Hurricane Dorian Forces Credit Union Closures in Four Southeastern States

As Hurricane Dorian roiled along the Southeast Coast, its heavy rains and stiff winds forced dozens of credit unions to close some of their branches on Thursday while hoping to reopen for business on Friday.

The Carolinas Credit Union League listed at least nine credit unions that shut down branches.

The $40 billion State Employees Credit Union in Raleigh, North Carolina’s largest cooperative, closed 27 branches as of Thursday morning and 37 more locations had closed by noon. Friday’s schedule is still to be determined, but members were encouraged to check the status of their local branches.

The $245 million Carolina Trust Credit Union in Myrtle Beach, S.C. also closed its eight branches on Thursday but plans to reopen them on Friday, if the weather permits. The exception is its Little River branch, which is in an evacuation zone, but it will reopen once the evacuation orders are lifted.

A few credit unions, like the $73 million Weyco Community Credit Union in Plymouth, N.C., decided to close up shop early on Thursday and will remain closed on Friday.

The League of Southeastern Credit Unions and Affiliates reported that approximately six credit unions closed some of their branches on Tuesday or Wednesday and reopened for business on Thursday.

In Georgia, at least 15 credit unions closed some of their branches on Wednesday and Thursday.

The leagues said they are prepared to assist credit unions. 

The devastation caused by Hurricane Dorian in the Bahamas has prompted the Worldwide Foundation for Credit Unions to initiate its first Project Storm Break response, which will send $10,000 to the Caribbean Confederation of Credit Unions. CCCU is matching that donation, providing for a total of $20,000 to be used for immediate assistance.

What’s more, the St. Petersburg, Fla.-based payments CUSO PSCU has pledged $25,000 to Project Storm Break this week. This is the largest donation to the fund to date, the Worldwide Foundation said.

Project Storm Break is accepting financial donations to support both the immediate needs of credit union members and staff and to address long-term rebuilding needs.

Donations can be made directly at the Project Storm Break page.

The funds will be distributed to help credit unions provide members and staff with emergency supplies, and help credit unions restore operations to provide cash and other financial services to their members.

CCCU has already identified one credit union that has suffered flooding up to the second floor of its building and continues to assess Dorian’s impact on credit unions on Grand Bahama and Abaco, the two Bahamian islands that suffered the most severe wind and flood damage.

The Worldwide Foundation, the charitable fundraising arm of World Council of Credit Unions in Madison, Wis., initially launched Project Storm Break at the 2019 World Credit Union Conference in the Bahamas to establish the forward-prepared fund to allow for an immediate response when natural disasters like Dorian strike.