Troubled Mutual Savings CU Closes Two Branches
BIRMINGHAM, Ala. – Mutual Savings CU, under regulatory conservatorship since last August, has shuttered two branches and laid off nine employees as part of its cost-cutting.
The one-time $195 million credit union reported net income of $322,000 for the first quarter of 2010, after a $5.8 million loss for 2009. Net worth at the end of the first quarter was just 3%.
The now $184 million credit union is ending several corporate sponsorships as part of its plan to reduce spending by $1.5 million a year.