Mutual Savings Credit Union

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Mutual Savings Credit Union is a credit union based in Hoover which dates to 1936, when it was created as the credit union for Tennessee Coal Iron and Rail Company, now known as U. S. Steel.

On July 31, 2009, the Alabama Credit Union Administration took over operations of the institution. Then-CEO Dale Dalbey was replaced by Doug Key that October. Dabley and the former board of directors sued to get their positions back, but settled out of court.

The state initially estimated it would take Key 18 months to recover from a $5 million dollar loss that was suffered. However, Key's team was able to complete the job in 12 months, with the state agency relinquishing control and naming a new board of directors effective July 31, 2010. Key and his staff reduced expenses by more than $1.5 million through moves that included closing two branches and eliminating nine positions through attrition and layoffs.

For 2010, Key and his staff recorded a $700,000 profit. The turnaround was recognized be several credit union and financial trade publications. MSCU is planning for the future, and is looking at opening new branches.

Branches

References

  • Williams, Roy L. (July 14, 2010) "Mutual Savings Credit Union will be released from conservatorship July 31." Birmingham News
  • Williams, Roy L. (May 6, 2011) "Mutual Savings is back from the brink: New CEO, board bring credit union to profitability." Birmingham News

External links