NORWOOD, Mass. – A middle school vice principal who has run Norwood School Employees CU has resigned his school post while NCUA investigates the tiny credit union’s books.
Stephen Shinnick, treasurer of the school credit union, resigned his job, effective Dec. 20, and has been put on leave without absence until then, school officials were told Tuesday night.
NCUA examiners were at the credit union Monday as part of an investigation into Shinnick’s action running the credit union, which has seen its assets more than halved over the past three years to just $351,000. The local police department is also involved with the investigation.
The credit union’s 400 members, including about 250 school employees, were notified of the investigation by letter last week.
