A Switzerland County school board member is accused of stealing $48,000 from the bank where she was employed.

Tammy H. Hayes, a Main Source Bank employee, was arrested last Friday on charges of fraud on a financial institution, a Class C felony, and theft, a Class D felony.

Hayes, a 37-year-old loan mortgage originator at Main Source Bank in Vevay, is accused of taking mortgage loan appraisal fees and converting them to cash for personal use. The fees are collected by the bank from customers financing or refinancing a loan.

Indiana State Police launched an investigation in June after a security and fraud manager at the bank notified police of the account discrepancies.

The investigation focused on more than a three-year period - January 2010 to April 2013. Indiana State Police spokesperson Noel Houze said investigators believe the alleged scheme was used against the bank and not the customers.

Hayes bonded out of the Decatur County Jail on Tuesday on a $1,500 cash bond and is scheduled for a pre-trial conference on Nov. 21 at 1:30 p.m. Her tentative jury trial date is set for Jan. 2, 2014.

The arrest came in Decatur County because Main Source Bank's central office is in Greensburg.

Hayes was elected to the Switzerland County School Board of Trustees in 2012 and was listed in the board's meeting minutes on Sept. 9, the same week of her arrest. Her term is scheduled to end 2016.