Sunday, March 1, 2015

More on Troubled Centra Health Credit Union

An unsealed search warrant describes a potential theft of approximately $1.7 million from the $10.4 million Centra Health Credit Union located in Lynchburg, Virginia.

In January, I reported that the credit union's board placed three employees on administrative leave.

As a result of the potential theft, the credit union's net worth fell from $1.7 million at the end of the third quarter to $327 thousand as of the end of 2014. Its net worth ratio as of December 2014 was 3.13 percent, making the credit union significantly undercapitalized.

The credit union's financial performance report shows that it went from a profit of $51 thousand as of September 2014 to a loss of $1.35 million at the end of 2014.

Read the search warrant.

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