ALEXANDRIA, Va. — NCUA announced Monday that it has approved a federal charter for First Unity Federal Credit Union in McComb, Miss.
First Unity is the second new federal credit union granted a charter this year and the first new FCU in Mississippi since 1995.
"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 Board Chairman Debbie Matz in a statement. "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."
First Unity, which plans to open in August, will primarily serve people who live, work, worship, attend school and participate in associations located in Pike, Walthall and Amite counties, which have a combined population of nearly 70,000.
As a community credit union, First Union will be able to qualify for a low-income designation, according to NCUA. The new CU plans to offer a full range of deposit products, as well as unsecured loans and auto loans.
The low-income designation will allow the new CU 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.
First Unity also plans to apply for certification in the U.S. Department of the Treasury's Community Development Financial Institution program, giving the credit union access to ongoing grant funding opportunities to support its long-term plans.
First Unity is being supported by 38 organizations and individuals in its three-county area, including Anazia Medical Inc., which is providing cash, secondary capital, furniture, equipment and in-kind support.
NCUA's Office of Small Credit Union Initiatives, which provided guidance to the charter group throughout the chartering process, will continue to provide assistance to the new institution.
