Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Tornado damages CU in Minnesota
WADENA, Minn. (6/22/10)--A tornado last Wednesday reportedly wiped out Wadena (Minn.) FCU. “The credit union was destroyed,” Pete Skaalen, executive vice president of the Minnesota Credit Union Network, told News Now Monday morning. “The roof was blown off and the windows blown in and ruined. We don’t know the exact extent of the damage at this point. We know nothing further than we did last Friday.” State and National Credit Union Administration (NCUA) regulators worked through the weekend “to get the operation up and running,” he added. “We don’t at this time know if it is up and running yet,” Skaalen said. “It was about a $10 million asset credit union with about two full-time employees. We will try to communicate with other credit unions to see if there are any other needs that have arisen.” Also, the offices of Woodco FCU, located in Lake High School in Millbury, Ohio, southeast of Toledo, were destroyed along with the school during a tornado on June 6. The credit union, led by CEO Juanita Zunk, immediately activated its disaster recovery plan and had the credit union running within days in a temporary space at CanDo CU, three miles away in Walbridge, Ohio (e-Lumination Newsletter June 16). Back-office operations are set up in CanDo CU’s conference room, and front-line services are operating out of a vacant position on the teller line and dedicated drive-thru lane. Despite the overwhelming circumstances, the disaster recovery plan is so detailed that it’s guiding the staff and board through every step they need to take, Mark Sommer, CEO of CanDo CU, told the Ohio Credit Union league. The NCUA, Ohio Credit Union Foundation, and several credit unions throughout Ohio are offering assistance to Woodco FCU.
Other Resources

RSS print
News Now LiveWire
Large CU stress testing on the agenda for the April @theNCUA open meeting http://t.co/2TUcnmCmPi
13 hours ago
#FinancialLiteracyMonth Test your college financial aid knowledge @nasfaa http://t.co/xgrDmHaw8W
21 hours ago
Join @theNCUA #NCUAchat with @KenWortheyJr on April 23 from 11am to 12pm EST http://t.co/TnNmfFh4Nl #FinancialLiteracyMonth
22 hours ago
Maine's patent troll bill has become law. Read more in Monday in @NewsNowLiveWire
1 Day ago
Wash. DFI discusses serving legal marijuana businesses with @NWCUA http://t.co/3kw79HJUYF
1 Day ago