CLEVELAND — Local newscasts that reported Alex Spirikaitis– former CEO of the liquidated Taupa Lithuanian Credit Union – was holed upin his suburban home after federal authorities tried to arrest himon fraud charges did not trigger a run on the Cleveland creditunion Wednesday.

An armed security guard stood behind a glass door of the creditunion office housed in a non-descript brick building on Cleveland'seast side.

The security guard told a reporter from Credit UnionTimes that the credit union has been closed, and that he hasbeen handing out single-page informational leaflets to members. Hewould not say how many, if any, credit union members came to thebranch since the standoff was reported by local Clevelandmedia.

The leaflet explains the NCUA was appointed as the liquidatingagency and that checks will be mailed to members as soon aspossible.

While now liquidated, the credit union's website still said thebranch is open Thursday through Saturday and that a branch at OurLady of Perpetual Help Church is open from 11 a.m. to noon onSunday.

Chartered in 1984, Taupa Lithuanian CU has 1,154 members and$23.6 million in assets, according to NCUA.

Local Cleveland news outlets reported Alex Spirikaitis had beenin a standoff with police since 8 p.m. Tuesday. Later Wednesdaymorning, however, the Cleveland news media also reported that apolice standoff overnight at Spirikaitis' home was in vain, becausethe FBI discovered the home was empty.

FBI Special Agent Vicki Andersontold the Cleveland Plain-Dealer it's unclear ifSpirikaitis, who has a warrant for his arrest for fraud that led tothe $23 million credit union's failure, was ever at his home insuburban Solon.

The standoff began after police attempted to arrest Spirikaitison Tuesday night. Anderson said a person at the home told police hewas there but would not surrender.

Authorities are now searching for Spirikaitis and a reward isbeing offered for information that will help lead to hisarrest.

“We will continue the investigation and hope he decides to turnhimself in and make it a lot easier on everyone,” Anderson told thePlain Dealer.

The Ohio Department of Financial Institutions made the decisionto liquidate the credit union after determining it was insolventand had no prospect for restoring viable operations.

The DFI named the NCUA liquidating agent and federal officialsseized the credit union Friday.

Fraud was suspected after a review of the 1,154-member creditunion's financial performance reports showed a seemingly healthycredit union with 10.31% net worth, 0.78% delinquencies and nocharge offs as of March 31.

However, cost of funds was reported to be 0.87%, much higherthan the peer average of 0.36%.

The failedcredit union's website revealed it was not paying aboveaverage dividends to members, and liquidity was not an issue,indicating the credit union did not have outstanding borrowingsthat were driving up cost of funds.

The credit union reported a considerable amount of cash on itsbooks, more than $15 million as of March 31, with just $729,595 ininvestments. Total loans were $7.4 million during that period.