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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.

In a brief statement issued last week, Dale Dalbey, the Mutual president who was ousted last July from the Birmingham CU along with seven directors by Administrator T. Glenn Latham over charges of mismanagement, have agreed to settlement terms calling for Dalbey and the board to be “reinvited” to their former jobs once the conservatorship is lifted.

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