CEDAR RAPIDS, Iowa - While the recovery from flooding in Iowa, Indiana, Wisconsin and Illinois is far from over, and it is estimated damages will total in billions of dollars, credit unions in this state appear to have turned the corner. The Iowa Credit Union League reports that all 12 credit unions affected by the flooding are now offering members full services.
“Credit unions have made a lot of progress and it’s a reflection of business continuity planning,” said Jim Niederhauser, ICUL director of credit union growth. “There was no way to prepare for an event like this. But I think our credit unions did a very good job of managing the disaster. A tremendous amount of recovery is still ahead.”
Niederhauser said it is too soon to estimate total damage to CUs in Iowa, but explained that all but three of the 20 branches affected by floodwaters were open at press time. All of the closed branches are located in Cedar Rapids, which suffered from the worst flooding.
The $112-million First Federal CU’s downtown Cedar Rapids branch has been cleaned up, but, “The city has yet to issue building permits,” said CEO Tim Byers. “But I told members that 30 days from when we get the permit we’ll be operating. Our opening date is in the city’s hands, and that’s politics–you never know how that will go.”
Byers described downtown Cedar Rapids as “still looking like a war zone,” with damaged carpet, furniture, drywall, and computers stacked so high outside buildings that “you can’t recognize the businesses. But drive a few miles outside downtown, and there’s not even a hint that a disaster occurred.”
The $475-million Collins Community will reopen its downtown Cedar Rapids location when it gets furnaces and hot water heaters. “We can’t get those things right now because of the demand, said CEO Rick Benhart, estimating that the location will be operational with two weeks.
The branch received only minor damage due to flooding in its basement. “But the city won’t let us open it up, not even our ATM in our vestibule, until they OK the entire building,” Benhart told Credit Union Journal. “Members seem to be tolerating the situation.”(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
