Obelisk Federal Credit Union
January 21, 2008 – 9:53 amObelisk Federal Credit Union was placed into conservatorship today. Unlike most banks Obelisk Federal credit Union’s problems stem from the credit crunch. But from insider criminality banks head teller Patricia Sherman.
As a direct result of SHERMAN’ s embezzlement, the NCUA placed the credit union into conservatorship. After evaluating the viability of the credit union, the NCUA determined that the credit union would have to be liquidated unless another credit union could be found to merge with it. In July 2007, Obelisk merged with another credit union.
The theft eliminated all of the credit union’s net worth, forcing NCUA to take the credit union under conservatorship.
