JACKSON, Miss. – HOPE, a joint enterprise of Hope Credit Union and Hope Enterprise Corporation, has been named a finalist in The Wall Street Journal Financial Inclusion Challenge for its work to bring opportunity to small towns in the Mississippi Delta.
HOPE is one of three finalists from more than 120 entries in the first U.S. iteration of the Journal’s Financial Inclusion Challenge. A winner will be selected in New York City on May 9.
“Over the coming weeks, the Wall Street Journal will shine a light on the importance of financial inclusion in America. We are proud to be part of this effort,” said HOPE CEO Bill Bynum in a statement.
After acquiring donated bank branches, HOPE opened locations from 2014 to 2015, in Drew, Itta Bena, Moorhead and Shaw – all severely distressed Mississippi towns with populations of approximately 2,000 people, the credit union reported. All four communities are located in counties where the poverty rate has eclipsed 20% for more than three decades. In three of the four towns, HOPE is the only financial institution.
“Within a short period, HOPE has dramatically expanded the range of financial products and services available to area residents, and now serves more than 50% of the population, far exceeding the former bank’s market penetration.
“These communities have long been neglected. The entire region is on the wrong side of all indicators of well-being,” said Bynum. “We are committed to bringing opportunity to where it is needed most.”
According to the credit union, nearly 25 years ago, the Enterprise Corporation of the Delta began pursuing its mission of strengthening communities, building assets and improving lives in 55 Delta counties. Today, HOPE serves distressed people and places throughout Alabama, Arkansas, Louisiana, Mississippi and Tennessee – a region that is home to more than one-third of the most impoverished counties in the nation.
“While we have changed our name, broadened our services, and expanded our territory, our mission remains the same,” Bynum said. “So, does our commitment to the Delta.”
The $279-million HOPE FCU has more than 44,000 members, 69% of whom were previously unbanked or underbanked, the Cu reported.
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