Logan's complaint quoted and focused on the 18-page cease and desist order that the Alabama Credit Union Administration issued against Alabama One on April 2.

The order also quoted the NCUA's regulations regarding the obligations credit union directors have to their members, and alleged dereliction of duties on the parts of the supervisory committee as well as the board. It noted that the supervisory committee had done nothing to reign in the provision of straw loans, even when the ACUA ordered it to do so.

The complaint also asked the court to appoint a receiver for the controversial credit union and remove its current management.

Read more: Alabama One releases a statement in response …

“Defendants' actions have made it impractical to carry on business in accordance with the governing documents and applicable law,” the complaint read. “As a result, plaintiff requests that the court remove the defendants from control of Alabama One and thereafter appoint a receiver to manage the day-to-day activities and manage the business operations of Alabama One.”

Logan (pictured at left) referred calls for comment to his attorney – Burt Guy of the Birmingham, Ala.-based firm Campbell, Guin, Williams, Guy and Gidiere – who promised to distribute a press release Monday.

The credit union challenged Logan's attempt to represent Alabama One's members and asserted that it would abide by the ACUA cease and desist order.

“Alabama One Credit Union has not had the opportunity to fully review the lawsuit filed by Jerry Logan this morning, but its initial review has revealed that Mr. Logan has made mistakes concerning certain basic facts and that his allegations center on claims which have long ago been investigated and debunked,” the credit union said in an email statement. “The credit union intends to vigorously defend itself against Mr. Logan's allegations. Mr. Logan recently ran for election to the credit union's board of directors and was defeated by the membership of the credit union that he now seeks to represent in his lawsuit.”

The statement went on to read, “Mr. Logan's complaint makes reference to an order to cease and desist. Alabama One, however, is in the process of fully complying with the order and anticipates timely completion of each and every obligation, instruction and recommendation from its regulators. Indeed, Alabama One is proud of its over 60 years of service for the people of Alabama and recent significant improvements it has made in operations, added efficiencies and new personnel that will help it grow and thrive in the coming years.”