NCUA Hands Out Two More TIPs

ALEXANDRIA, Va.-HealthNet Federal Credit Union and Georgia Power Federal Credit Union were granted TIP-trade, industry, or professional-single occupational common bonds by NCUA in March. HealthNet’s new charter allows it to serve employees, independent contractors, or self-employed persons who work regularly in the health care industry in Shelby, Lauderdale, or Henderson Counties, Tenn.; Desoto, Lafayette, Union or Prentiss Counties, Miss.; and St. Francis, Mississippi, or Fulton Counties, Ark. HealthNet started out 50 years ago serving the employees of Baptist Memorial Healthcare Corporation and grew from there. Now, with the field of membership expansion, the credit union plans to open a branch in Southaven, Miss. this fall and join a shared branching network including 12 offices. It has assets of $32 million and currently serves 7,100 members in a three-state area. The potential membership is just over 14,000. Georgia Power was approved to serve the utilities industry in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, and Virginia with a potential for 21,000 members. The credit union had $57 million in assets at the time of the approval. NCUA has approved 14 TIPs in the approximately two years since it has been made available.