Updated: Tuesday, 9:42 AM ET
Cornerstone Credit Union League officials said eight Houston-area credit unions are “closed until further notice.” These credit unions have 26 full-time and part-time employees, 9,694 members and $68.7 million in assets as of March 31. They are:
American Baptist Association Credit Union in Alvin ($2.1 million in assets, 417 members); Brazosport Teachers Federal Credit Union in Clute ($40.2 million in assets, 4,249 members); Coastal Teachers Federal Credit Union in Port Lavaca ($5.2 million in assets, 1,050 members); Houston Belt & Terminal Federal Credit Union in Humble ($4.2 million in assets, 578 members); Houston Musicians Federal Credit Union in Houston ($5.5 million in assets, 772 members); IBEW LU 66 Federal Credit Union in Pasadena ($6.4 million in assets, 1,352 members); Light Commerce Credit Union in Houston ($2.8 million in assets, 869 members) and Pasadena Postal Credit Union in Pasadena ($2.4 million in assets, 407 members).
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The National Credit Union Foundation has activated its online disaster relief system to help raise money for credit union people affected by Hurricane Harvey.
The system, known as CUAid.coop allows credit union supporters to make contributions at cuaid.coop.
“With the devastating flooding caused by Harvey, our credit union brothers and sisters need help,” said Foundation Executive Director Gigi Hyland. “Everyone who supports CUAid is helping affected credit union people directly with critical needs, longer-term recovery needs, operational needs, and assisting credit union members.”
As donations are made, foundation officials plan to coordinate distribution of the money through the Cornerstone Credit Union Foundation. National Credit Union Foundation officials said that all of the funds raised will go to credit union disaster relief efforts.
If all donations are not used for Hurricane Harvey relief, all unused funds will be transferred to the foundation’s general disaster relief fund for used in future disaster relief efforts.
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Credit Union Closures
The Cornerstone Credit Union League continued to add to its list of closed credit unions across a wide area of Texas flooded by what was Hurricane Harvey and has turned into a tropical storm. There were 46 credit unions closed as of Monday. The closures include the following:
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AMOCO FCU, Bayer Heritage FCU (Baytown Location), Baylor College of Medicine FCU, Beacon FCU (All branches), Brazos Valley Schools CU, Coastal Community FCU (closed half day), Coastal Teachers FCU, Community Resource CU (call center will be open), CTECU, Cy-Fair FCU, Empowerment Community Development FCU, Energy Capital CU, FAA FCU (Houston airport branch), First Community CU (All branches closed), First Service CU, Harris County FCU, Houston FCU (Houston-area locations), Houston Texas Fire Fighters FCU, Houston Highway CU, Houston Metropolitan FCU (All branches), Houston Police CU, IBEW LU 66 FCU, InvesTex CU, Members Choice CU (All branches), MemberSource CU, Members Trust of the Southwest FCU (Houston-area locations), Memorial CU, Oak Farms Employees CU, People’s Trust FCU, PIE CU, Plus 4 CU, Port Arthur Teachers FCU, Port of Houston CU, Premier America CU, Primeway FCU, Resource One CU (Houston-area locations), SPCO CU, Smart Financial CU, Southern FCU, Southern Star CU, Space City CU, Team Financial FCU, Texas Bay CU, Transtar FCU, USE Credit Union and Union Fidelity FCU According to data compiled by CU Times, of the 39 credit unions closed in Houston on Monday, those credit unions had 2,379 full-time and 268 part-time employees as of March 31. They have 909,259 members and $10.2 billion in assets. According to the Cornerstone Credit Union League, Coastal Community FCU and Smart Financial CU announced closures for Tuesday. |
Evacuations continue to be announced across communities impacted by the record-setting flooding. According to the Cy-Fair Volunteer Fire Department, officials recommended evacuations earlier on Monday. This community, to the northwest of downtown Houston, is home to Cy-Fair Federal Credit Union.
