1st Choice CU Merges Into Hope FCU

ATLANTA—The $31-million 1^st Choice Credit Union here has merged into $739-million Hope Federal Credit Union, based in Jackson, Miss., NCUA announced.

In consultation with the Georgia Department of Banking and Finance, the NCUA placed 1^st Choice Credit Union into conservatorship on June 14, 2024, and appointed itself as conservator.  NCUA worked to address issues affecting the credit union’s safety and soundness and determined that merging 1^st Choice Credit Union into Hope Federal Credit Union was in the best interests of the members, the agency explained.

Through June of this year, 1^st Choice has a negative net worth of -0.13%, Call Report data show.

At the time of the merger, 1^st Choice Credit Union was a state-chartered credit union with 7,637 members. Chartered in 1991, 1^st Choice Credit Union was a low-income designated and minority deposit institution and served employees, retirees, and former employees of various health systems in Atlanta, Atlanta Life Insurance Company, South Fulton Community Development Corporation, and members of the Getting Ahead Association.