Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON – Despite Enron Corp.’s recent failed merger, underwater stock price and federal investigations on whether employees were blocked from selling the company’s stock, financial services to members of Enron Federal Credit Union remain intact. Enron FCU (EFCU) is committed to a “business as usual” policy, said Jack McAdoo, president/CEO, after Enron Corp., a commodities company, primarily of energy, filed for bankruptcy on Dec. 2 and laid off more than 4,000 Houston-based employees from its 21,000-employee base worldwide.

“Although the events surrounding the financial troubles of Enron Corp. have had a significant impact on our membership, the credit union remains financially strong and ready to assist its members,” McAdoo said. That assistance will come in a variety of forms, he explained, from refinancing to extensions and deferments for loan payments. Regarding payroll checks from Enron, McAdoo said the company has received permission from the bankruptcy court to pay salaries and “the checks are good.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.