Mutual Savings Credit Union, Shelby County, Alabama

Mutual Savings Credit Union, a Shelby County financial institution with 41,700 members and $192 million in assets, was placed into conservatorship by the Alabama Credit Union Administration on Friday.

The Alabama Credit Union Administration seized the credit union’s operations and relieved the CEO and board of directors of their duties.

Tom Tatum will now oversee the credit union’s day-to-day operations along with ACUA: “Their goal is to continue credit union services to the members and ensure safe and sound operations with expert management in place,” according to a written statement. “The ACUA expects to resolve the situation and return control of the credit union to the credit union membership.”

Members’ accounts of up to $250,000 are insured by the National Credit Union Share Insurance Fund.

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