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Expanded FOM Gives Memphis Area Teachers' CU Almost Half a Million Potential New Members

MEMPHIS - Memphis Area Teachers' Credit Union, the second largest state-chartered CU in Tennessee, has been approved by the Credit Union Division of the state Department of Financial Institutions to add the approximately 450,000 people in the Memphis area to its field-of-membership MATCU President/CEO Ray Algee said the credit union...

By Staff Writer | Updated on June 15, 2004

MEMPHIS – Memphis Area Teachers’ Credit Union, the second largest state-chartered CU in Tennessee, has been approved by the Credit Union Division of the state Department of Financial Institutions to add the approximately 450,000 people in the Memphis area to its field-of-membership MATCU President/CEO Ray Algee said the credit union considers the FOM expansion “the most significant milestone” in the CU’s history. “Our organization can now serve almost anyone in the Memphis area,” he said emphasizing the importance of the availability of MATCU membership to these consumers in light of “bank mergers and longtime names like Union Planters and NBC disappearing from the community.” In addition to the new group of consumers eligible to join MATCU, the credit union’s FOM includes: * employees and retired employees of educational facilities and companies related to education in Tennessee, DeSoto and Marshall counties in Mississippi and Crittenden County, Arkansas; * Residents in the 38016 and 38018 ZIP codes in Cordova; 38017 in Collierville; and 38138 and 38139 in Germantown; * family members of MATCU members; * all Federal employees and retired Federal employees; * college and university students in Tennessee; DeSoto and Marshall counties in Mississippi; and Crittenden County, Arkansas; * members of the Hispanic Business Alliance; and * all employees or retired employees of Member Area Transit Authority. Memphis Area Teachers has approximately $550 million in assets and currently has approximately 63,000 members.

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