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.
Last July. the Alabama CU was embroiled in financial turmoil after the state's chief regulator, Glenn T. Latham, seized the CU ousting the board and its president/CEO, Dale Dalbey, charging the CU had mismanaged its loan portfolio and was overextended. Those claims were denied by the parties.
Following appointment of Key as the state's handpicked CEO, Mutual Savings has been turned around, said Key. He said he and remaining managers have cut expenses and been "diligent about maximizing our earnings." Key forecast Mutual Savings' first-quarter profit will reach about $325,000 following a $5 million loss in 2009.
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