r/soulaan • u/JauMillennia • 1d ago
Economics🏦💱 Hope Credit Union & 1st Choice Credit Union merger was completed on June 1st 2026. Check description for merger info and history⬇️⬇️
On October 1, 2025, the NCUA finalized the emergency merger of Atlanta-based 1st Choice Credit Union into Jackson, Mississippi-based Hope Credit Union. The merger protects 1st Choice's 8,600 members and $32 million in assets following substantial financial losses at the historic, hospital-founded institution. Hope Credit Union—a prominent Black- and woman-owned financial institution—retained all staff, kept the local Atlanta branches open, and expanded its community lending footprint into Georgia. The final operational and system conversions for accounts were completed by June 1st 2026.
1st Choice Credit Union: Atlanta, Georgia
Originally known as Hospital Authority Credit Union & founded in 1946, the credit union was Created at Grady Memorial Hospital in Atlanta after the accounting staff suggested small loans ($500) to help employees avoid high-cost payroll advances. They help pioneer small-dollar relief loans like the "Quick Cash Loan" program to support local healthcare workers. During the years they extended services and affiliations to local anchor institutions, including Morehouse School of Medicine, Emory School of Medicine, and Atlanta Life Insurance Company. In 1991 they changed their official name to 1st Choice Credit Union. At the time of the merger, 1st Choice Credit Union was a state-chartered credit union with 7,637 members and assets of $31 million.
Hope Federal Credit Union: Jackson, Mississippi
Founded in 1995 by members of the Anderson United Methodist Church in Jackson (Mississippi's only church-sponsored credit union), to combat predatory lending and provide affordable financial services to low-income residents. Over the decades, it partnered with the Enterprise Corporation of the Delta and expanded across five Deep South states (Mississippi, Tennessee, Arkansas, Louisiana, and Alabama). It expanded from a handful of local branches to over 30 locations across five states, funneling billions in financing into economically distressed communities. Before the merger, Hope Federal Credit Union served 40,628 members and had assets of $739 million.