JACKSON, Miss.–In a combination representing two CUs in opposite capital positions, Hope Credit Union said it plans to merge in the Atlanta-based 1st Choice Credit Union in Atlanta, which it is already operating.
The $32-million 1st Choice CU has approximately 8,600 members, and has branches at Grady Hospital and in the historic Sweet Auburn Historic District.
The credit union posted a loss of $835,466 as of Q1, with negative net worth of -0.07%, according to its 5300. It posted a $2.56 million loss at year-end 2024, with capital at 2.52%.
The $739-million Hope CU, which has approximately 40,600 members, had $120,004 in net income at midyear, with net worth of 20.48%.
About the FOM
1st Choice serves employees of the Grady Health System, and is affiliated with the Morehouse School of Medicine, Emory School of Medicine, Southside Health Care Inc., Atlanta Life Insurance Company, and South Fulton Community Development Corporation.
Hope Credit Union, with its affiliates Hope Enterprise Corporation and Hope Policy Institute (collectively known as HOPE), combine to “form one of the nation’s most impactful community development organizations and largest Black- and women-owned financial institutions,” the credit union said.
Looking Forward
“1st Choice was founded in 1946 as Hospital Authority Credit Union to improve the financial health of Grady Hospital employees, their families, and our neighboring communities,” Billy Wright, CFO with Grady Health System, said in a statement. “We look forward to partnering with Hope Credit Union to continue and expand this 79-year legacy.”
Added HOPE CEO Bill Bynum, “The foundation laid by 1st Choice, and being in Atlanta, presents exciting opportunities to expand our alliances with healthcare providers, HBCUs, and other anchor institutions that are vital to a community’s wellbeing. This partnership will substantially advance our goal of catalyzing an ecosystem across the Deep South where everyday people have the resources they need to prosper.”
Expanded Presence
HOPE CU, which has merged in other CUs around the country, noted that with its most recent combination it will have locations in urban and rural communities throughout the Deep South, including Atlanta, Birmingham, Little Rock, Jackson, Memphis, Montgomery, New Orleans, and across the Mississippi Delta and Alabama Black Belt.
