CUNA Mutual Says Early Reports Find‘Substantial Damage’

MADISON, Wis. - (09/03/05) Although it’s early in theassessment period, CUNA Mutual Group is saying the damage fromHurricane Katrina is “far more substantial thanexpected.” The company noted that there are more than 1,500credit union locations in the affected four-state area,representing approximately 600 credit unions. “Ourpreliminary estimates are about half of these locations sustainedsome type of damage, up to and including total destruction,”said CUNA Mutual‘s Mike Retelle. “Coastal credit unionsand those in the New Orleans area are among the most heavilyimpacted.” CUNA Mutual has adjustors in the field, but thefield is a mess. “We have sufficient staff in the area, butit becomes an issue of accessibility,” Retellesaid.