CEOs Talk Disaster Prep as New Fires Rage: Onsite at REACH

Sierra Central Credit Union President/CEO John Cassidy (left) and Redwood Credit Union President/CEO Brett Martinez (right) discuss disaster preparedness strategies.

Hollywood, Calif. – In October 2017, wildfires near Redding, Calif., destroyed more than 7,000 homes and impacted thousands of Redwood Credit Union members in the way of lost property, lost jobs and suffered psychological damage. Speaking to attendees at the California and Nevada Credit Union Leagues’ REACH conference Thursday, Brett Martinez, president/CEO of the $4.4 billion, Santa Rosa, Calif.-based RCU, described how the credit union offered members 0% interest loans, waived ATM fees, halted loan payment collections and launched a construction loan program during the fire’s aftermath. The ordeal cost the credit union about $1 million.

Meanwhile, Sierra Central Credit Union President/CEO John Cassidy, who spoke alongside Martinez, informed attendees that a new fire was threatening his credit union at that very moment. As of Saturday, the “Camp Fire” in California’s Butte County, one of three fires that broke out in the state Thursday, had completely devastated the town of Paradise, where one of Sierra Central’s branches is located. NBC News reported about 80% to 90% of the town’s homes have been destroyed.