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Former CU CEO Arrested, Charged With Embezzlement

Bernie D. Metz, the former CEO of a now failed federal credit union, has been arrested and charged with embezzling money from the institution.

By David Morrison | Updated on July 21, 2009

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.

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