The FBI has been investigating the First National Bank after bank officials reported that more than $450,000 turned up missing during a routine bank audit.
The investigation has been going on for the last two weeks.
Bank officials said that they believe the embezzlement scheme involved electronic transfers of money over a period of time.
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Late Wednesday, Roger Dubin, bank president, confirmed that a 31-year-old officer of the bank had been fired in the alleged embezzlement scheme.
Dubin said that the officer is cooperating with authorities, and more arrests will follow.
The FBI refused to comment on the case.
First National Bank is the city's largest.
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