Hope Credit Union Municipal Bond Purchase Fuels Mid-Delta Airport Improvements

THE CITY OF GREENVILLE & HOPE FEDERAL CREDIT UNION. (Jan. 18, 2023)- Mayor Errick D. Simmons today announced another key milestone in the transformation of the Greenville Mid-Delta Airport with the $11.673 million Hangar Improvement Project.

Last year, the City of Greenville entered a partnership with Greenville Kearns Aerospace Maintenance, Inc., to develop aircraft maintenance, repair, and overhaul facilities and provide related services. Included in the Project scope is the improvement, construction, and/or installation of Hangar 450 to support future maintenance, repair, and overhaul operations at the Greenville Mid-Delta Airport to create jobs and workforce development opportunities for the Delta region.

The Mayor and City Council approved the issuance of General Obligation Bonds of the City to finance the Project at the September 20, 2022, Council Meeting. The Bonds were privately placed with JP Morgan Chase Bank, N.A, which financed $5.252 million of the Project, and Hope Federal Credit Union, which funded the remaining $6.421 million. The financial close of the deal was November 3, 2022. In addition to the two banks, the mayor acknowledged the following financial partners on the successful issuance: Butler Snow LLP, as bond counsel, and Raymond James & Associates, Inc., as placement agent.

The Hangar Improvement Project is one of several improvement projects underway or about to begin at the Mid-Delta Airport. Improvements to Hangar 450 will help to make the airport a more viable economic asset for the city and foster future job creation and growth for the airport and the community.

Statement of Mayor Errick D. Simmons:
“This multi-million investment and partnership with Greenville Kearns Aerospace Maintenance (GKAM) with financial funding by Hope Federal Credit Union at Greenville Mid-Delta Airport will be a major economic driver for the entire Delta region. This administration’s prioritization of the airport will permanently improve our economic competitiveness in aviation and aerospace in a way that our community has never seen before. Further, this partnership with Hope Federal Credit Union sets a leading example that municipal governments can rebuild and forge brighter futures with “hope” in economic development and workforce development opportunities.

Statement of Chief Executive Officer of Hope Credit Union:
“Since opening our first loan production office in Greenville in 1994, HOPE has made loans to thousands of businesses in the Delta and across the Deep South. Partnering with the City of Greenville to finance the Hangar Improvement Project is an exciting opportunity to put HOPE’s investment portfolio to work in alignment with our mission of creating jobs and strengthening economies in places with such great untapped potential.”