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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