Mutual Savings Credit Union placed into conservatorship

Published 5:11 pm Thursday, August 6, 2009

The Alabama Credit Union Administration has placed the Shelby County-based Mutual Savings Credit Union into conservatorship.

MSCU’s CEO, board of directors and supervisory committee were relieved of their duties effective July 31.

T. Glenn Latham, the administrator for ACUA, said nothing would change for members.

“This won’t affect the members at all,” he said. “There will be no change for the members at this time. This is just a change in the management.”

Tom Tatum has been named interim CEO and will oversee day-to-day operations in conjunction with the Alabama Credit Union Administration.

Latham declined to discuss the reasons for the change in management.

MSCU has total assets of more than $192 million. MSCU branches will continue service as usual, and members are free to access funds and make payments.

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

MSCU has branches in Calera and Pelham.

For more information, call the Alabama Credit Union Administration at (334) 271-2381.