BIRMINGHAM, Ala. (4/22/14)--Alabama Gov. Robert Bentley named former banker Sarah Moore to replace former Alabama Credit Union Administrator Larry Morgan, the League of Southeastern Credit Unions (LSCU) confirmed Monday.
"The league worked with the Alabama governor's office following Larry Morgan's resignation," Patrick La Pine, LSCU president/CEO, told News Now. "We met with the governor's office and provided a couple of names of potential candidates. Sarah Moore's appointment was a surprise to us.
"However, we reached out to her right away and have a meeting [today] to learn more about her goals as she transitions into her administrator role," La Pine said, adding, "We will also work quickly to put her in front of Alabama credit unions to begin building a relationship with her."
Moore previously served as executive vice president and chief financial officer of the Colonial BancGroup, based in Montgomery, Ala., which was seized by federal regulators in 2009. The Federal Deposit Insurance Corp. approved the sale of Colonial's $20 billion in deposits and about $22 billion of its assets to BB&T Corp (Associated Press Aug. 14, 2009).
Colonial was a major lender to developers in Florida and Nevada and was hit hard by the collapse of the real estate market in those states. The bank ran into problems after it was revealed that it had bought $1 billion in mortgages from Taylor, Bean & Whitaker that Taylor Bean did not own.
Moore most recently served as managing director at The Renaissance Companies Inc., according to her LinkedIn profile.