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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"Our branches are OK, but we are still are using one diesel and three 5,000 watt generators in our main office," said Withey noting the CU did experience property losses during the storm including water damage to offices, torn roofs and fallen ceiling tiles. All of its branches managed to re-open Sept. 16, three days after the storm hit.
Withey joined by the CU's president/CEO Jesse Gutierrez did manage "while Ike was still a tropical storm to get down here to assess damage and see how soon we start serving members since that was our prime mission."
The CU has more than 60 employees working at its main office but "more than half had to be relocated to small offices and stock rooms to become operational. Even though we are in 'tight' living arraignments, employee morale is high because we are focused on helping our members," said Withey.
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