Wescom Credit Union Offers Aid to California Wildfire Victims Through Donations, Emergency Loans

Business Wire, Oct 26, 2007

PASADENA, Calif. -- Wescom Credit Union announced it is offering aid to the victims of the California wildfires. Through the WeCare Foundation, the Wescom employee-run charitable and volunteer organization, employees and members are able to make donations, which will be matched dollar for dollar by the Credit Union up to a total of $25,000. The funds WeCare receives will be donated to the American Red Cross California Wildfire Relief Fund. Members can make donations at Wescom's branches and through its website.

Wescom also provided volunteer assistance to support the San Gabriel Pomona Valley Chapter of the American Red Cross with its Wildfire Donation Drive at the Rose Bowl in Pasadena on Friday, October 26. Wescom employees assisted with the collection and the counting of the money at the drive. The Credit Union is handling the cash management of the funds for the organization.

In addition, Wescom is offering emergency fire loans to existing members who sustained losses due to the Southern California wildfires. Those members can obtain a personal, unsecured loan up to $5,000. For the first 90 days, the loan will have a 0% rate with no payment due. Wescom will also offer payment deferments for non-real estate Wescom loans.

Members must meet the credit union's underwriting guidelines to qualify and will receive the same rate regardless of credit score. After the initial 90 days, the loan rate will increase to 8.9% for the remaining term of the loan.

The emergency fire loan must be used to pay for property losses and fire-related expenses such as emergency housing, clothes and transportation. Funds may not be used to pay off or pay down an existing Wescom loan. Verification of the loss is not required if it is reasonable and the member lives in an affected area. Wescom members can call 888.493.7266, visit www.wescom.org , or stop by a branch for more information.

"We hope in a small way we can provide assistance to the victims of the wildfires, and are ready to help our affected members who will need financial assistance," said Darren Williams, president and CEO of Wescom Credit Union.

WESCOM CREDIT UNION is one of the largest credit unions in the country with more than $3.9 billion in assets. Established in 1934, Wescom is a not-for-profit, financial services cooperative serving more than 300,000 members at 51 branches throughout Southern California. Credit Union members have access to more than 25,000 free ATMs nationwide and a wide range of financial services, including free checking and free online bill paying. Membership is open to people living and working in Los Angeles, Orange, Riverside, San Bernardino, Santa Barbara, San Diego and Ventura counties.