JACKSON, Miss.-Fast-growing HOPE Community CU has agreed to acquire American Savings CU, an ailing Memphis, Tenn.-based community development credit union of similar size.
American Savings reported $1.5 million in losses on $48 million in assets in the third quarter and $2.9 million of losses on $55 million in assets for 2007. HOPE was chartered in 1995 as a small church project and has since grown to one of the most active CDCUs, with more than $64 million in assets. It reported net income of $165,000 through the first three quarters of the year.
The merger will give HOPE Community's sponsor, the Enterprise Corporation of the Delta, more than $200 million of assets through with 30 service locations in Arkansas, Louisiana, Mississippi, and Tennessee.
