Hope Community Completes American Savings Merger
Nearly a year in process, the $117 million Hope Community CreditUnion, a Jackson, Miss. community development CU, has completed amerger with Memphis-based American Savings Credit Union.
The combined CU has more than 11 branches in Tennessee,Mississippi, Arkansas and Louisiana, and 46,000 members.
“The merger of these two entities forms a larger, strongercommunity development financial institution that serves workingfamilies throughout the Mid-South,” said Bill Bynum, president/CEOof Hope. The merger was completed last January, but final signageand marketing changes were made July 1.
Taking note of the financial struggles of members, Bynum said themerger provides new resources for consumers “trying to weather thecurrent financial crisis and a difficult financialenvironment.”
American Savings experienced operating problems in 2008. Bynum saidHope Community has had merger conversations with other creditunions serving low- and moderate-income families in theMississippi/Arkansas market “because there is potential forgrowth.” In the meantime, he said Hope is concentrating on “helpingthe rebuilding effort,” focusing in particular on coastalcommunities in Mississippi and Louisiana recovering from hurricanedamage.
His Jackson CU was started in 1995 as a church project and wasjoined by a nonprofit sponsor, the Enterprise Corporation of theDelta. Over the years it has assisted more than 70,000 individualsand generated $1 billion in financing for entrepreneurs andcommunity development projects in the mid-South.
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