The $184 million Mutual Savings Credit Union of Birmingham has emerged from state conservatorship by restoring profitability and fixing its balance sheet, according to the Alabama regulator Glenn T. Latham.
In lifting the conservator order, Latham said the CU, which was seized last July and later placed under a new management and board, had fixed its financial problems helping ensure a brighter future.
Mutual had been taken over by Latham's office on grounds the CU had mismanaged its loan portfolio and exceeded expenses, points challenged in a state court and later part of a settlement with directors and the former CEO Dale Dalbey.
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