Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Sponsor companys cutbacks affect CU
HARRISBURG, Pa. (1/23/09)--Chemical-maker Rohm & Haas, Philadelphia, announced this week that it plans to cut 900 jobs and freeze salaries. The changes have affected Rohm & Haas Employees FCU, said the Pennsylvania Credit Union Association (PCUA). The credit union’s sponsor company also cut 925 jobs in June and is being bought by Dow Chemical Corp. (Life is a Highway Jan. 22). “A series of cutbacks have been going on for the last five years and has affected [the credit union’s] chargeoffs,” said Jack DeWaele, the credit union’s CEO. “If you don’t have a job, you can’t pay your loan. Some people don’t pay us because they are angry at Rohm & Haas, and don’t understand that we’re not them,” he told PCUA. The credit union is most affected by the impending sale of the company. “It’s created so much uncertainty that it’s next to impossible to make loans,” he said. The credit union will offer a 4.25% rate on second mortgage loans for a 48-month term in February to help members. Rohm & Haas Employees FCU has $33 million in assets.
Other Resources

RSS





print
News Now LiveWire
20 breakout sessions available at @CUNA's April lending school #creditunions http://t.co/eTK0fVO0RK
13 hours ago
.@CoreLogicInc: Jan. home prices jump nearly 6% annually #Market #NewsNow http://t.co/DoDtHhjvaw
14 hours ago
CU Effect: @StLouisComm collaborates to save homes with FHLB grant #NewsNow http://t.co/fxX8EhouUj
19 hours ago
#NewsNow March 31 deadline for Biz Kid$ fin. ed grant application http://t.co/5AD5ZYPLEU
20 hours ago
.@CUNA sends letters on @RepAndyBarr QM bill, @RepMickMulvaney @NCUA budget transparency bill #NewsNow http://t.co/cRAk46ALeD
22 hours ago