Residents Take Financial Future into Their Own Hands
Hinds County, MS – Hope Credit Union (HOPE) is working with residents of Utica and Edwards, Mississippi, to ensure that these Hinds County towns continue to have access to affordable, responsible financial products and related services in the long term. A broad coalition of elected officials, community leaders, businesses, and concerned individuals have engaged the credit union to establish HOPE branches in response to the closing of the towns’ only banks.
In May, BancorpSouth announced plans to close its doors at the end of August. Since that time, area residents have been concerned about the impact of the bank closings on the local economy. Many have also worried that the lack of access to financial services will have a disproportionate impact on elderly residents, and that payday lenders, check cashing operators and other high-cost providers may seek to fill the void.
“According to the FDIC, a higher percentage of Mississippians are unbanked and underbanked than in in most other states,” said HOPE CEO Bill Bynum. “Everyone wants to live in a nice neighborhood, a good education for their kids, and a job that pays decent wages. Affordable and responsible financial services are key elements that help make these things possible. At HOPE, we strive to make sure that people have access to these vital tools regardless of where they live.”
HOPE has established a temporary location at Utica City Hall to open accounts, and plans to open a modular branch in the coming weeks as it finalizes plans for a permanent facility. Credit union staff is reaching out to area organizations and participating in community events to learn more about the area and tailor its services to the needs of local families and businesses.
“It has been rewarding to see the reaction of people here in the community,” said HOPE Branch Manager Felicia Lyles. “They want to see their town remain prosperous and they know a convenient banking option is an important part of the equation.”
A community meeting will be held at the Bonner Campbell College in Edwards at 6:00 p.m. on Monday, August 22, to talk with residents about the steps needed to establish a HOPE branch there.
“In many ways a credit union is like a bank. We offer similar products and services, and our deposits are federally insured,” said Bynum. “At HOPE, our mission sets us apart – we target less populated, less affluent areas that are often underserved by traditional financial institutions. Another difference is that credit unions are owned by its members. Consequently, all revenue earned by HOPE is reinvested in providing better, more affordable services to those member-owners.”
“We are committed to working with Utica and Edwards to respond to the loss of banking in their towns,” said Bynum. “However HOPE’s success, and the future of financial services in these towns, will ultimately be decided by the people in these communities.”
For more information about HOPE’s products and services or work in the Utica and Edwards area, people can call 1-866-321-HOPE (4673) or visit www.hopecu.org and search “Utica” or “Edwards”.