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News Now

CU System
Alabama regulator hires CEO for Mutual Savings CU
BIRMINGHAM, Ala. (10/15/09)--The Alabama Credit Union Administration (ACUA) has announced a new CEO for Mutual Savings CU, a Birmingham-based credit union that was placed into conservatorship in July after several loan losses. Douglas Key, the founding owner of law firm of Key Greer Frawley Key & Harrison, plans to transition out of his law practice and assume the CEO responsibilities of the credit union (Birmingham Business Journal Oct. 14 ). Glenn Latham, administrator of ACUA, said Douglas and a seasoned staff will work to lead the credit union back to a healthy and growing state (The Birmingham News Oct. 13). Key has worked with credit unions in various roles for more than 35 years, said Latham. State regulators seized control of the $193 million asset credit union on July 31, saying its former leaders misrepresented the credit union's financial condition in regulatory filings. Former CEO Dale Dalbey and several board members ousted during the conservatorship action are seeking an injunction against the takeover in Shelby County Circuit Court. A hearing on the issue is set for Oct. 26.


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