Despite widespread power outages, flooding and closures, early reports Wednesday showed that Mississippi and Alabama credit unions were apparently spared major damage from Hurricane Isaac.

The storm's 80 mph winds and unrelenting rain were pounding New Orleans and surrounding areas Wednesday morning, the seventh anniversary of Hurricane Katrina, a much stronger storm.

RELATED: NCUA Activates Disaster Policy
RELATED: CUNA Mutual Activates Claims Teams
RELATED: Gulf Coast CUs Brace for Storm
RELATED: CUNA, GTE Financial Still Ready for GOP Party

Charles Elliott, president/CEO of the Mississippi Credit Union League, said he has been monitoring 10 major credit unions with extensive branch operations directly in the storm zone.

“I've been in touch with many of our CEOs at their homes and though the roads are washed out on Highway 90 along the coast, we're not seeing the surges anywhere near as bad as we did for Katrina,” Elliott said.

In Mobile, Gulf Shores and adjacent areas, credit unions remained closed Wednesday with a few planning to reopen Thursday but there no damage reports from the League of Southeastern Credit Unions, which posted on its website a list of the credit unions and their storm status.

“I think we dodged a bullet in Alabama and I'm hopeful our friends to the west will come out OK,” said Stephen Swofford, president/CEO of the $516 million Alabama CU of Tuscaloosa.

As part of its disaster alert program, the NCUA notified credit union members needing assistance to call the agency's Hurricane Isaac toll-free hotline at (888) 584-6847.

Instant Insights /

Hurricane Isaac: Credit Unions Dodge Bullet in Alabama, Mississippi

Related Stories

Recommended For You