Weary Northeast Credit Unions Are Still Coping With Irene Flood Fallout
For the third week in a row, Northeast credit unions were doing the disaster drill, coping with flooded property, providing special loan deals to stricken members, aiding their own employees and assessing potential mortgage losses on portfolios..
Across at least five states–Pennsylvania, New Jersey, Vermont, Massachusetts and New Hampshire–CUs and their trade groups were again on the frontlines of fundraising to assist the Red Cross, the Salvation Army, Foodbank and other charities with donations.
The CU also dispatched 20% of its work force for clean-up duty in neighboring Bloomsburg, where the CU has a branch and which was severely flooded.
In New Hampshire, the $1.8 billion Service CU of Portsmouth presented a $125,000 check to Gov. John Lynch to assist with rebuilding and clean up caused by tropical storm Irene Aug. 28.