The Cornerstone Credit Union League reported Thursday that 60 credit unions are still closed while 41 credit unions have reopened throughout flood-ravaged Houston and the counties throughout Southeastern Texas.
The league also reported nearly $400,000 has been raised to help flood victims of Tropical Storm Harvey, which dumped more than 51 inches of rain, claimed the lives of 38 people and caused billions of dollars in property damage losses.
Some of the 60 credit unions that were closed on Thursday are expected to reopen Friday or on Sept. 5, according to a listing on Cornerstone’s website. Other credit unions are unable to open branches because of flooded roadways, power outages, sanitary water issues or staffing problems.
Among the credit unions that have reopened, some are fully operational and others are partially operational, meaning they have limited hours or are only operating their drive-thru service lanes.
The Plano, Texas-based league, which is coordinating business continuity and recovery initiatives in collaboration with other credit union organizations and individuals, also reported nearly $400,000 has been donated in just 48 hours from credit unions, leagues, organizations and individuals from across the nation. Cornerstone has already begun to distribute disaster relief grants for credit union employees and volunteers who were affected by the storm.
Cornerstone contacted all but one of the estimated 200 credit unions in the flood affected areas or areas that could potentially be affected by the storm’s aftermath of threatening overflows from rivers, tributaries, dams and levee breaches. The league said it is assisting credit unions regardless of their membership affiliation as well as branches of associate-eligible credit union branches operated by credit unions headquartered in other states.
“We are in daily contact with our credit unions,” Caroline Willard, president/CEO of the Cornerstone Credit Union League, said. “We’ve got a call list going and we’ve been in contact with all but one credit union in the region, and it just may be that the credit union doesn’t have any power or the [CEO’s] cell phone battery has died, so we’re not assuming the worst.”
There are roughly 740 branches throughout the 24 affected counties and an estimated 6,000 employees and volunteers. Because many streets remain flooded, however, it will take some time to assess the total damages to credit union branches and offices.
“While we never want to live through a natural disaster of this magnitude, the cooperative spirit of credit unions always rises to the top,” Willard said. “I thought I knew what ‘people helping people’ meant, but this week, I’ve been schooled. It’s been an amazing experience to be a part of the Cornerstone Credit Union League and be able to see a staff offer 24-hour support to credit unions, hear the amazing stories of credit unions working together and sharing information and resources to lift up the industry as a whole, and at the same time see the national outpouring of offers to assist.”
Cornerstone’s disaster response team is working around the clock to determine the needs of affected credit unions, while managing offers of assistance to those in need.
“Cornerstone staff is incredibly grateful to those from across the country that have already offered to help,” she said. “We know that in the coming days and weeks, credit unions in affected areas will begin to have a better understanding of their needs as they assess damage to offices and the needs of members.”
Willard also said Cornerstone plans to dispatch a group of its employees to provide operational support for credit unions.
For credit unions wishing to make donations, please visit CUAid.
