The $188 million Hope Federal Credit Union has officially taken over a former bank branch in a tiny Mississippi town.

The 29,000-member credit union, headquartered in Jackson, Miss., opened its newest branch in Terry, Miss., on July 3. Terry is located about 15 miles southwest of Jackson and reported a population of just more than 1,060 people in the 2010 census.

The credit union said the former bank branch adheres to its policy of establishing branches in U.S. Postal Service defined “bank deserts.” Bank deserts are ZIP codes without at least two bank or credit union branches.

“Today's celebration is a testament to what can happen when the community comes together to work towards a common goal,” said Hope CEO Bill Bynum. “We are excited to call Terry home and to announce the opening of our newest branch.”

Debra Hunter, the producer of local television show “Cooking with Honey & Friends,” praised the new location.

“I've been a member and maintained my business account with HOPE for a number of years and they've always provided high quality products and services,” Hunter said. “By opening a branch on Main Street, the credit union is not only bringing HOPE to downtown, but to all of the people who live in Terry.”