Sometime in May, the $140 million Hope Federal Credit Union will pick up where a bank left off – opening a branch in Utica, Miss. a rural community of 900 that lost services to an industry pullback in 2011.
In this case, Hope FCU, a Jackson-based community development credit union, is refurbishing the site of a former BancorpSouth branch, one of 23 abruptly closed last year by the Tupelo bank as unprofitable.
"We've already had good reception from the community and we feel we can be successful," said William Bynum, president/CEO of Hope FCU which has branches in Mississippi, Louisiana, Arkansas and Tennessee.
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