TUSCALOOSA, Ala.–Alabama One Credit Union, which has been operating under state conservatorship and which has been involved in high-profile litigation here, has named William "Bill" C. Wells II as its CEO.
For the past eight months, Wells has worked at Alabama One as an agent for the state conservator managing the Tuscaloosa-based credit union's day-to-day operations, according to the Tuscaloosa News.
The Alabama Credit Union Administration put Alabama One into conservatorship last year and dismissed its CEO, board of directors and other officers. The conservatorship still remains in effect.
In the meantime, the ACUA had already taken steps to rebuild the management team. In March it said that Jason Halperin had been named chief lending officer, while Shelby Grantham had been named controller. Halperin was previously with Georgia United Credit Union in Duluth, Ga.
The ACUA seized Alabama One in 2015 following financial losses and controversy surrounding a lending deal that went sour. That led to lawsuits by the former CEO and some members of the board against the ACUA and even the governor of Alabama. Details can be found here.
Wells has worked for more than 35 years in the financial services industry, including 15 years as a financial regulator. He also has served as a chief risk officer in three large, publicly traded Southeastern financial institutions with multi-billion dollars in assets, the Tuscaloosa News reported.
In 2011, Wells helped start a technology and consulting firm that provides database management and reporting to its clients, according to the Tuscaloosa News.
“I am very excited to be a permanent member of the Alabama One team," Wells said in a released statement. "The team members have made tremendous progress in the last eight months turning this institution in the right direction. I am very proud of their strong commitment to the members that Alabama One serves, their dedication to the area they work in and to each other, their can-do attitude and willingness to accept change, and above all – their smiles.”
The $580-million Alabama One has 60,000 members.