An actuation device employing square-loop latchable magnetic material (14, 16) having a magnetization direction (polarization) capable of being changed in response to exposure to an external magnetic field is disclosed. The magnetic field is created by a conductor assembly with non-solenoid configuration. Once the magnetization direction of the material is so changed, the external magnetic field is no longer required to maintain the new magnetization direction. The latchable magnetic material (14) is disposed on the mobile electrode (20) of a switching device, and another magnetic material (16) is disposed in spaced relation to the latchable magnetic material on a stationary electrode or surface (28). By applying an electrical current to a conductor assembly arranged proximate the latchable material, a magnetic field is created about the latchable magnetic material, to change the magnetization direction and thereby enable the attraction or repulsion of another magnetic material located on the stationary electrode. The resulting relative displacement of the mobile (20) and stationary (18) electrodes effects the selective connection or disconnection of electrical contacts carried on or associated with the respective electrodes of the actuation device without requiring additional power in order to maintain the switched state of the electrodes.