RICHMOND, Va.–The former CEO of a former credit union has been charged with two counts of bank fraud.

Daniel Johnson, who previously led Richmond City Employees FCU, was charged with falsifying loan applications to allegedly take hundreds of thousands of dollars from the credit union for his own personal use. 

In December of 2022 the $8-million Richmond City EFCU was placed into conservatorship by NCUA and merged into Kemba Credit Union in West Chester, Ohio.  Through Q3 of 2022, the credit union had reported a loss of nearly $500,000 with capital at an anemic 2.21%. 

“The NCUA placed Richmond City Employees Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union,” the agency said at the time.