An investigation is under way at the $3.3 million G H Woodworkers Federal Credit Union in Aberdeen, Wash., after "several unusual events" occurred last year that prompted the board to place its president/CEO on administrative leave and merge the cooperative.
Penny S. Sudderth, who was appointed interim president/CEO of GHW FCU in March, confirmed Tuesday that an internal investigation was under way by its insurance company. She declined to give additional details about the investigation and did not know when it would be completed.
"There is an investigation under way by our bonding company, CUMIS," Sudderth said. "I can't tell you anything because I don't know."
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