Press

Second new credit union of 2014 to offer financial services in rural Mississippi

ALEXANDRIA, VA (June 30, 2014) — The National Credit Union Administration today announced the approval of a federal charter for First Unity Federal Credit Union of McComb, Mississippi.

“Residents and workers in three underserved rural counties in southwestern Mississippi will benefit from the affordable financial services First Unity will be able to provide,” NCUA Board Chairman Debbie Matz said. “I commend all the people who worked so hard on First Unity’s federal charter application. This is an important investment in the people and the communities they will serve.”

First Unity will primarily serve people who live, work, worship, attend school and participate in associations located in Pike, Walthall and Amite counties in Mississippi. These three counties had a population of 68,978 in the 2010 census.

The new charter will also serve persons participating in programs to alleviate poverty or distress in the three counties, incorporated or unincorporated organizations located in or maintaining a facility in any of the counties, employees of the credit union and members of their immediate households, and spouses of persons who died while within the field of membership and organizations of such persons.

First Unity will be a community credit union and qualifies for a low-income designation. The credit union expects to open its doors in August. During its first year of operations, the credit union plans to offer:

The low-income designation will allow First Unity to accept secondary capital and non-member deposits, obtain grants and loans from NCUA’s Community Development Revolving Loan Fund and qualify for certain exemptions from statutory limits on member business lending. Additionally, First Unity plans to apply for certification in the U.S. Department of the Treasury’s Community Development Financial Institution program, giving the credit union access to ongoing grant funding opportunities to support its long-term plans.

First Unity is being supported by 38 organizations and individuals in the three-county area, including Anazia Medical, Inc., which is providing cash, secondary capital, furniture, equipment and in-kind support. First Unity is the second federal credit union chartered in 2014 and the first new federal charter in Mississippi since 1995.

NCUA’s Office of Small Credit Union Initiatives, which provided guidance to the charter group throughout the chartering process, will continue to provide assistance to the new credit union.

NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 97 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. AtMyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.