Concerns about the financial viability of Oshkosh Central Credit Union and the revelation that more than $1.7 million was missing from its vault prompted Wisconsin regulators to approve a July 30 merger of the Oshkosh-based, $28.2 million credit union into the $2 billion Community First Credit Union in Appleton, Wis.
Pending final approval from the NCUA, the merger is expected to take effect Sept. 1.
In early May, the Wisconsin Department of Financial Institutions said it was investigating alleged substantial irregularities at the 3,432-member Oshkosh Central, which prompted the suspension of its longtime president/CEO Mark Patchak and bookkeeper Melisa Beyer.
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