The $172 million Mutual Savings Credit Union of Birmingham, Ala., conserved two years ago, shared its turnaround during its annual meeting.
CEO Douglas Key called the CU's 2010 income gains an example of a "grit-your-teeth performance" after the state and the NCUA seized the CU in July 2009 following a series of commercial loans that went bad.
The CU, which lost $5.9 million in 2009, emerged from the conservatorship 10 months later. It turned a $724,000 profit last year and made $197,000 in the first quarter of 2011, said Key.
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