JACKSON, Miss.—There is some good news coming out of the flood-stricken state of Mississippi, and that is credit unions, apparently, have been spared any damage to this point.
However, with more heavy rain expected to arrive Tuesday night and Wednesday, Charles Elliott, the president and CEO of the Mississippi CU Association, is hoping that situation does not change.
“Credit unions have been fortunate so far, but they are calling for more heavy rain. It’s just a matter of where it hits,” said Elliott, noting that 500 to 1,000 homes may have already been damaged by floodwaters.
The Pearl River in Jackson, the city hardest hit by the high waters, crested on Monday at 36.67 feet—the river’s third-highest crest on record. The river's highest level on record is 43.3 feet, set in April 1979. The next-highest level was 39.6 feet, set in May 1983.
“It got close to 37 feet this week, right on the borderline of really creating a very bad situation,” said Elliott. “But the bad news again is we're going to get two to five more inches of rain between now and Thursday night. That's the issue. If that rain falls north of Jackson, that’s really bad. If it stays in the Jackson vicinity and south, that’s not as bad. Tonight and tomorrow will tell the story.”