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."

EFCU is a single-sponsor credit union with 12,000 members comprised of current and former employees and their family members. The credit union has $80 million in assets and "has always been and remains" financially and operationally independent from Enron Corp.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.