Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Tornado season begins: CUs untouched for now
MADISON, Wis. (4/30/14)--Credit unions in states thrashed by deadly storms over the past few days largely have been left unscathed, according to state credit union leagues.

Since this weekend, Southern and Midwestern states have been battered by a string of high-wind storms and tornadoes, killing dozens and ripping apart countless homes and buildings.  

Arkansas, Oklahoma, Kansas, North Carolina, Iowa, Alabama and Mississippi have been hit by the storms so far. (See related News Now story: Expert shares disaster preparedness advice with CUs).

"It seems that credit unions in Arkansas have escaped damage from recent tornadoes," the Cornerstone Credit Union League said in its Tuesday Leaguer. Cornerstone represents credit unions in Texas, Oklahoma and Arkansas.

One credit union employee's home was damaged by a storm, the league reported. The individual's employer, VA Hospital FCU, Little Rock, Ark., with $8 million in assets, has been provided with a disaster relief grant application from the Cornerstone Credit Union Foundation, according to the league. 

Cornerstone's foundation, like many credit union league foundations, carves out considerable resources for disaster relief.

Arkansas may have been hit the hardest, as more than 15 people were killed and dozens more were injured Monday by a storm system that swept through the state, just a day after at least five others perished in another deadly storm in Arkansas.

A young boy died in Oklahoma Sunday when a tornado struck a town 100 miles northeast of Tulsa. But credit unions in Oklahoma and Texas have not been greatly affected, according to Linda Webb-Manon, Cornerstone's vice president of communications and public relations.

In Mississippi, while no credit unions have yet reported damage, a Louisville branch of Hope FCU, Jackson, Miss., with $186 million in assets, and a Tupelo branch of Brightview FCU, Ridgeland, Miss., with $28 million in assets, were closed Tuesday due to state-of-emergency conditions in those communities, Amy Manley, manager of corporate relations at the Mississippi Credit Union Association, told News Now in an email.  

Credit unions in North Carolina and Alabama, two states where deaths have been reported following storms, also have not experienced any damage or serious effects, according to spokespeople from both leagues.

Several credit unions in Alabama closed early Tuesday due to impending weather, said Mike Bridges, vice president of communications at the League of Southeastern Credit Unions .

News Now LiveWire
.@TheNCUA issued orders prohibiting 7 from participating in affairs of any federally insured FIs. See #NewsNow Wed.
1 hour ago
Albuquerque biz journal highlights #NewMexico's #creditunion culture
1 hour ago
#NewsNow LCUL's Cochran: 'Old' benefits attract young, new members
2 hours ago
Over 3,000 #creditunions across the nation raised raise > $10,750,000 for local Children's Miracle Network Hospitals in 2014--a new record.
2 hours ago
Consumer spending is slumping #Market #Economy
19 hours ago