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News Now

CU System
Tornado-damaged CU in new site
MILLBURY and WALBRIDGE, Ohio (6/9/10)--A tornado-damaged credit union in Ohio should be up and running today thanks to the generosity of a nearby credit union. Woodco FCU in Millbury, Ohio, sustained major damage Saturday when a tornado touched down destroying significant portions of the high school where the credit union was located, said the National Credit Union Administration (NCUA) Monday. The $8.9 million education-based credit union was closed and no one was injured inside the credit union. NCUA staff was onsite Monday assisting as needed. Millbury, Ohio, is a small town located southeast of Toledo. CanDo CU in nearby Walbridge, Ohio, an $8.8 million asset credit union, is providing a temporary location for Woodco FCU. “Hopefully they’ll be up and running today Wednesday or Thursday,” Mark Sommer, CanDo president/CEO, told News Now. “Their back office staff is set up in our conference room.” Also, new data lines have been installed, an unused teller window made available, and a second drive-through terminal designated for Woodco members. CanDo has an “open-ended arrangement” to provide space for Woodco as long as is needed, Sommer added. Nearly a dozen Ohio credit unions of all sizes--some with $500 million to $600 million in assets--offered to help Woodco, Becky Hart, vice president of communications for the Ohio Credit Union League, told News Now. “The Ohio Credit Union Foundation is offering disaster recovery assistance--even as basic as office supplies [to Woodco],” Hart added. “One credit union is sending office supplies, and others are sending a large ‘goody box.’” NCUA said it is assisting the credit union and its members affected by the tornado. As necessary, NCUA will:
* Encourage the credit union to make loans with special terms and reduced documentation to affected members; * Reschedule routine examinations if necessary; * Guarantee lines of credit for the credit union through the National Credit Union Share Insurance Fund; and * Make loans to meet liquidity needs through the Central Liquidity Facility.
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