An embezzlement investigation is under way at the $5.7 million Ohio County Public School Federal Credit Union in Wheeling, W. Va., the cooperative's board chair confirmed Monday.
"The investigation is still ongoing," Mary Jo Conaway, board chair for Ohio County Public School FCU, told CU Times Monday. "We are just taking it day by day waiting for them to tell us when they will finish [audits] and we'll go from there."
Conaway confirmed an investigation was launched after a staff employee uncovered discrepancies.
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At this time, it is unknown how much money was allegedly stolen or who may have been involved in the alleged embezzlement.
"As soon as the investigation is over, we'll proceed from there," Conaway said.
She noted all member accounts are safe and have not been affected by the embezzlement investigation.
"We are doing business as usual," she said.
The credit union serves 895 members.
NCUA Public Affairs Specialist John Fairbanks said the federal agency is aware of the investigation but declined to comment further.
Like many small credit unions, Ohio County Public Schools FCU has been struggling financially although it has remained well capitalized over the last five years.
In 2015, the credit union had a net worth of 16.28%, above the peer average of 15.09% while its ROAA was 0.29%, above the peer average of 0.05%. From 2011 to 2014, the credit union's net worth was 15%.
Ohio County Public Schools FCU's loan growth, however, was -0.66% below the peer average of 1.41% last year, according to NCUA financial performance reports.
Total loan revenue declined slightly from $1.6 million in 2011 to $1.5 million in 2015 while loan income fell from $138,548 in 2011 to $121,721 in 2015, according to NCUA financial performance reports.
Despite decreases in loan revenue and income from 2011 to 2015, the credit union showed a five-figure net income gain in every year except in 2013 when it posted a net income loss of $137.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
