LAKE CHARLES, La. — In southwest Louisiana, where hurricanes have taken a major toll the past few years, CSE FCU is booming, according to Ken Gardner Jr. "We're actually benefitting now from the storms of the last four years because of the rebuilding," said the volunteer director, who noted an influx of insurance payments following hurricanes Ike and Gustav, and greater loan demand to finance the rebuilding.
"Actually, Louisiana is probably the only state that is doing reasonably well," said CSE's Gardner. For the first quarter of 2009, shares at CSE grew a strong 7.5%, and loans grew by almost 3%.
The $250-million credit union that was chartered to serve employees of petrochemical giant Citgo Services, is prospering by the strength in the oil industry. "Our credit union is doing very, very well," said Gardner. "In fact, I think all of the credit unions in our part of the state are doing well."
"We're lending money for homes and cars; and we've always done a lot of boat loans," he added.
"Our outlook is good," said CSE FCU's Gardner. "We should continue to grow. If the economy turns around I hope we will never see the really suffering that others are seeing."
