Mark Patchak, president/CEO of the $28.6 million Oshkosh Central Credit Union, was one of two employees suspended while the state investigates what it calls "substantial irregularities" at the Wisconsin credit union.
Catherine Tierney, president/CEO of the $2 billion Community First Credit Union in Appleton, Wis., which is temporarily managing Oshkosh Central CU's daily operations, confirmed Patchak is under suspension.
During a routine examination, auditors of Wisconsin's Department of Financial Institutions allegedly found the irregularities involving a substantial amount of money at Oshkosh Central CU, according to George Althoff, DFI's spokesperson in Madison.
Subsequently, Oshkosh Central's board of directors suspended Patchak and another unidentified employee in May.
Under a management agreement between the two credit unions, the Wisconsin DFI and NCUA asked Community First CU to oversee Oshkosh Central CU's daily operations during the ongoing investigation.
Patchak earned nearly $130,000, according to Oshkosh Central CU's IRS 990 Form for 2012. In the same year, the credit union posted a net loss of $327,000, NCUA financial performance reports show.
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