Mutual Savings Credit Union was placed into conservatorship last Friday by the Alabama Credit Union Administration.
Mutual Savings is the second credit union in Birmingham to be seized this month. New Hope Community Development Credit Union was placed into conservatorship by the NCUA two weeks ago.
Mutual Savings charged off $875,191 in loans December 2008; $344,608 in March 2009 and $859,542 in June 2009.
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The credit union has 41,700 members and $192 million in assets. The Alabama Credit Union Administration relieved the CEO, the Board of Directors and the Supervisory Commitee from their duties. All other senior management staff members are still in place at the credit union.
The Alabama Credit Union Administration was no immediately available for comment.
Patrick LaPine, president/CEO of the newly formed League of Southeastern Credit Unions, said that they were surprised when they received the notification that Mutual Savings would be seized.
"This is the second credit union in Birmingham, but I think these are two completely different situations. This one we're still trying to absorb and figure out what happened."
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