State Takes Over Alabama One Credit Union

Alabama One Credit Union has been taken over by state regulators, following a tumultuous period for the credit union, which is one of the largest in the state.

The Alabama Credit Union Administration said credit union officers and employees had exhibited “persistent patterns and practices” of allowing insiders to have loans on preferential terms and conditions, falsified loan information for insider auto loans and other items of value in exchange for making loans to other businesses.

Read more from the Birmingham Business Journal here.