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Despite bankruptcy filing, mire of Enron Corp., services to members of Enron FCU `business as usual,' CEO says

HOUSTON - Despite Enron Corp.'s recent failed merger, underwater stock price and federal investigations on whether employees were blocked from selling the company's stock, financial services to members of Enron Federal Credit Union remain intact. Enron FCU (EFCU) is committed to a "business as usual" policy, said Jack McAdoo, president/CEO,...

By Michelle A. Samaad | Updated on January 08, 2002

HOUSTON – Despite Enron Corp.’s recent failed merger, underwater stock price and federal investigations on whether employees were blocked from selling the company’s stock, financial services to members of Enron Federal Credit Union remain intact. Enron FCU (EFCU) is committed to a “business as usual” policy, said Jack McAdoo, president/CEO, after Enron Corp., a commodities company, primarily of energy, filed for bankruptcy on Dec. 2 and laid off more than 4,000 Houston-based employees from its 21,000-employee base worldwide.

“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. That assistance will come in a variety of forms, he explained, from refinancing to extensions and deferments for loan payments. Regarding payroll checks from Enron, McAdoo said the company has received permission from the bankruptcy court to pay salaries and “the checks are good.”

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