AUSTIN, Texas – Ongoing wildfires here have destroyed more than 1,000 homes, and in the process taken with them some credit unions’ collateral.
Emphasizing that the important thing is that no members have died and no credit unions have been damaged, credit unions told Credit Union Journal the fires have affected a number of outstanding loans. Tommy Seargeant, CEO of $455-million Greater Texas FCU, which has a branch in Bastrop close to the center of the fires, fears the worst is yet to come. “We know have three home equity loans lost and probably some mortgage loans, but we don’t know for sure yet. I talked with other credit unions with branches in Bastrop that are just waiting to hear from members.”
Seargeant added that GTFCU’s Bastrop branch manager’s house was in jeopardy. “But so far she and her home are OK. Until it rains we will be in constant danger.”
