X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LENEXA, Kan. – Last week Louisiana Corporate finally found out the shape of its Metairie, Louisiana headquarters and the news was good. The corporate’s offices are located on the 15th floor of a 15-floor building in Metairie, a suburb of New Orleans. There was some flood damage to the ceiling that likely occurred from a roof leak, said Sherrie Klotz, the corporate’s vp of operations. Dennis Terry, VP of finance, was able to make it to the headquarters to assess the damage and retrieve some things the corporate needed, said Klotz. He then flew to Kansas to join up with other staff members. Unfortunately for Terry, he believed at press time that his New Orleans home still had several feet of water in it. Klotz and some of the corporate employees have been operating from their back-up site at U.S. Central’s headquarters for about a week and a half. Klotz said the corporate is fully functional and processing normally. She is not sure when the employees will be able to return to the Metairie headquarters. Klotz noted that more credit unions every day are getting in contact with the corporate, though it still has not heard from all of its members in the affected areas. The corporate, which serves more affected CUs than any other corporate, is seeking deposits to try and prepare for liquidity demand that is likely to come once Louisiana CUs get back on their feet and are seeking cash from the corporate to assist their members. Credit unions need only to keep $100 in a settlement account to become an associate member of the corporate, which has a national FOM. Their deposit will go into a money market account which is currently paying about the same as fed funds. Louisiana Corporate CEO Dave Savoie said that Arizona Federal has deposited $10 million and Electrus FCU in Minnesota deposited $500,000. Those two CUs are familiar with Louisiana Corporate because the CEOs of both serve on the CNBS board with Savoie. Also, CNBS at press time was set to give some money. The following is the corporate’s contact information at its back-up site in Kansas: Louisiana Corporate Credit Union 9701 Renner Blvd., Suite 330 Lenexa, Kansas 66219 (888) 872-0440, Ext. 6412 Fax: (913) 319-3206 attn: Louisiana Corporate

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

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.