 31 takeover of Mutual of Birmingham figures in a politically-charged court challenge brought by its former CEO, Dale Dalbey and members of the board ousted by Latham on grounds the CU had been poorly run with "misrepresented" loan data provided by CU managers. A Shelby County Circuit judge is slated to hear the Dalbey challenge Oct. 26 in Columbiana.
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Dalbey, who has denied the Latham claims, is a former chairman of the Alabama Credit Union League and ex-treasurer of the newly-minted League of Southeastern Credit Union Leagues made up of the Florida and Alabama leagues.
The new CEO, Key has a track record working with CUs in various roles for more than 35 years. He began his career in the finance industry and later earned his law degree from Birmingham School of Law.
"It's an honor for me to have the opportunity to contribute to the success of Mutual Savings Credit Union," Key said in a statement. "I am excited about creating a dynamic workplace where the strategic vision of serving members is greatly expanded. I look forward to this new chapter in my career."
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