Mutual Savings Credit Union, a $180 million institution based in Pelham, Ala., has named Kendall Speed as its new president and CEO, effective January 1, 2017.
Speed, who has been with Mutual Savings CU for more than 15 years, previously served as chief financial officer and executive vice president, and holds a bachelor's degree in accounting from Auburn University.
Douglas Key, the credit union's former chief executive, is set to remain with Mutual Savings as senior vice president of strategic planning after seven years at the helm of the credit union.
"I have no doubt that Kendall will do a great job in his position," Key stated.
Sarah Korta, marketing and communications specialist, explained that Key will be staying on at the credit union for an "undetermined amount of time" in order to be available as a resource for the incoming CEO should the new chief request it.
Key, an attorney and founding owner of the Alabama-based legal firm of Key, Greer, Frawley, Key & Harrison, became CEO of Mutual Savings CU in 2009 after the Alabama Credit Union Administration placed it into conservatorship in July of that year. ACUA explained that it sought to address "internal management issues [at Mutual Savings CU] and to bring resolution to these problems."
The regulator removed the former CEO and the board.
At that time, ACUA administrator T. Glenn Latham said Key had a "wealth of experience in this industry and will have a positive impact [on] the credit union. Douglas, along with the help of seasoned staff, will work to lead the credit union back to a healthy and growing state."
In 2009, Mutual Savings CU posted a net loss of about $5.8 million. The following year, the credit union swung to a net income of $724,068. The credit union was released from conservatorship in 2010.
