JACKSON, Miss. — The National Credit Union Administration has sharply reduced the cost of providing around-the-clock security at the former Jackson Area Federal Credit Union CEO’s residence, cutting the expense from $3,600 per day to $600 after moving valuable items from the property and receiving approval from its insurer.
The NCUA Board, acting as conservator of Jackson Area Federal Credit Union, disclosed the change in a Sept. 3 filing in U.S. District Court for the Southern District of Mississippi. The filing supplements the agency’s pending request that a federal judge impose a trusteeship on real estate owned by former JAFCU CEO Leigh Bridges and her husband, Chad Bridges.
As the CU Daily has previously reported, NCUA previously told the court that Jackson Area FCU had incurred $225,652.50 in security costs as of Aug. 20 to protect the vacant Sleepy Hollow residence in Jackson. At the time, armed security was costing $150 per hour, or $3,600 per day. NCUA has recently told the court it has strong evidence the home was purchases with misappropriated funds. As the CU Daily reported here, the home was featured in a local magazine.
Cost Cut by More Than $3,000 Per Day
In the new filing, the NCUA said highly valuable jewelry, handbags and other items that had required protection at the Sleepy Hollow residence have since been relocated.
After obtaining approval from its insurer, the agency said it hired a new security company to provide unarmed security at a cost of $25 per hour, or $600 per day. That reduces the daily expense by $3,000, or approximately 83%, NCUA said.
NCUA further said the new security contract requires it to use the company for at least one month, through Oct. 3.
“While the new security service substantially reduces the cost of security to the NCUAB, the unnecessary cost to the NCUAB remains meaningful,” the agency told the court.
At $600 per day, a full 30 days of the new security arrangement would cost approximately $18,000.
NCUA Still Seeking Control of Properties
The latest filing does not withdraw or otherwise change the NCUA’s request for a trusteeship over real estate owned by the Bridges. Instead, the agency said it was notifying the court of the lower security costs because they are relevant to its pending motion.
As The CU Daily previously reported, the NCUA is asking the court to place properties owned by former CEO Leigh Bridges and her husband, Chad Bridges, under court control, arguing that continuing security, maintenance and other expenses are reducing assets that potentially could be recovered for Jackson Area FCU.
The properties identified in the earlier filing include the Sleepy Hollow residence in Jackson, property in Hazlehurst, Miss., and condominiums in Jackson and Orange Beach, Ala.
The NCUA previously said the Sleepy Hollow home required around-the-clock security partly because of insurance requirements and valuable personal property remaining inside. Many luxury items had already been moved to a secure location, although a Steinway piano remained at the residence when the earlier motion was filed.
Part of $95M Alleged Embezzlement Case
The property dispute is part of the NCUA’s civil lawsuit against Leigh Bridges, Chad Bridges and former JAFCU employee Tina Funez.
The NCUA has alleged Jackson Area FCU suffered a deficit of at least $95 million and that at least $26.8 million in credit union funds passed through accounts belonging to Leigh and Chad Bridges between 2019 and 2026 and were misappropriated.
The agency also previously told the court that its forensic auditor attributed $73.3 million in JAFCU losses to alleged misappropriation by Leigh Bridges.
The allegations have not been proven in the civil case.
The NCUA took Jackson Area Federal Credit Union into conservatorship earlier this year and is operating the credit union while seeking to recover assets allegedly obtained with misappropriated funds.
The latest filing was signed by NCUA attorney Alysson Mills and submitted Sept. 3 to U.S. District Judge Daniel P. Jordan III.
