New signage is going up today on multi-state branches of the old American Savings Credit Union of Memphis, which was formally merged this week into Hope Community Credit Union, of Jackson, Miss. now with $117 million in assets.
"The merger of these two entities forms a larger, stronger community development financial institution that serves working families throughout the Mid-South," said a press release.
The combined CU retains more than 11 branches in four states: Tennessee, Mississippi, Arkansas and Louisiana and 46,000 members.
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Taking note of the financial struggles of members, Bill Bynum, president/CEO of Hope, said the merger will provide new resources for consumers "trying to weather the current financial crisis and a difficult financial environment."
American Savings, a 50-year-old CU serving employees of International Harvester Co. and 200 SEGs in Tennessee, Mississippi and Arkansas, had its own operating problems in 2008 and eventually partnered with the Mississippi CU last January.
Hope Community, started in 1995 as a church project and joined by a nonprofit sponsor, the Enterprise Corporation of the Delta, said over the years it has assisted more than 70,000 individuals and generated $1 billion in financing for entrepreneurs and community development projects in the mid-South.
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