ALEXANDRIA, Va. (7/1/14)--The second new credit union of 2014 has been approved by the National Credit Union Administration: First Unity FCU in McComb, Miss. The new credit union will serve individuals who live, work, worship, attend school and participate in associations located in Mississippi's Pike, Walthall and Amite counties.
The three counties have a total population of 68,978, according to the 2010 census.
The new institution will also serve individuals 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.
"Residents and workers in three underserved rural counties in southwestern Mississippi will certainly benefit from the affordable financial services First Unity will be able to provide," said NCUA Chair Debbie Matz. "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."
According to the NCUA, the new credit union will offer regular shares, share certificates, direct deposit, club accounts, notice accounts, share-secured loans, auto loans, non-member deposits, unsecured loans, other collateral loans, money orders, cashier's checks, travelers checks and savings bonds during the first year of operation.
First Unity FCU will be a community credit union and qualifies for a low-income designation, allowing it 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.
According to the NCUA, First Unity plans to apply for certification in the U.S. Department of the Treasury's Community Development Financial Institution program, giving it access to ongoing grant funding opportunities.
First Unity is the first new federal charter in Mississippi since 1995 and plans to open its doors in August.
The NCUA announced in April that it granted the first new federal charter of the year--a community charter to CommunityWorks FCU to serve people who live, work, worship or attend school in Greenville County, North Carolina, as well as businesses and other legal entities in the county.
The credit union's field of membership is nearly 475,000 people. The credit union plans to offer affordable financial services to individuals who currently are limited to high-cost alternatives.