Ohio returns over $3.4M in unclaimed funds to city

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ELYRIA, Ohio (AP) -- Ohio has returned more than $3.4 million in unclaimed funds to a northeast Ohio city in what it says is the largest such payment in state history.

The state's Department of Commerce director presented the check Monday to Elyria's (eh-LEER'-ee-uhz) mayor.

State officials say the money resulted from a policy the city had with Anthem Insurance Co. for employee life insurance coverage. The insurance company converted to a stock company in 2001, providing policy holders such as Elyria with shares of company stock.

Unclaimed funds are reported to the state for safekeeping until the rightful owners can be found.

Elyria Mayor Holly Brinda says the money will help the city repay debt and cover one-time expenses it otherwise couldn't address.