Banks and cooperative credit union evaluate Hurricane Idalia damage

A flooded mobile house park after Hurricane Idalia made landfall in the Gandy area of St. Petersburg, Florida, on Wednesday.

Juan Manuel Barrero Bueno/Bloomberg

Banks and cooperative credit union remain in healing mode a day after Hurricane Idalia pounded parts of the Southeast with heavy winds and downpour.  

The $16.7 billion-asset Suncoast Credit Union triggered its event management group Monday, 2 days prior to Idalia made landfall near Keaton Beach, Florida, as a Category 3 typhoon. Suncoast closed 8 branches near evacuation zones and postponed opening numerous others. Fortunately, the blow Idalia dealt was a glancing one, Chief Risk Officer Jackie Gilbert stated Wednesday. 

“At this time we are experiencing high tides, and flooding is increasing throughout the day,” Gilbert stated. “We have experienced branch closings, but have suffered no damage to our facilities. We are pleased to report that all employees are accounted for.”

The circumstance was similar for the $36.8 billion-asset EverBank in Jacksonville, Florida. “I’m happy to report there hasn’t been too much impact on client services,” Senior Vice President and Head of Bank Communications Mike Cosgrove stated Wednesday. 

While neighborhoods straight in Idalia’s course sustained extreme damage, “I think overall Florida was blessed,” Alex Sanchez, president and CEO of the Florida Bankers Association, stated Wednesday. “Now, we’ll begin the recovery.”

A huge objective is to get as much assistance as possible to hard-hit banks, specifically money, which will remain in high need in locations without power, Sanchez stated. “Cash in these situations is king. Credit card machines and things like that are down. … I will be on it [Thursday] morning. We’ll be assisting those who need help in any way we can.”

With Florida so typically buffeted by severe weather condition occasions, banks there have actually ended up being proficient at hunching down and after that recuperating after a storm has actually passed. Idalia “was not our first rodeo,” Cosgrove stated. “We’ve been through this before. We’re used to it. Our clients are used to it.”

Suncoast has company connection and emergency situation action strategies in location, which it works to fine-tune with info collected throughout each weather condition occasion. Suncoast has the ability to serve the majority of its members’ requirements through interactive teller innovation, remote care centers and mobile and electronic banking, even when branches run out service, according to Gilbert. 

In Georgia, Idalia brought heavy rain and strong winds to the south and seaside areas.

Georgia United Credit Union, based in Duluth, stated that due to possible extreme weather condition, and for the security and wellness of its workers and members, it closed its Dublin branch at twelve noon Wednesday due to the fact that the location was under a hurricane caution. 

“We realize this can be a major inconvenience, but our online banking platform and mobile app are available 24/7 for these members affected by the storm — and all members — to conduct their banking business,” stated Kent Kimes, interactions and public relations professional.

Kimes stated the remainder of the $2 billion-asset business’s 12 branches and home office lie north of the instant effects of Idalia. 

“We’re hoping our fellow Georgians in the coastal regions are spared from her wrath and devastation,” Kimes stated.


A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

Related Articles

Back to top button