A former president and chief executive officer of Charlotte-based First Legacy Community Credit Union has been indicted for her role in defrauding the credit union of more than $375,000 in the aftermath of the financial crisis.

Saundra Torrence of Charlotte was the CEO and president of the credit union from 1985 to August 2012.

The credit union received $1 million as part of a program from the U.S. Department of Treasury that allowed the government to make investments in financial institutions to provide services to underserved communities, according to the indictment.

The allegations state that Torrence made false entries in the books and records of the credit union, misapplied and stole funds and fraudulently used the identity of at least one third party victim to obtain a loan from the credit union.

Torrence allegedly received more than $110,000 from the misconduct and caused regulatory action against the credit union.

Torrence is charged with 13 counts of theft and embezzlement from a financial institution, 19 counts of making or causing false entries, and one count of fraudulent participation. The charges carry a maximum penalty of a $1 million fine, 30 years in prison or both.

The credit union, originally the School Workers Federal Credit Union, was founded in February 1941 by a group of educators in Charlotte.

It is the largest community development credit union in North Carolina, serving over 7,500 members with assets totaling over $33 million.

Its membership includes anyone who lives, works, worships or attends school in the following counties: Mecklenburg, Cabarrus, Iredell, Rowan, Catawba, Alexander, Davie, Gaston, Lincoln, and Cleveland.

The credit union’s services include checking accounts, regular savings, certificates of deposit, IRAs, new and used auto loans, home equity loans, mortgages, and credit and debit cards.