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STORY COUNTY, Iowa — A former branch manager for the Greater Iowa Credit Union is charged with fraud and felony theft for allegedly stealing hundreds of thousands of dollars.

Thirty-five-year-old Henry Hill worked at the Greater Iowa Credit Union on Airport Road in Ames. Authorities arrested him Monday.

He told police he took money from the credit union’s vault over a period of about seven years. An investigation by the credit union found the vault and associated accounts were short nearly $431,000.

Investigators say Hill came forward and admitted to the crimes last September when he learned a new compliance officer planned to conduct cash counts at all Greater Iowa Credit Union Branches.

Hill is scheduled to appear in court next week.

Greater Iowa Credit Union CEO Scott Zahnle released the following statement Thursday after news of Hill’s arrest:

“The full details of the investigation identified one member account with an incorrect balance besides vault balances. Working directly with our member, the account balance was immediately restored.  We continue to participate in the investigation of the theft with the Ames Police Department and have made every effort to ensure this does not happen in the future.”