NEW CASTLE, Penn. – The board of Lawrence County Schools Employees’ CU last week voted to limit the amount of money members may withdraw after the $5 million credit union reported a $3.4 million fourth quarter loss.
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The board resolution allows members to remove up to $5,000 in a week. Withdrawals exceeding $5,000 require members to provide notice 10 business days in advance.
Authorities are investigating the massive loss as the U.S. Department of Treasury’s financial crimes unit has been alerted to the credit union’s troubles after auditors discovered irregularities with credit union accounting in late September.
First Choice FCU, located in nearby Union Township, is providing management assistance.
