Update: Credit Unions Helping Members Impacted by Explosions

UPDATE: Monday, Sept. 17

In the aftermath of the natural gas explosions and closures of several credit union branches in the area, Digital Federal Credit Union activated the mobile branch to help serve members.

According to an email to CU Times, Ed Niser, Assistant Manager of Public Relations with Digital FCU said, “We’ve put in place a number of assistance programs to help these impacted members. Our goals are to provide temporary relief and to offer special loan options to help members repair and rebuild. As each member’s situation is unique, we will work with that individual to best address their needs. It’s not just rebuilding homes, but also helping to rebuild lives. We are offering deferred payments on both consumer and mortgage loans, personal loans up to $25,000 with reduced interest rates, the reimbursement of certain fees such as ATM transaction fees and overdraft fees.”

According to Niser, these services are being offered to members impacted by the natural gas explosions and Hurricane Florence.

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At least four credit unions have branches closed in Lawrence and North Andover, Mass. after a series of homes exploded Thursday evening in the area near the Massachusetts and New Hampshire state lines.

According to local authorities, about 8,000 people have been evacuated after more than three dozen fires and explosions occurred due to problems with the network of natural gas lines running through the area. The Massachusetts State Police say at least one person has died due to injuries sustained from one of the explosions.

CU Times has confirmed the following credit unions in the area are closed:

• Digital FCU, it’s N. Main Street branch in Andover, Mass.
• Metro Credit Union, it’s Lawrence branch.
• Merrimack Valley Credit Union, it’s corporate office, as well as the Lawrence and North Andover branches.
• NESC Credit Union, it’s Lawrence and Andover branches.

CU Times attempted several times to reach Andover Federal Credit Union in Andover, Mass. but no one answered the phones at the main office or the two branches.

CU Times spoke with Ed Niser, Assistant Manager of Public Relations with Digital Federal Credit Union early on Friday. “There’s no power at the branch and the area hasn’t been cleared by authorities at this time,” said Niser. According to Niser, the closed branch is staffed by 22 employees.

Digital FCU serves nearly 750,000 members with branches located in northern Massachusetts and southern New Hampshire, and it’s asset size is $8.6 billion. While Niser could not confirm what, if any, direct impact the explosions and evacuations have had on Digital FCU employees, he said, “We’re ready to support members and we’re active working ways to assist any way we can.”

Paul Gentile, president/CEO of the Cooperative Credit Union Association, which represents credit unions in Delaware, Massachusetts, New Hampshire and Rhode Island, said “We are doing everything we can to connect with credit unions to help and be of assistance.”

Niser stated, “It’s a difficult situation.” Adding, “our thoughts continue to be with those affected by yesterday’s events.”

He could not confirm what crisis or emergency plans had been activated as of now.

Massachusetts State Police and the National Transportation Safety Board are investigating the cause of the explosions.

CU Times will update this page with new information as we learn more.