The once-failed $172 million Mutual Savings Credit Union of Birmingham, Ala., is again sharing its turnaround story, using its annual meeting this week to tout income gains and what its CEO called "a grit your teeth performance."
"We're not out of the woods yet on some bad loans but I am so pleased that we have come this far," declared Douglas Key, who was brought in as president after NCUA and Alabama regulators seized Mutual in a July 2009 conservatorship.
Under the helm of Key, a Birmingham lawyer who had been outside counsel, the CU which lost $5.9 million in 2009 emerged from the conservatorship a mere 10 months after it was taken over. It turned a $724,000 profit last year and made $197,000 in the first quarter this year, Key said.
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