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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.
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