The Alabama Credit Union Administration has released $589 million-asset Alabama One Credit Union from conservatorship.
ACUA operated the Tuscaloosa-based credit union for nearly 18 months, “restoring the credit union to profitability and remediating deficiencies” that led to conservatorship, the regulator said in a statement.
Last year, Alabama One CU posted a net income of $70,861, according to its latest call report, after incurring a net loss of more than $8 million in the prior year.
“Alabama One’s management team and employees led by William Wells, chief executive officer, worked tirelessly to restore sound operations to safeguard Alabama One’s members’ hard-earned money,” said Sarah H. Moore, administrator and chairman of the board of ACUA.
Moore further said that the new leadership of Alabama One “transformed the credit union into a great place to work and to do business.”
With conservatorship at an end, relations between the credit union and its state regulator may also be on the mend. Prior to being
