The Alabama Credit Union Administration took control of the 61,000 member, $598 million Alabama One Credit Union Thursday.
In the order for conservatorship, the regulator said credit union officers and employees had exhibited persistent patterns and practices of allowing insiders to have loans on preferential terms and conditions, falsified loan information for insider auto loans and accepted things of value in exchange for making loans, among other charges.
It also accused officers and employees and counsel to the credit union of misrepresentation, concealment and refusal to submit credit union materials to examiners.
Sources at the credit union said they saw police on the premises after the ACUA delivered the order and reported access to the second floor executive offices has been restricted.
None of the credit union's former executives or employees were immediately available for comment.
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