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The $89.9 million Family Advantage Federal Credit Union, located about 30 miles south of Nashville in the small town of Spring Hill, Tenn., received word from the NCUA that the agency granted the credit union a charter expansion from two counties to 14.
In the announcement from FAFCU on Wednesday, officials said the charter and membership eligibility expansion goes beyond its historical two-county footprint of Williamson and Maury Counties and pushes the charter to anyone who lives, works, worships or attends school in Perry, Wayne, Hickman, Lewis, Lawrence, Giles, Marshall, Bedford, Lincoln, Moore, Coffee and Franklin Counties.
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The credit union's reach went from a population of 326,995 eligible members to more than 680,000 Tennesseans.
"Today, we serve approximately 8,000 members, more than $85 million in assets, and stay committed to our hardworking members and their families," FAFCU President/CEO John Kenley, IV said.
"We're focused on providing industry-leading products and services that will assist members in achieving their financial goals. This community charter expansion is integral in advancing our growth objectives. We've identified a strong need for trusted, reliable, accessible and affordable financial solutions amongst consumers of all types throughout the expansion demographic," he added. "We are extremely excited about the future of FAFCU. While it is a long and thorough process, NCUA's approval highlights our financial resilience and stability, strategic plan and commitment to serve this expanded market."
FAFCU is the second credit union to announce a charter and membership expansion in May.
On May 5, the York, Penn.-based Heritage Valley Federal Credit Union ($115 million in assets, 12,927 members) received permission to expand its charter and membership to an additional three counties in the southern part of the state. The expansion gave the credit union a giant boost of potential growth by allowing it to market to a population of an additional 635,000 people.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
