1st Choice Credit Union, an Atlanta-based institution born from Grady Memorial Hospital nearly 80 years ago, is merging with a larger, more well-resourced financial firm.
The merger of 1st Choice with Mississippi-based Hope Credit Union will combine two Black-owned credit unions and could bring more financial resources to underserved parts of Atlanta, Bill Bynum, Hope CEO and founder, told The Atlanta Journal-Constitution.
“We are really excited about the opportunity to be a part of the Atlanta community,” Bynum said. “We know that there are a lot of other organizations that are serving the needs of historically under-resourced people in places across the city, and we feel like we can add value to those efforts and work in partnership with others who share our commitment to economic prosperity and inclusive economic mobility.”
Credit: Handout
Credit: Handout
The two firms had been talking about partnering for years, but eventually that evolved into a conversation about a potential merger after 1st Choice went through financial issues, Bynum said. The Atlanta credit union wanted to merge with a larger institution that could bring more resources and had a similar mission on the communities they serve, he explained.
1st Choice was founded in 1946 to serve employees of the Grady Health System. It has about $32 million in assets and 8,600 members, with branches at Grady and in Sweet Auburn. It is affiliated with the Morehouse School of Medicine, Emory School of Medicine, Southside Health Care Inc., the Atlanta Life Insurance Company and South Fulton Community Development Corp.
Hope has about $739.3 million in assets and more than 40,000 members, according to financial documents, and branches in five Southern states. It is one of the largest Black- and woman-owned financial institutions in the country, according to Bynum.
Alongside the credit union, the financial firm also has a loan fund and a policy institute. It has been managing 1st Choice since July and the merger is slated to be finalized in October, giving the firm its first footprint in Georgia.
Under the merger, 1st Choice will change its name to Hope Credit Union, but its branches at Grady and in Sweet Auburn will remain open and all staff will be retained, according to Bynum. The firm will be hiring new loan officers for mortgage and business lending, he said, and increasing outreach across the city to entrepreneurs, nonprofits, faith-based organizations and historically Black colleges and universities.
“I think the real change will be an increased emphasis on engaging with organizations that are a vital part of the ecosystem in historically underserved communities,” Bynum said.
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