NEW ORLEANS — After Hurricane Katrina pummeled New Orleans in the summer of 2005, VAHNOLA Federal Credit Union immediately felt the strong impact.
The $2 million credit union serves the former VA Medical Center here, which is now called the Southeast Louisiana Veterans Health Care System. Prior to the hurricane, the CU was provided space at no cost by the center. After Katrina, VAHNOLA lost equipment and most files. Upon returning to the city in January 2006, the CU has been operating out of a cubicle that was provided by a neighboring credit union.
One bright spot occurred on May 1 when VAHNOLA entered into a five-year lease in May with Jones Lang LaSalle, LLC to lease its current location. The cost is $1,501.50, but the CU needs help defraying the cost to rent the space for six months.
"Financial assistance is needed to defray the cost to provide the relief needed to get back on [their] feet, build membership and explore revenues that will generate funds to help offset the steep rent," said Helen Godfrey-Smith, president/CEO of Shreveport Federal Credit Union, who chairs the African-American Credit Union Coaliton's mentorship committee, which has assisted several credit unions impacted by Katrina.
Godfrey-Smith said "despite the hard times and setbacks, the membership remained strong."
"They need to rebuild lives, homes and sustain employment, the credit union is constantly reminded of its mission to 'be there in time of need.'"
Meanwhile, Southeast Louisiana Veterans Health Care System Director Julie Catellier has said that once the new hospital is built, VAHNOLA will have office space, but the estimated completion of the new medical complex is 5 to 6 years away, according to Godfrey-Smith. She is appealing to the credit union industry to help with the lease costs.
"The credit union will make every effort to maintain the lease space to provide services and support to its members," Godfrey-Smith. "The [VAHNOLA ] board of directors, on behalf of its members, is deeply appreciative of any assistance that you can provide during this time of need."
–msamaad@cutimes.com
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