Enron Federal Credit Union CEO Jack McAdoo said he is committed to a "business as usual" policy despite the well-publicized woes of its sponsor, Enron Corp.
Enron filed for bankruptcy protection last month and laid off more than 4,500 Houston-based employees.
"Although the events surrounding the financial troubles of Enron Corp. have had a significant impact on our membership, the credit union remains financially strong and ready to assist its members," McAdoo said.
The assistance includes offering loan extensions, deferrals, lower payments, even emergency loans, if necessary. On its company website, EFCU assured members that it would review cases on an individual basis to help those in need.
"In the event you have an EFCU loan or credit card, we will negotiate a workable agreement for its repayment if necessary," stated the website. In addition, members are being told that their money is safe and that their status with the CU will not be affected.
Stressing Independence From Firm
"EFCU is a member-owned, not-for-profit financial institution cooperative whose purpose is to serve the financial needs of its members. And, although we are here exclusively to provide financial services to the employees of Enron Corp. and their family members, we remain financially and operationally independent from Enron Corp."
The single sponsor credit union with approximately 12,000 members-including Enron employees, former employees and family members-has six branches as well as nationwide access to accounts through the Credit Union Service Center Network, QuickLink Internet Account Access (www.enronfcu.com) and QuickTeller Automated Phone System.
Before the layoffs, Enron had more than 20,000 employees worldwide. Once ranked No. 7 on the Fortune 500 list, Enron, the world's largest energy trading company, came under fire when it filed for Chapter 11 bankruptcy protection on Dec. 2, putting 4,500 people out of work and leaving many more with virtually worthless Enron stock. A share in August 2000 was $90.56. Today it's a penny stock. Reportedly, some employees with 20 years invested in the company walked away with less than $100 in their retirement accounts after investing everything in its stock.