Update: CUs Closed, Awaiting Word of Damage in Texas
Updated: Sunday, 6:27 PM ET
The Cornerstone Credit Union League has updated its list of 15 credit unions closed on Monday in flooded areas in and around Tropical Storm Harvey's path. They include:
AMOCO FCU, Community Resource CU (call center will be open), Cy-Fair FCU, First Service CU, Houston FCU (Houston-area locations), Houston Fire Fighters FCU, InvesTex CU, MemberSource CU, Members Trust of the Southwest FCU (Houston-area locations), People's Trust FCU, Primeway FCU, Resource One CU (Houston-area locations), SPCO CU, Texas Bay CU and USE Credit Union.
More credit union closures are expected as the storm continues to bring record-setting amounts of rain this week to Texas.
Updated: Sunday, 2:52 PM ET
According to the Cornerstone Credit Union League, 20 credit unions are closed between the areas of Austin, Texas, Corpus Christi, Texas and Houston. On Sunday, according to local media reports, the Houston area had received more than 20 inches of rain in many locations. And forecasters believe there could be another 20 or more inches of rain to come.
Below is the current list of credit unions closed in the region being impacted by Tropical Storm Harvey:
Austin FCU, Beacon FCU, Chocolate Bayou Community FCU, Coastal Community and Teachers CU, Credit Human FCU (Houston office), Energy Capital CU, First Community CU, Greater Texas FCU (Houston officies), Gulf Coast FCU, Houston FCU (Houston area locations), Houston Highway CU, Houston Metropolitan FCU, JSC FCU, Members First FCU, MemberSource CU, People's Trust FCU, Plus4 CU, Primeway FCU, Sherwin FCU and Texas Community FCU.
For a full list of closures, resources and information, visit the Cornerstone Credit Union League page here.
Many homes and area business have been destroyed since, now, Tropical Storm Harvey made landfall on Friday. Since then, flooding has been the main concern. Texas Gov. Greg Abbot said Sunday during an interview, "Houston is an area that is prone to flood at least once a year, but this is one of the worst, if not the worst that Houston has suffered."
CU Times will continue to follow the story as we receive more information from credit union officials.
Updated: Friday, 11:59 PM ET
Hurricane Harvey made landfall about 9:45 PM CT just northeast of Corpus Christi, Texas, according to the National Hurricane Center. CU Times is in contact with the Cornerstone Credit Union League and other credit union officials around the state. We will have updates as this storm is expected to bring more than 30 inches of rain to many locations on the Texas coast and potentially hundreds of miles inland, according to the National Weather Service.
Updated: Friday, 1:20 PM ET
Many of the 450,000 residents of the Corpus Christi metro area have left, though thousands of families have decided to ride out the expected massive floods and fierce winds from Hurricane Harvey, the Corpus Christi Caller Times reported Friday.
In Corpus Christi, the largest city along the Coastal Bend where Hurricane Harvey is expected to make landfall Friday night or early Saturday morning, there are 13 credit unions that collectively serve more than 235,000 members and their families.
While many credit unions throughout the Corpus Christi metro area have closed shop for Friday and Saturday, some cooperatives, that are at a relatively safer distance from the coastline, have decided to remain open Friday, according to the Cornerstone Credit Union League.
For example the $102 million TexasGulf FCU in Wharton, about 150 miles northeast of Corpus Christi, is open for business Friday, and so is the $39 million Sacred Hearth FCU in Hallettsville, which is about 130 miles north of Corpus Christi.
The Cornerstone league, its foundation and the CUNA Mutual Group have announced the activation of their Customer Disaster Response Teams in anticipation of the hurricane that is expected to generate winds of about 125 mph when it hits the Texas coastline.
Because Hurricane Harvey is a slow-moving storm, its high winds and heavy rains could last for days, which will most likely cause widespread power outages. Weather and government officials also have warned some Texas communities could see up to 30 inches of rain.
These weather conditions may keep some credit unions from opening on Monday.
However, credit unions should remind their members that they still have access to their funds through the shared branching network, said Norma Garza, AVP of remote transaction resources for CU Resources Inc.
“Shared branching is the second largest in the number of branch office locations nationally,” Garza noted. Our shared branching website can be linked from your website. Shared branching on the go "SBontheGO" website provides a tremendous amount of information for you and your members about shared branching, how it works, and it uses.”
The Cornerstone league said credit unions that need any assistance can contact the Disaster Recovery Team at DisasterNotification@cornerstoneleague.coop, by phone, 1-877-429-5839, via Twitter: @cusrecover or on Facebook: @Cornerstone_CUL. Credit unions also can reach out to their league representatives for assistance as well.
For additional disaster recovery information, please visit this Cornerstone league site.
In addition, the NCUA said it is monitoring the storm and is prepared to assist credit unions with maintaining or restoring operations, if necessary. The agency maintains a hurricane and disaster information page on its website with more material on preparedness and staying safe.
Credit union members with questions may contact the NCUA’s Consumer Assistance Center at 800-755-1030 Monday through Friday between 8 a.m. and 5 p.m. eastern time. The NCUA’s Office of Small Credit Union Initiatives can provide urgent needs grants of up to $7,500 to low-income credit unions that experience sudden costs to restore operations interrupted by the storm.
Update Thursday, 5:46 PM ET
At least six of the 13 credit unions based in Corpus Christi, Texas will be closed Friday and Saturday as the coastal city of more than 320,000 is expected to be in the center of Hurricane Harvey when it hits landfall Friday night.
An additional eight credit unions in communities nearby Corpus Christi also announced branch closures for Thursday, Friday and Saturday.
The National Hurricane Center in Miami reported Thursday afternoon that Harvey has intensified rapidly and is forecast to be a major hurricane at landfall, bringing a life-threatening storm surge, rainfall and high winds to portions of the Texas coast. Hurricane Harvey is expected to generate rainfall of 12 to 20 inches across much of the coastline with isolated amounts as high as 30 inches from Friday through early next week.
Corpus Christi city officials did not order an evacuation, but they strongly urged residents and businesses in low-lying areas to leave.
Corpus Christi credit unions that announced branch closings for Friday and Saturday were the $1.26 billion Navy Army Community CU, the $289 million Coastal Community and Teachers CU, the $205 million Gulf Coast FCU, the $125 million Members First CU, the $55 million Texas Bridge CU, and the $13 million Third Coast CU.
But a few credit unions decided to close up shop on Thursday. The $3 billion Texas Dow Employees CU closed their branches in Edna, Port Lavaca and Seadrift, while the $33 million San Patricio County Teachers FCU in Sinton and the $8 million Sherwin FCU in Portland shut their doors on Thursday afternoon.
Officials ordered evacuations of Portland, Rockport, Port Aransas, Aransas Pass, Ingleside and Robstown on Thursday, according to local media reports.
Other credit unions that will close up branches on Friday and Saturday are the $16 million Texas Community FCU in Kingsville, the $57 million Baycel FCU in Bay City, the $15 million Victoria Teachers FCU in Victoria, and the $9 million Victoria FCU also based in Victoria.
City officials for Houston, about 200 miles northeast of Corpus Christi, said they are monitoring Hurricane Harvey. The National Weather Service said Houston may get eight to 12 inches of rain over the next four to five days and wind gusts of up to 60 mph.