Burbank Credit Union Copes With Disney Layoffs

Partners Federal Credit Union has launched programs to help its members who face furloughs and layoffs from Walt Disney Co. in Burbank.The credit union, also in Burbank, serves about 180,000 members, with 65,000, or nearly 45 percent, Disney employees. On Sept. 29, Disney announced plans to lay off 28,000 workers.“We don’t know yet what percentage of our membership is furloughed or laid off from the recent announcements, as it’s still unfolding,” Executive Vice President Michael Terzian told the Business Journal in an email.Since March, Partners has waived more than $360,000 in fees for its members and originated nearly 3,000 zero-interest loans, Terzian said. Roughly 115,000 consumer and home loans have been deferred.“Over the last seven months, Partners has been actively assisting its members during these unprecedented times,” Terzian added in an email to the Business Journal. “This Member Assistance Program (MAP) has been refined over the years to address natural disasters such as wildfires and hurricanes that regularly impact our geographic footprint.”Disney sponsors the credit union, which has offices in California and Florida and $2.1 billion in assets.