ATLANTA–NCUA said the $31-million 1st Choice Credit Union here, which had a negative net worth ratio at mid-year, has been merged into Jackson, Miss.-based Hope FCU, under whose name it is now operating.
The Georgia Department of Banking and Finance and NCUA placed 1st Choice Credit Union into conservatorship on June 14 of 2024, with NCUA acting as conservator. The agency said it worked to address issues affecting the credit union’s safety and soundness before determining that merging 1st Choice Credit Union into Hope Federal Credit Union was in the best interests of the members.
At mid-year, 1st Choice CU posted an $800,482 loss with a -0.13% net worth ratio. It had a $2.56 million loss at year-end 2024, when net worth was 2.52%.
At the time of the merger, 1st Choice CU had 7,637 members. The credit union was chartered in 1991 and was a low-income designated and minority deposit institution and served employees, retirees, and former employees of various health systems in Atlanta, Ga., Atlanta Life Insurance Company, South Fulton Community Development Corporation, and members of the Getting Ahead Association.
Hope Continues to Expand
The $739-million, Jackson, Miss.-based Hope Federal Credit Union of Jackson has expanded into numerous states beyond Mississippi and Georgia, and also has a presence in Alabama, Arkansas, Louisiana and Tennessee.
With the merger, Hope Credit Union will have approximately 48,000 members.
