1st Choice Credit Union of Atlanta, Ga., was merged into Hope Federal Credit Union, Jackson, Miss., Thursday following a nearly 15-month conservatorship by the National Credit Union Administration (NCUA).
The NCUA on Thursday said the merger was effective immediately.
The agency, in consultation with the Georgia Department of Banking and Finance, in June 2024 placed 1st Choice Credit Union, a federally insured, state-chartered credit union, into conservatorship and appointed itself conservator. The NCUA said it worked to address issues affecting the credit union’s safety and soundness and determined that merging it was in the best interests of the members.
1st Choice Credit Union was chartered in 1991, the NCUA said. It was a low-income-designated and minority depository 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.
At the time of the merger, 1st Choice Credit Union had 7,637 members and assets of $31 million, based on the credit union’s most recent call report, the NCUA said.
Before the merger, Hope Federal Credit Union served 40,628 members and had assets of $739 million, based on the credit union’s most recent call report, the agency said.
1st Choice Credit Union Merges into Hope Federal Credit Union
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