Finally, relief for flood ravaged Houston seems to be near as Tropical Storm Harvey slowly churned toward the Gulf of Mexico on Tuesday afternoon.
But the departing remnants of Harvey's backside continued to dump more rain in Houston where 56 credit unions collectively serve nearly 800,000 members and their families. In addition, reported levee breaches threatened to pour even more water onto roads and neighborhoods where homeowners are evacuated their flooded homes and vehicles. Since Friday, 49 inches of rain has fallen on the nation's fourth largest city, which is a new record or the Lone Star State, according to national media reports.
"Reports are now that the storm is moving Northeast more rapidly than previously forecasted," said Craig Rohden, president/CEO of the $78 million Space City Credit Union. "If this happens, we should start to dry out over the next 24 to 48 hours. We stand by ready and able to assist our members when they need us. We anticipate many people will have flooded vehicles and homes."
But even as the rain eventually stops, additional flooding is expected from the area's reservoirs, said J. Timothy Adams, president/CEO of the $39.5 million SPCO Credit Union.
"I live in the community of Kingwood, Texas, (north of Houston), which is going to get additional flooding because of that." Adams said in a phone interview from his home
Although Adams said he believes all of his 10 employees are safe, Rohden said many Space City employees had to abandon their homes while other employees were trapped in their homes surrounded by water.
At least one employee, his wife and their two young children waited for 18 hours before they were able to jump on a boat to escape the rising floodwaters. A bus transported them to the George R. Brown Convention Center in downtown Houston that is being used to shelter thousands of flood victims.
"Our credit union is about one mile from the convention center, and I also happen to live nearby," Rohden said. "Our chief operating officer, Nikki Moore, who has been keeping in touch with all 30 of our employees was able to relay this information to me. I was able to drive to the convention center and pick up our employee and his family and provide shelter at our credit union. There, they will have much more privacy, be able to take a hot shower and clean up, get some food, and figure out their next move."
Several other Houston credit unions also reported their employees had to abandon their homes or had their homes damaged by the flood.
"We ( my management team, board and I) are keeping in touch with all staff daily and more often as needed," Keith L. Kearney, president/CEO of the $187 million InvesTex Credit Union. "As you might imagine, it is not safe for staff or members to be on the road. We prepared well with all our staff and notification to our members, however, mobility is severely restricted. We are doing what we can, when we can and focusing first on safety."
Many credit unions report their employees who are able to work remotely from their homes are posting ACH transactions and running other back office operations that are supporting online and mobile banking demands. Houston credit union CEOs also reported that their ATMs are functioning though many do not know yet if the flood has damaged their branches.
"Many of the credit union CEOs are in communication with each (other) through an ongoing chain email started by Kenny Harringotn, CEO of (the $203 million) MemberSource CU, which has been extremely helpful," Kearney noted.
Adams of SPCO CU also found the email chain helpful with tips and advice and how the flood has impacted different areas of the city.
It appears, however, that most branches have not been damaged by water, though executives won't know for sure until they are able to access them.
While Member Trust of the Southwest FCU has been able to serve members out of its Stephensville branch, its Houston location was closed Tuesday and will remain closed on Wednesday. Brian Gilbert, president/CEO of the $123 million MTFCU, said the Houston office has not been damaged.
Steve Gilman, president/CEO of the $263 million Houston Texas Fire Fighters Credit Union, said water has crept up to the front steps of the cooperative's three branches but the water has so far not seeped into the lobbies.
Kearney of InvesTex CU said all of his branches have power and have not been damaged. Rohden of Space City also reported his two branches have power and have no damages.
"We hope to have a skeleton crew together early Wednesday in order to open offices" Rohden said. "But it all depends on the freeway flooding. So it depends on how fast the water recedes."
"Even after this storm ends later this week, we still expect an extended recovery period," Gilman noted.
In addition to waiving any late fees for members, credit union CEOs also said they plan to relax their some of their underwriting standards to help members and employees secure loans quickly to help them recover from the flood's devastation. In addition to loans to help people repair their homes and replace personal items, Adams expects a huge demand for used and new auto loans.
"There are a lot of people in shelters," Kearney said. "I'm sure that any relief offered will be well received."
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