For the third time in five months, gun-toting masked criminals have invaded the homes of credit union employees, kidnapped them and forced them to rob their own cooperatives.

The latest incident occurred on June 8 in Memphis, Tenn., at 6:20 a.m. when two black males wearing rubber masks, wigs and dark or camouflaged clothing kidnapped an FAA Federal Credit Union employee from her home and forced her to help them rob it, according to FBI investigators in Memphis.

In April, a credit union CEO and his family were kidnapped from their home in a failed attempt to extort cash from the credit union's Oak Ridge, Tenn. And in February, a credit union CFO claimed two men disguised in dark clothing wearing ski masks and goggles, invaded his suburban Connecticut home, strapped a bomb to his chest, and forced him to drive to a credit union branch to steal $1 million.

Recommended For You

The FBI is not saying publicly whether these three alarming incidents in Connecticut and Tennessee were related or just copycat crimes.

Although federal agents continue to investigate these home invasions, kidnappings and robberies, no arrests have been made yet.

However, the Memphis FBI is stepping up its efforts to catch the suspects, announcing on June 17 that it was offering a $10,000 reward for information leading to the arrest and indictment of the persons involved in the FAA FCU robbery case.

The FBI declined to identify the FAA FCU employee or her job title.

"It's not relevant to our investigation and it's not anything we would provide," Joel E. Siskovic, a media coordinator with the Memphis FBI, said. "When we investigate cases we don't reveal any stages of the investigation unless it would be necessary. With that in mind, we haven't caught them and we may release some more information in the hopes to get further assistance from the public.

Before leaving the home, the suspects tied up the employee's sister leaving her there. Using the employee's car, the suspects drove to the FAA FCU branch on 8082 Rockcreek Cove and forced her to let them in the credit union to gain access to cash, FBI investigators reported.

After stealing an undetermined amount of money, the suspects drove off in the employee's car and later abandoned it behind a Kroger Supermarket about 1.6 miles south of the branch.

According the FBI, a red dye pack exploded in the car.

Although only two suspects carried out the kidnapping and robbery, the FBI investigators believe the suspects were communicating with another person or persons. Federal investigators did not describe how the suspects were in communication with the other person or persons.

A phone call seeking comment from R. Todd Vanderpool, president/CEO of the $107 million FAA Federal Credit Union in Memphis was not immediately returned Wednesday.

Credit union robbery Incidents similar to the Memphis case occurred in April when   Mark Ziegler, president/CEO for the $696 million Y-12 Federal Credit Union, and his family were kidnapped in a failed attempt to extort cash from the credit union's Oak Ridge, Tenn. Branch.

According to the Knoxville FBI office, two men and a woman entered Ziegler's home in West Knoxville's Whittington Creek subdivision at about 8:15 a.m. on April 28.

They demanded that Ziegler go to the credit union and get an undetermined amount of money to secure the release of his wife and son.

When Ziegler took longer than the trio anticipated, the kidnappers abandoned the plan, and at 9:25 a.m. released their hostages unharmed in Knoxville's Gettysvue Country Club parking lot and fled the scene without the money.

In February, Matthew Yussman, CFO of the $113 million Achieve Financial Credit Union in Berlin, Conn., claimed that two men disguised in dark clothing wearing ski masks and goggles, invaded his home that he shared with his mother, strapped a bomb to his chest, and forced him to drive to a credit union branch to steal $1 million.

But the home invaders were never found, the bomb turned out to be fake and the credit union's New Britain branch wasn't robbed.

In May, Connecticut's Attorney General turned over the Matthew Yussman case to the FBI.

Court documents obtained by CU Times showed Yussman and his mother, who lives with him, made unusual statements about the two suspects who occupied their home for more than seven hours. They told police investigators that the home invaders were well spoken and polite; brought Yussman's mother cookies, lunch meat and juice; and vacuumed the house before leaving to carry out the robbery.

The suspects also initially requested that Yussman steal $4.2 million from the credit union but then settled for $1 million, according to the search warrant documents.

 

 

 

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Peter Strozniak

Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.