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Orange County `Adopts' St. Bernard Parish CU

SANTA ANA, Calif. - The $5.5 billion Orange County Teachers Federal Credit Union has found its Louisiana match under CUNA's "Adopt-A-Credit Union" program. Named as the recipient of long-term OTFCU Katrina aid is the $15 million St. Bernard Parish School Board Employees CU located in hard-hit Chalmette, a New Orleans...

By Jim Rubenstein | Updated on October 18, 2005

SANTA ANA, Calif. – The $5.5 billion Orange County Teachers Federal Credit Union has found its Louisiana match under CUNA’s “Adopt-A-Credit Union” program. Named as the recipient of long-term OTFCU Katrina aid is the $15 million St. Bernard Parish School Board Employees CU located in hard-hit Chalmette, a New Orleans suburb. “We have pledged to do whatever is necessary, whether it be data processing equipment, employees or financial help,” said Darin Woinarowicz, vice president of development for OCTFCU. St. Bernard Parish has 3,600 members and one office which was located in a ruined school board building totally under water. Until the hurricane hit, St. Bernard Parish had three employees including Gaynel Cowan, its CEO, who has been operating the CU from a hotel room in Covington, La., a Baton Rouge suburb. One of the other three employees has since left the CU. said Woinarowicz. “We are helping out a very well-run credit union,” said the OCTFCU executive. “They have had a net worth capital above 13% and ROA of 1.5%.” OCTFU is prepared to send staff to Louisiana to help St. Bernard restore normal operations and has been making contact with Cowan to help determine and relay the CU’s specific needs. Woinarowicz said OTFCU was happy CUNA, which runs Adopt a CU, could match it to a CU with members from the education community. OCTFCU has 320,000 members. St. Bernard, he said, has been utilizing the services of its shared branch provider, FSCC Corp. while it gets its operation up to speed. The Chalmette CU “is a worthy shop and our mission is to make it stay that way,” said Woinarowicz. [email protected]

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