In response to the recent announcement of indefinite idling of pulp and paper operations at Resolute Calhoun, we would like to make sure our members know that Bowater Credit Union is here to be a partner through this difficult time.
The credit union has established plans and policies in place to assist our members with their loans through a layoff. Options include 90 Day Payment Extensions (where the next due date is extended 90 days), 6 months of interest only payments, or loan restructuring for a lower payment.
The staff at the credit union emphasizes that we want any concerned or impacted members to contact us so we can provide opportunities to maintain their financial health. “We want all our members to know that we are here to help,” said CEO Matt Holden. “We want to talk to impacted members as soon as possible so that we can work together to reduce their concerns.”
One-on-one communication with each affected member is important, as different solutions will work best in different situations. If you are affected by this layoff, or you are unsure but would like to talk to someone about your options, please call us at 423-336-7268 and we’ll be happy to help.
“Our hearts go out to all of the employees and families of Resolute here in our hometown of Calhoun,” said Ginger Carter, COO. “We love our shared history and are grateful for the opportunity to serve and support this community.”
In the wake of the indefinite idling announcement from Resolute Forest Products, we’ve had several concerned inquiries asking if the credit union will be affected. Please know that the credit union will not be affected by this event any more than other layoffs in this community.
While we have a shared history with the paper mill, we are an independent business. We currently serve over 18,000 members and since 2009 anyone who lives or works in our area can open an account at Bowater Credit Union, not just employees of any specific company.
The good news is that these qualities put us in a position where we can help those members at Resolute who experience job loss. We want to talk to anyone who is worried about their loans here at the credit union. We have established plans that include delayed payments, reduced payments, and more.
Your credit union is financially sound, and we are here to help.