Banks and credit unions are in recovery mode a day after Hurricane Idalia pounded parts of the Southeast with heavy winds and torrential rain.
The $16.7 billion-asset Suncoast Credit Union activated its incident management team Monday, two days before Idalia made landfall near Keaton Beach, Florida, as a Category 3 hurricane. Suncoast closed eight branches near evacuation zones and delayed opening several others. Fortunately, the blow Idalia dealt was a glancing one, Chief Risk Officer Jackie Gilbert said Wednesday.
"At this time we are experiencing high tides, and flooding is increasing throughout the day," Gilbert said. "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 situation was much the same 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 said Wednesday.
While communities directly in Idalia's path sustained severe damage, "I think overall Florida was blessed," Alex Sanchez, president and CEO of the Florida Bankers Association, said Wednesday. "Now, we'll begin the recovery."
A big goal is to get as much help as possible to hard-hit banks, especially cash, which will be in high demand in areas without power, Sanchez said. "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 often buffeted by extreme weather events, financial institutions there have become adept at hunkering down and then bouncing back after a storm has passed. Idalia "was not our first rodeo," Cosgrove said. "We've been through this before. We're used to it. Our clients are used to it."
Suncoast has business continuity and emergency action plans in place, which it works to refine with information gathered during each weather event. Suncoast is able to serve most of its members' needs through interactive teller technology, remote care centers and mobile and online banking, even when branches are out of service, according to Gilbert.
In Georgia, Idalia brought heavy rain and strong winds to the south and coastal regions.
Georgia United Credit Union, based in Duluth, said that due to potential severe weather, and for the safety and well-being of its employees and members, it closed its Dublin branch at noon Wednesday because the area was under a tropical storm warning.
"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," said Kent Kimes, communications and public relations specialist.
Kimes said the rest of the $2 billion-asset company's 12 branches and corporate headquarters lie north of the immediate impacts of Idalia.
"We're hoping our fellow Georgians in the coastal regions are spared from her wrath and devastation," Kimes said.
