June 28, 2016

Partly sunny

City of Elyria gets huge unclaimed funds payout

ELYRIA — City officials will receive a multi-million dollar check in the coming days as it has learned it is the recipient of the largest unclaimed fund in state history.

Mayor Holly Brinda confirmed Friday the city will receive more than $3.4 million through the state Department of Commerce’s Unclaimed Funds Department. The money has been owed to the city for more than 10 years from life insurance policies the city purchased through Anthem during the time of former Mayor Michael Keys.

Brinda said apparently when the Anthem converted from a mutual insurance company in 2001 to a stock insurance company eligible policy holders — including Elyria – received a fixed number of shares in the new company. However, cities cannot buy or own stock so the cash value was supposed to be forwarded to the city.

Brinda, who is understandably excited about the windfall, said until a few weeks ago no one knew this money existed or that Elyria was owed so much.

A decision on how the money will be spent has not been made.

Contact Lisa Roberson at 329-7121 or lroberson@chroniclet.com.

About Lisa Roberson

Lisa Roberson has been with the Chronicle since 2006, and covers Elyria city government and public education. She can be reached at 329-7121 or LRoberson@chroniclet.com. Follow her on Twitter.