New York: Empire State Credit Unions Ride Out the Storm
While it is hard to put a final price tag on the cost of lives, homes and businesses throughout New York that were affected by Hurricane Sandy, federal funds will cover all of New York City’s costs, according to a recent report from the city’s Independent Budget Office.
About 90% of the total $6.3 billion in Sandy-related emergency and recovery package will be funneled through the Federal Emergency Management Agency. The remaining 10% will be covered with community development block grant funds.
Michael Bondanza, CEO of the $31 million St. Joseph’s Parish Buffalo FCU, weathered another storm—the recession—by specializing in loans for grown-up toys such as boats, campers and ATVs.
This small Buffalo, N.Y.-based credit union has about 4,000 members and only one branch. However, it bucked the struggling small credit union trend by reporting a 2012 year-end ROA of 1.87% and 34.21% loan growth.