Mutual Savings Credit Union out of conservatorship July 31
07/13/2010 11:09 pm
Mutual Savings Credit Union of Birmingham was informed Tuesday by the Alabama Credit Union Administration (ACUA) that it would be released from conservatorship July 31. The release from conservatorship comes one year from the date the ACUA took the credit union into conservatorship. ACUA Administrator T. Glenn Latham says he's seen significant improvement from the credit union over the past 12 months. "I am confident that a structure has been created that which will enable MSCU to compete in today's market arena and make a profit."
Six months after the conservatorship, Mutual Savings began to show a profit. The credit union reduced expenses by $1.5 million and closed two branches as well as cut nine positions through attrition and layoffs. Originally it was expected to take Mutual Savings 18 months to pull out of conservatorship.
"Doug Key and the Mutual Savings staff should be commended for not only putting the credit union on solid ground, but also making it profitable," said LSCU President/CEO Patrick La Pine. "Coming out of conservatorship says a lot about the value members see from the services provided by Mutual Savings."