By Lisa Hochgraf
It goes without saying that there has been a lot of snow in the eastern United States this week. Attendees here at CUES Symposium: A CEO/Chairman Exchange in Phoenix have been monitoring not only their likely departures (one had been rescheduled three times as of breakfast this morning), but also whether their credit unions should stay open.
CUES member Ray Del Nero, president/CEO of $1.3 billion Merck Employees Federal Credit Union, Rahway, N.J., says his decision is tied to the decision of the CU's sponsor, Merck. If the large pharmaceutical shuts down, so does the credit union. Both organizations closed their doors today.
CUES member Lena Matthews, president/CEO of $349 million Financial Resources Federal Credit Union, Bridgewater, N.J., says her staff reports a weather forecast for 18 inches of snow by mid-day. She calls shutting down today "a no-brainer," and notes that Affinity Federal Credit Union, a $1.8 billion credit union in her market, had also shut down.
So how do you make the shutdown decision? In alignment with your sponsor? Based on the competition? Other factors?
Lisa Hochgraf is a CUES editor.
