Atlanta-based 1st Choice Credit Union, which serves Grady Health System employees, announced in July that it will merge with Mississippi-based HOPE Credit Union and its affiliates, Hope Enterprise Corp. and Hope Policy Institute.
1st Choice currently manages over $32 million in assets and serves nearly 8,600 members. It operates locations at Grady Memorial Hospital and in the Sweet Auburn neighborhood and is affiliated with the Morehouse School of Medicine, Emory School of Medicine, Southside Medical Center, Atlanta Life Insurance Company, and the South Fulton Community Development Corporation.
1st Choice has been serving the Atlanta community since 1946, originally named Hospital Authority until 1991. According to Billy Wright, the chief financial officer of Grady Health System, its primary purpose was to serve Grady Hospital employees.
“We look forward to partnering with Hope Credit Union to continue and expand this 79-year legacy,” said Billy Wright, Chief Financial Officer at Grady Health System.
Hope Credit Union is a Black woman–owned financial institution founded in Jackson, MS, in 1994. Over 30 years later, the institution has served under-resourced communities in Alabama, Arkansas, Georgia, Louisiana, Mississippi, and Tennessee.
Hope Credit Union CEO Bill Bynum told The Atlanta Voice that this upcoming merger will open up new opportunities for 1st Choice members.
“I think Hope provides additional products and services that 1st Choice was not able to offer previously. We have a really strong mortgage department, and 90% of our mortgages are to first-time homebuyers,” Bynum said.
Bynum stated that this merger will help Hope fill a financial gap within many underserved communities of color.
“And so we have also seen that traditional banks are not in those communities in as strong a way as they should be. That leaves a gap, and Hope Credit Union exists to fill those gaps.”
Additionally, as the merger rolls out this fall, people can expect to see some new roles at the credit union.
“Staffing needs will be in the market, but we will be hiring in Atlanta,” said Bynum. “Every community has its unique characteristics, and so we will be bringing on colleagues who know Atlanta much better than I do.”
The merger is expected to be completed this fall.
