Doug Schwartz, president/CEO of the $147 million Elko Federal Credit Union, was killed in a hit and run incident Wednesday in Elko, Nev., according to the credit union's board chair, Jon Wahrenbrock, and local media outlets.

The 58-year-old Schwartz was struck by a Jeep Cherokee while he was crossing the street to his vehicle at about 8:10 p.m. He was transported to Northeastern Nevada Regional Hospital, where he died, according to the Elko Daily Free Press.

The suspected driver, Daniel Vasu, 28, of Elko, was arrested by police Thursday on a hit and run charge, a felony, according to the newspaper. His bail was posted at $100,000.

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