A FBI investigation has been launched at the $232 million Pantex Federal Credit Union in Borger, Texas, according to law enforcement and credit union officials.
In a move tied to the investigation, one employee was recently dismissed, the credit union said.
The discharged employee's name was not released.
No arrests have been made and no charges have been filed, according to law enforcement officials.
A spokesperson with the Borger Police Department said the credit union contacted local police last month to investigate allegations of possible fraud that could have spanned numerous years.
The case was recently turned over to the FBI, the police department said.
Since the investigation is ongoing, details are being kept quiet for now, according a spokesperson with the FBI's Dallas Division.
Although details are sketchy, the credit union's leaders have already gone into damage control mode.
Pantex FCU President Cliff Murley confirmed to local press and CU Times that an investigation is underway at the institution.
The amount of the alleged misappropriation has not been released.
Murley told CU Times no member accounts were affected.
After discovering the possible crime, the cooperative took a proactive approach by sending letters to members and issuing a statement to local papers.
"Being part of such a close community, Pantex Federal Credit Union understands how quickly information can spread around. As always, we want to be as open as we can with our valued members. We acknowledge that there is an investigation currently pending as to a possible misappropriation of funds at our credit union. A long time employee has been terminated from the credit union."
The statement also said, "Our bond insurance is fully expected to cover any funds that are deemed to be misappropriated. So there will be no financial impact to our organization. We regret having to make this announcement, but we would rather you hear it from our credit union team as opposed to hearing it on the street."
The 16,000-member Pantex FCU is the largest credit union in the Texas Panhandle, according to its website.
When asked whether Pantex has a fraud policy in place that deals with how to handle accusations of employee dishonesty and investigations into internal fraud, Murley said, "Our credit union has an employee handbook which contains a code of ethics statement and a separate employee fraud section. Employees are required to sign to acknowledge."
Murley declined to give any other details about the current case, citing the pending investigation.
To deter employee dishonesty, embezzlement and other forms of internal fraud, NCUA encouraged all credit unions to a implement a fraud policy that includes a written statement, which all employees should read and sign each year.
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