Credit unions in Ulsan and South Gyeongsang Province, together with the Credit Union Social Contribution Foundation, donated 50 million won ($35,900) to support flood recovery efforts in Geoje and Tongyeong. From left: Ko Young-cheol, chairman of the Credit Union Foundation, and Byeon Gwang-yong, mayor of Geoje. [Credit Union Central Federation]
Credit unions in Ulsan and South Gyeongsang Province, together with the Credit Union Social Contribution Foundation, donated 50 million won ($35,900) to support flood recovery efforts in Geoje and Tongyeong. From left: Ko Young-cheol, chairman of the Credit Union Foundation, and Byeon Gwang-yong, mayor of Geoje. [Credit Union Central Federation]

The Credit Union Social Contribution Foundation announced Monday that it had delivered a total of 50 million won ($35,900) in relief funds to Geoje City Hall to support recovery from heavy rain damage in Geoje and Tongyeong.

The donation ceremony at Geoje City Hall was attended by Ko Young-cheol, chairman of the foundation, board member Yu Un-ha, chairpersons of credit unions in Ulsan and South Gyeongsang Province, and Geoje Mayor Byeon Gwang-yong, all expressing their shared commitment to helping affected residents return to normal life as quickly as possible.

The fund combined 10 million won raised voluntarily by credit unions in Ulsan and South Gyeongsang Province with a 40 million won contribution from the foundation. The money will be entrusted to the Hope Bridge National Disaster Relief Association and used to support the livelihoods and recovery of residents in the affected areas.

"We extend our deepest condolences to the residents of Geoje and Tongyeong, who suffered serious losses from unprecedented torrential rains," Ko said. "We hope that the combined efforts of the Ulsan and South Gyeongsang Province credit unions and the foundation will offer even a small measure of strength to those working to rebuild their daily lives." Preliminary estimates put total damage from the downpours in the Geoje and Tongyeong area at around 42.2 billion won.

Meanwhile, the foundation has consistently partnered with credit unions nationwide to raise funds and provide financial support whenever major disasters strike, upholding the values of inclusive finance for local communities and ordinary citizens. Past relief efforts include 1.2 billion won for victims of the 2019 Gangwon Province wildfires, 2.1 billion won to support recovery from COVID-19 in 2020, 1.3 billion won for those affected by the 2022 Uljin-Samcheok wildfires, and 900 million won for victims of the 2025 wildfires in North Gyeongsang Province, South Gyeongsang Province and Ulsan.


won@heraldcorp.com