Northwest Community Credit Union Helps Lumber Mill Workers Facing Layoffs Find Financial Solutions
The credit union is working with each member to identify an action plan.
When Georgia Pacific Wood Products notified employees at its Coos Bay, Oregon, lumber mill that the facility was closing and layoffs would start in June, Northwest Community Credit Union was ready to help.
“Because our [membership] base is in the wood products industry, many Northwest Community members may be anticipating difficulties, either with personal funds or with payments, due to planned layoffs,” said Northwest Community Director of Consumer Lending, Corey Miller.
The Oregon-based credit union is working with members on a case-by-case basis to find solutions by extending loan payment dates, waiving fees, or providing financial assistance.
“Our loan advisors will look at the possible impacts of the layoff and identify a plan of action,” said Miller.
Which is exactly what happened when concerned members approached the credit union looking for options.
“I assisted one member who opted to wait until that time [of June layoffs], because they may find a similar paying job and ultimately not be affected,” said Northwest Community Loan Advisor, Jason Fisher. “But it is a great relief to him to know he has some steps to take immediately. He has a plan and some options, plus my direct line to call me for follow-up if needed.”
Member Service Specialist, Angie Smith, helped another member by getting a complete picture of his current finances.
“He worked for Georgia Pacific for 25 years and was not sure exactly how everything will turn out, but wanted to make sure his family was financially stable during this difficult transition,” said Smith.
The member brought in all his monthly bills, mortgage statement, and pay stubs. Smith worked with him to piece together ideas on ways the credit union could help, reviewing options for his debt, savings, and retirement. Smith also suggested the member work with a Northwest Community financial planner to review his 401(k).
“This is a life–changing event for this member and his family.” Smith said. “He has worked hard at his job and spent 25 dedicated years with the company. He must now venture out to look for a new job, transfer his 401(k), and contemplate multiple options to pay off his debt.”
The member has scheduled a follow–up appointment with Smith to create a plan of action. He was grateful for the assistance saying, “It’s a lot to take in, and I’m thankful for the credit union and their willingness to look at options to help me and my family.”
Northwest Community President and CEO, John Iglesias, summed up the credit union’s commitment to serving members in their time of need.
“We provide information, help you take action to prevent negative credit score reporting, or define other solutions if you are facing a challenge. Bottom line, we’re here to help,” said Iglesias.