As Hurricane Harvey barrels its way towards the Gulf Coast of Texas, many credit unions in the region are preparing to close their branches on Friday, Saturday and perhaps Monday, depending on the severity of the storm.
On Friday morning, the National Hurricane Center issued an advisory which warned that Harvey is expected to be a “major hurricane” at landfall, bringing life-threatening storm surge, rainfall and wind hazards to portions of the Texas coast.
The National Credit Union Administration has advised credit unions along the Gulf Coast in Texas to take precautions as Hurricane Harvey approaches.
"The NCUA is watching the storm closely, and the agency will monitor the conditions of credit unions in Harvey’s path,” it stated. “The agency will be ready to assist credit unions with maintaining or restoring operations, if necessary. The agency maintains a hurricane and disaster information page on its website with more material on preparedness and staying safe.”
Even after the hurricane passes, the region may face some long-lasting problems. According to CoreLogic, more than 232,000 homes along the Texas coast are at potential risk of storm surge damage due to Hurricane Harvey, with a reconstruction cost value of about $39.6 billion.
For now, however, credit unions are focused on the immediate safety of members and employees alike, with many local credit unions announcing branch closures, including:
* The $110 million Chemcel Federal Credit Union of Bishop, Texas said on its website that its branches in Corpus Christi, Bay City, Alice, Kingsville and Bishop locations will be closed Friday, Saturday and possibly Monday.
* The $16 million Texas Community Federal Credit Union of Kingsville, Texas, said that the credit union be closed Friday and Saturday, adding it hopes to reopen on Monday, conditions permitting.
* The $2.2 billion University Federal Credit Union of Austin, Texas, stated that “If it becomes necessary, we may close the Galveston or Victory Lakes locations as weather develops.”
* The $227 million Synergy FCU of San Antonio, Texas, stated that its branch in Corpus Christi will be closed on Friday.
* The $34 million Star of Texas Credit Union of Austin said it “may be closed” on Saturday due to Hurricane Harvey.
* The $249 million Gulf Credit Union of Groves, Texas, said all of its locations will be closed “in the event of flooding or unsafe weather conditions.”
* The $10 million Victoria FCU of Victoria, Texas, said it will be closed on Friday.
* The $618 million Houston Federal Credit Union of Sugar Land, Texas, said on its website early Friday morning that ”at this point in time all… branches will remain open for normal business hours.” But they added “we are monitoring the storm… closely at this time and will notify members promptly if changes to our hours of operation should occur.”
* The $2.7 million Corpus Christi S.P. of Corpus Christi, said it will be closed on Friday, but expected to return to regular business hours on Monday.
* The $206 million Gulf Coast FCU of Corpus Christi said all of its offices will be closed on Friday and Saturday.
* The $15 million Homeport FCU of Corpus Christi will be closed on Friday and Saturday, but expects to re-open on Monday “weather permitting.”
* The $126 million Members 1st CU of Corpus Christi will also close on Friday and Saturday, but will open on Monday.
* The $2.6 billion Navy Army Community Credit Union of Corpus Christi will close on Friday and Saturday, but added that its branches located in the Rio Grande Valley “may reopen on Saturday if appropriate weather and safety conditions permit.”