June 30, 2014

NCUA charters new FCU in Mississippi

July 1, 2014 – NCUA on Monday approved a new federal charter for First Unity Federal Credit Union in McComb, Miss., which will be the first new federal credit union in the state since 1995.

First Unity plans to open in August and will serve people who live, work, worship or go to school in Pike, Walthall and Amite counties, which have a combined population of 70,000. The credit union will qualify for NCUA's low-income designation. Among its products will be unsecured loans and auto loans.

NCUA Board Chairman Debbie Matz said, "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. 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 also plans to apply for certification in the Treasury Department's Community Development Financial Institution program.