Bernie D. Metz, the former CEO of a now failed federal credit union, has been arrested and charged with embezzling money from the institution. Court documents allege that Metz used the money to buy herself, her husband and her family numerous automobiles and to finance the building of a restaurant.
NCUA liquidated the Center Valley Credit Union in February of this year. According to an affidavit filed in support of the complaint against Metz, NCUA and other investigators believe Metz embezzled almost $9 million from the CU over five years, but the complaint and affidavit only specify transactions amounting to just over $1 million. NCUA reported that the CU had $8 million in deposits and just over 3,100 members at the time of its closing.
According to the complaint, Metz used the money to finance building the Roadworthy Restaurant and Tavern and an associated motel complex along with ten automobiles, including a vintage 1957 Ford Thunderbird, 1962 Volkswagen Beetle and several Mercedes.
"A statement made by Bernie Metz after Center Valley failed attributed her income to an inheritance," the affidavit alleged. "However, the financial investigation has not located any lawful incoming transactions or any other legitimate source of funds in excess of salaries to Metz and her husband."
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