IBJNews

Estate of Financial Center's former CEO seeks death benefit

Back to TopCommentsE-mailPrintBookmark and Share

The widow of former Financial Center CEO Roger Youngs alleges in a lawsuit that the Indianapolis credit union owes his estate $936,162, per his retirement agreement.

Mary Ellen Youngs of Fishers filed the complaint in Marion Superior Court in late April. This month, Financial Center had the complaint transferred to U.S. District Court.

Roger Youngs died in November 2011 at age 64, following a fight with cancer.

He resigned as president and CEO in 2009, but Youngs alleges her husband remained an employee of what’s now the city’s fifth-largest credit union.

According to Youngs, her husband was to receive payments equal to his current salary for 24 months following his resignation. Her complaint alleges that if he terminated his employment due to disability before that period ended that he was owed a payout, with the amount determined through a predetermined formula.

Youngs was declared disabled in February 2011, before his two years of post-executive employment period was completed, Youngs says. 

Last November, attorneys for Financial Center denied Youngs’ claim, saying they disagreed that her husband remained an employee of the credit union after he stepped down from the role as CEO. Thus he forfeited the benefit to which he would have been entitled upon disability.

The credit union’s attorneys at Krieg DeVault also countered that the former CEO was paid 24 months of severance pay, although the amount is not specified.

“Although we have yet to respond to the lawsuit, we will be denying the allegations in the complaint and vigorously defending the lawsuit,” said Annette Roy, Financial Center’s vice president of membership development.

Roger Youngs was born in Seneca Falls, N.Y., and was a graduate of St. Bonaventure University. A U.S. Army veteran, he worked at credit unions including Power Federal Credit Union in Syracuse, N.Y.  He moved to Indianapolis in 1998. The Youngs have three sons.

Financial Center, still known to many as Finance Center, was formed in 1953 to serve personnel at the former Fort Benjamin Harrison, which now houses a colossal finance center for the U.S. military.

In April, Financial Center merged with $64.5 million-asset Horizon One Federal Credit Union (originally Chevy Credit Union), which had served the now-closed General Motors metal stamping plant west of downtown.

The merger boosted Financial Center to about $500 million in assets and a total 57,000 members.  It had 2012 net income of $2.1 million.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Yes sir keep cashing those 300K a year checks direct to IMS, while millions disappear from the teams like Rahal's. Guess there wasn't enough ka- ching going around to keep Sarah Fisher in business without their "merger". LOL._____.Meanwhile back in Realville the series with the "best racing in the world" drew what appeared to be about 5000 live spectators ( and probably 1500 of those Target "freebies", and was beaten in the ratings by a series that reportedly consists of "parades" and aired while most people are still sleeping. That will generate those big ka-chings for sure. :-). But, hey, as long as the Speedway gets the cash who gives a damn about the teams?

  2. Welcome to PETERSON LOAN AGENCY Company (A Personalized Service for All Your Financial Needs) We, Liberal Investment Company Providers offers loan at a very low interest rate of 2%, we offer Personal loans, Debt Consolidation Loan, Venture Capital, Business Loan, Educational Loan, Home Loan, and Loan for any reason and urgent needs!. with a maximum duration of 30 years. Have you been turned down by your bank? Do you have bad credit? Do you have unpaid bills? Are you in debt? Do you need to set up a business? Worry no more as we are here to offer you a low interest loan. Our loan ranges from $5,000-USD (Five Thousand US dollars) to $50, 000,000.00.(Fifty Million US dollars). We also lend in USA DOLLARS EURO and POUNDS ! Fill in this form and forward it to our email: PETERSONLOANAGENCY@GMAIL.COM 1. Your Full names:_______ 2. Contact address:_______ 3. Country Of Residence:______ 4. Loan Amount Required:________ 5. Duration:_____ 6. Gender:_____ 7. Occupation:________ 8. Monthly Income:_______ 9. Date Of Birth:________ 10.Telephone Number:________ 11. Purpose of loan:_________ Yours In Service, MR PERRY, PETERSONLOANAGENCY@GMAIL.COM

  3. If I could actually get the prices...I would do this on my own. We need laws that force provides to publish the costs they will charge. Everyone else gives you the price in advance...except hospitals.

  4. I was under the impression that fencing is not allowed on a front yard and that on a corner, both sides are considered "front" yards, therefore can't be fenced without a variance. Also impedes the visibility for drivers at the intersection. Am I understanding this correctly? Might be why a fence was not included in the plans and a request for a variance will have to be made?.

  5. I was a big fan of Cowards and Carrots, which I got a chance to see at the show. It's currently on Kickstarter, but the designer also put out What's He Building in There last year, which got a fair amount of buzz.

ADVERTISEMENT