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Alabama’s top credit union regulator said he will lift the year-old conservatorship of the $184 million Mutual Savings Credit Union now that the Birmingham CU has restored profitability and fixed its balance sheet.

In a statement, Glenn T. Latham, the state’s CU administrator, said Mutual had posted a $322,000 profit in the first quarter. The regulator had seized the CU last July on allegations that it mismanaged its loan portfolio and was overextended. The CU’s former leaders later challenged the allegations in county court.

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