PASADENA, Texas — The Ike-suffering credit unions along the Texas coast began last week waiving payments and reducing rates and are now seeing the expected spike in disaster relief loans, with the $205 million Texas Bay Area CU already making 400 loan extensions worth $3.5 million.
Texas Bay, located in this Houston suburb, said the CU, which was witnessing a jump in new member applications, is providing $500 disaster relief loans "with higher dollar amounts available," said Paul Withey, vice president of strategic development and public relations.
The loan products come as Texas Bay, like others in stricken areas of Houston, Galveston and Port Arthur, strive to get off generator power and resume normal business.
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