The conserved, $579 million Alabama One Credit Union in Tuscaloosa said it hired a new chief lending officer, Jason Halperin, and a new controller, Shelby Grantham, March 4.
Halperin joined Alabama One in January and previously served as chief marketing and lending officer at the $1 billion Georgia United Credit Union in Duluth, Ga., from 2004 to 2013.
After leaving Georgia United, he worked for 10 months as a principal and consultant for RTW Financial Consulting LLC, then served as general manager for Utilicom Supply Associates from December 2013 to December 2015.
Shelby also joined Alabama One in January. Her previous experience included serving as a senior vice president and controller for Capstone Bank in Tuscaloosa for nearly five years and as an assistant controller for Global Security Glazing in Selma, Ala.
Shelby also served as an interim CFO for Lafayette State Bank in Mayo, Fla., and worked for SunSouth Bank in Dothan, Ala., as a loan administration manager.
Though Alabama One posted a net loss of $8 million in 2015 and $7.8 million in 2014, according to NCUA financial performance reports, the credit union maintained a net worth of 9.25% at the end of 2015, which is below the peer average of 10.98%.
Nevertheless, Alabama One also posted an ROAA of -1.36% last year, below the peer average of 0.76%, while its total loan revenue plunged by more than 10% in 2015, according to NCUA financial performance reports. The credit union's peer average loan growth was more than 11% last year.
Alabama One's loan quality index for 2015 was 3.03%, compared with the peer average of 1.13%. In 2014, the credit union loan quality index was 3.58%.
In August 2015, the Alabama Credit Union Administration, the state's regulator, placed the credit union into conservatorship after determining credit union officers and employees approved insiders' loans on preferential terms and conditions, falsified loan information for insider auto loans and accepted things of value in exchange for making loans, among other allegations.
The state regulator and the NCUA also issued a cease and desist order to replace the CEO, COO and chief lending officer in April.
Since the storm of controversies surrounding Alabama One began more than two years ago, there have been numerous lawsuits filed by members, employees, state regulators and others claiming fraud, a hostile workplace environment, compliance and state law violations, conspiracy, breaches of fiduciary duties and the waste of corporate assets.
William C. Wells is listed as the president/CEO of Alabama One. John Dee Carruth, the former president/CEO for Alabama One, filed a formal appeal in September 2015 against the state regulator and its administrator, Sarah Moore, pressing them to show cause as to why the ACUA should not relinquish control of the credit union and its assets.
The state regulator answered Carruth's lawsuit contending that documents can overwhelmingly demonstrate why the cooperative was conserved.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
