Friday, August 28, 2015

The State of Alabama Seizes Alabama One Credit Union

Alabama's sixth-largest credit union is now under the control of the state.

The Alabama Credit Union Administration board voted on Thursday to take over Alabama One Credit Union and its $600 million in assets due to financial mismanagement and a number of improprieties involving several key executives and officers.

As part of the conservatorship, the CEO of Alabama One, John Dee Carruth, was dismissed.

The takeover was announced one day after Alabama One expanded its lawsuit against several top state officials to include Gov. Robert Bentley alleging that state officials conspired against the credit union.

Read more.

Conservatorship Order.
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