Ollis Grayson Jr. has resigned from the Dallas County School Board.

The school board met in a special session Wednesday to discuss the resignation. Grayson was not present, but sent a letter of resignation apologizing for his abrupt departure. The letter did not specify a reason for his resignation.

“[Grayson] was an excellent board member,” said Superintendent Fannie Major-McKenzie. “I hate to see him resign.”

Major-McKenzie said she had not spoken to Grayson about his resignation. “I only know what I read in the letter,” she said. “I don’t want to speculate on what the reason might be for him to resign.”

The school board appointed F.L. Waller to serve the remainder of Grayson’s term, which ends in 2012. Waller was a former school board member. He retired as an employee of the Dallas County School System about 1 1/2 years ago, Major-McKenzie said.

When contacted at his home Wednesday evening, Grayson said he resigned because of ‘legal matters that happened with the credit union some time ago.”

Grayson said he didn’t want to try to represent the school board while under an indictment.

Last week, Grayson pleaded guilty in U.S. District Court in Mobile to a federal charge of fraud in connection with a federally insured financial institution. His sentencing set for Wednesday, March 4, 2009, at 1 p.m. in Mobile.

Court documents show Grayson was an officer of the Dallas Educator Federal Credit Union. Prosecutors claimed Grayson made a false entry in a book report or statement of the credit union with intent to defraud the institution.

Court documents show further Grayson was manager of the credit union, assisted by his sister, who volunteered from time to time. Grayson did not understand a computer system installed at the credit union in 1997, so he kept manual and computerized records until 2001 when told by the National Credit Union Administration he no longer could.

An examination by auditors for the NCUA found several discrepancies, which became the basis of the charges against Grayson.