1st Choice Credit Union, based in Atlanta, Georgia, has merged into Hope Federal Credit Union of Jackson, Mississippi. The National Credit Union Administration (NCUA) announced that the merger is effective immediately.
The NCUA stated, “The new Hope Federal Credit Union members should experience no interruption in services, and member deposits remain protected by the National Credit Union Share Insurance Fund. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States. Members may visit the Share Insurance section of NCUA’s MyCreditUnion.gov website at any time for more information about their insurance coverage.”
Members who have joined Hope Federal Credit Union through this merger can contact the credit union at 601.944.1100 or visit its website for additional details on services and branch locations. Transactions can continue at former 1st Choice Credit Union branches or by calling 404.832.5800.
The decision to merge followed actions taken earlier this year when the NCUA placed 1st Choice Credit Union into conservatorship on June 14, 2024. This move was made in consultation with the Georgia Department of Banking and Finance after concerns arose regarding safety and soundness issues at 1st Choice Credit Union.
“The NCUA worked to address issues affecting the credit union’s safety and soundness and determined that merging 1st Choice Credit Union into Hope Federal Credit Union was in the best interests of the members,” according to an agency statement.
At the time of merger, 1st Choice had approximately 7,637 members and assets totaling $31 million according to its most recent Call Report. Established in 1991 as a state-chartered institution with low-income designation status, it served employees connected to several health systems in Atlanta as well as organizations such as Atlanta Life Insurance Company and South Fulton Community Development Corporation.
Hope Federal Credit Union previously served over 40,600 members with assets amounting to $739 million.
The NCUA serves as an independent federal agency responsible for regulating federal credit unions across the country. It operates under congressional authority with support from federal resources while managing deposit insurance coverage for more than 143 million account holders nationwide.
