Flood status of Iowa CUs updated

DES MOINES, Iowa, and MADISON, Wis. (6/16/08)--Several credit unions in Iowa Friday reported closing or relocating due to extreme flooding in the area. Meanwhile, CUNA Mutual Group was assessing the impact caused by flooding in Iowa, Wisconsin, Minnesota, Illinois and Indiana.

More than 20 credit union locations have been affected by the flooding in Iowa. The most severely impacted are those credit unions residing in Cedar Falls, Cedar Rapids, Des Moines and Waterloo. Those reporting changes in operation, as of Friday:

• Alliant CU, Dubuque, closed its Cedar Rapids branch;
• Cedar Falls Community CU, Cedar Falls, reopened downtown branch Friday;
• Collins Community CU, Cedar Rapids, closed seven branches yesterday and reopened five today;
• Community 1st CU, Ottumwa, closed the Amana branch and two Cedar Rapids branches;
• Des Moines Metro CU, Des Moines, relocated to First Class and United Service CU;
• First FCU, Cedar Rapids, reported one branch under water;
• Iowa Community CU, Waterloo, reported the Waterloo branch as under water. The Cedar Rapids branch is closed and has been relocated to Collins branch;
• Metco CU, Cedar Rapids, relocated to Quaker Oats;
• Midwest Utilities CU, Waterloo, closed;
• Nishna Valley CU, Atlantic, reported that long distance phone lines down Thursday were back up Friday;
• Quaker Oats CU, Cedar Rapids, closed at noon Thursday and reopened Friday;
• University of Iowa Community CU, Iowa City, closed the Iowa Memorial Union branch; and
• Veridian CU, Waterloo: closed the downtown Lafayette branch.

The Iowa Credit Union League continued to receive reports from Iowa credit unions affected by the flooding and will continue to provide support as needed. "Credit unions are executing their disaster recovery plans to the best of their ability, but no plan can completely account for the 500-year flood we're experiencing in Iowa," said Murray Williams, vice president of the Iowa Credit Union League.

As rains continued to fall in the Midwest Thursday and Friday, more flooding was expected. CUNA Mutual Group was focusing its efforts on Iowa and Wisconsin. "Although the affected area is widespread, our particular focus is in Iowa and Wisconsin, where several whole communities have been evacuated," Phil Tschudy, media relations manager at CUNA Mutual, told News Now.

He noted that because flooding is covered by federal insurance, there likely will be only a few coverages that will come into play for credit unions. However, "staff from our property and casualty claims area are continuing to contact credit unions in the affected areas to see how they are doing and to determine how we might be able to help," he said.

As of Friday, "we have only a few policyholders reporting minor water damage; however, that will likely change as flood-related evacuations are occurring from Cedar Rapids to Des Moines, Iowa." He noted that federal officials were warning residences along the Mississippi River to be prepared for the worst flooding in 30 years.

CUNA Mutual added a new Disaster Recovery Team link to its home page on cunamutual.com. It provides information credit unions need if disaster strikes and links to information on disaster prevention and preparation.

Credit unions with damage claims can contact CUNA Mutual's Disaster Response Claims at 800-637-2676, which is available 24/7/365.

courtesy of cuna.org