Church-Based CUs Have More Faith in Conglomeration

BIRMINGHAM, Ala. – Several area African-American parishes are planning to combine their credit unions into single community development institution. Two of the largest churches in the area, Guiding Light Church and New Hope Baptist Church, have already agreed to join the conglomeration, which they say is not quite a merger, Jefferson Community Development FCU and New Hope Community Development FCU. Other churches planning to participate are Ellwood Community Church in Selma, which recently started its own credit union, and New City Church in Birmingham. Organizers are looking at possible participation for as many as a dozen predominantly African-American churches in Birmingham that operate their own credit unions, most of them under $2 million in assets. The pastors plan to discuss their plans next week at the annual A.G. Gaston Conference in Birmingham.