Press Releases
May 2nd, 2013
HOPE will be a key part of the Delta Regional Caucus’ Annual Conference on Thursday and Friday at the Clinton Presidential Center in Little Rock, Arkansas. HOPE will be providing insights on issues relating to bank deserts and highlighting progress toward the commitment it made last year at the Clinton Global Initiative America in Chicago. HOPE joins other Community Development Financial Institutions to address needs in the region and share successful strategies for strengthening communities, building assets, and improving lives. HOPE will be addressing its efforts to serve unbanked and underbanked families and communities. Others scheduled to speak at the conference include gubernatorial candidates Asa Hutchinson, Mike Ross, Bill Halter and Curtis Coleman; Gov. Mike Beebe; U.S. Senators John Boozman, R-Ark., and Mark Pryor, D-Ark.; and U.S. Representatives Tom Cotton, R-Dardanelle, and Rick Crawford, R-Jonesboro. In a pre-conference announcement HOPE’s accomplishments since the CGI America commitment were highlighted. During that time, HOPE has increased it number of member-owners by more than 4,000, and closed more than 1,300 loans totaling more than $42.6 million. The credit union also established a permanent branch in Utica, Mississippi, after the only bank in the city closed. Additionally, the organization expanded access to underserved communities by launching a new, feature-rich mobile banking application in December that already has more than 1,300 users. HOPE will also be opening a new micro branch Pine Bluff in collaboration with the University of Arkansas at Pine Bluff. See two articles about the event. Arkansas News: Over $200 Million in Delta Investments Announced Times Record: Caucus Announces More Than $200 Million in Delta Investments Visit the event’s website: http://www.mdgc.us/
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April 18th, 2013
Credit Union Highlighted for Creating Economic Opportunities, Financial Inclusion HOPE (Hope Enterprise Corporation/Hope Credit Union) and the Mississippi College Savings Account program will be featured on the Friday, April 19, episode of Need to Know, a nationally broadcast Public Broadcasting System news magazine. In recognition of financial literacy month, the show highlights how the program helps families overcome the challenges of paying for advanced education, and how HOPE is creating solutions for low-wealth individuals and economically distressed communities. HOPE CEO Bill Bynum was interviewed for the program. “Need to Know provides a great forum for bringing attention to the tremendous need for responsible financial services that help families prosper during these difficult financial times,” said Bynum. “As more and more Americans find themselves outside the banking system, innovative solutions and institutions like HOPE are critical to creating ladders of opportunity for struggling families.” Need to Know correspondent Stacey Tisdale provides an in-depth report on the MS CSA, a program designed to help low-income children save for college – and teach them about banking and money along the way. The crew recorded the students making field trips to the credit union, a grocery store, and a college campus. The MS CSA program seeks to address the gap in educational attainment affecting low- income and minority students in Mississippi, where less than 15% of 9th graders end up transitioning to and completing college. The two-year pilot project will help more than 500 families develop good saving habits, create a financial nest egg, and pave the way for college. As part of the story, Lasonia Christon, whose child is part of the MS CSA program, describes how the program is helping her create a brighter future for her children with the savings program. In addition to building a college fund for her twins, Christon has also made important financial decisions for herself. She had been unbanked prior to participating in the program, but is now a HOPE member with both a checking and savings account. HOPE is working with residents and leaders in communities that have been left behind by traditional financial institutions and provide new or continued access to low-cost, responsibly structured deposit accounts and loans. HOPE has opened new branches or merged with other credit unions that were in danger of closing in six markets across the region. HOPE is also introducing or enhancing convenience services such as online, mobile, and telephone banking as well as self-service kiosks that allow residents and businesses in rural areas to manage their finances without geographic barriers. In another segment, anchor Ray Suarez interviews Richard Cordray, the head of the Consumer Financial Protection Bureau (CFPB). Bynum currently serves as the Vice Chair of the CFPB Consumer Advisory Board, bringing his nearly three decades of experience in community development finance to assist the agency in its efforts to help consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic […]
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March 29th, 2013
HOPE Members Gather to Hear Successes, Future Plans HOPE made great strides for its members during the past year and is continuing efforts to strengthen communities, build assets, and improve lives in the Mid South. Hope Enterprise Corporation and Hope Credit Union held the annual membership meeting on Saturday, March 23, to review accomplishments last year and to share plans for 2013. During 2012, HOPE significantly expanded and enhanced services that benefit its membership and position the organization to extend its reach into more underserved communities. Upgrades to online and telephone banking systems and the introduction of the new HOPE Mobile smartphone app launched in December provides greater convenience and easier account access and management. Despite continued economic uncertainty and decreased lending from mainstream banks, HOPE set records for commercial, mortgage, and direct consumer lending. The credit union also introduced a new payday loan alternative that helps borrowers escape predatory lending relationships and improve their credit. The coming year will see HOPE continue efforts to reach families and businesses in economically distressed areas. Additional improvements are planned for electronic services and using those tools as avenues for building membership in non-branch markets. The organization will continue to fight the spread of bank deserts across the region, finance businesses that create jobs, and help provide solutions for homeownership and affordable housing. See the full presentation from the meeting.
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March 29th, 2013
Organization Supports Effort with Lending, Affordable Housing Development HOPE (Hope Enterprise Corporation/Hope Credit Union) has helped launch Home Matters™, a national movement to build public support for the essential role that Home plays as the bedrock for thriving lives, families, and a stronger nation. Home Matters is spearheaded by the National NeighborWorks® Association (NNA), a coast-to-coast coalition of housing and community development organizations, other nonprofits, companies, and the public at large. The launch took place in Washington, DC, where HOPE CEO Bill Bynum joined nearly 200 NNA members in meetings with Secretary of Housing and Urban Development Shaun Donovan and a bipartisan group of Senators and Representatives. “The housing needs confronting residents in the Mid South and across the nation are urgent and demand attention,” said Bynum. “Home Matters shines a light on the critical role that homes play in stabilizing and strengthening families, communities, and the overall economy.” As it expands, Home Matters will go beyond housing and illuminate the connections between stable housing and other important facets of American life such as: Individual Success: Home recharges adults and children alike for the day ahead. Education: Children in stable homes learn and achieve more in school. Health: Healthy habits take root more easily in stable affordable homes. Public Safety: Stable homes make communities safer. A Strong Economy: Homes that are affordable are crucial to a vibrant job-generating economy. HOPE supports affordable housing and home ownership with responsible mortgage lending, providing financing to developers of quality low-income rental properties, and counseling to help borrowers become successful homeowners and help struggling families avoid foreclosure. The principals of Wishrock Investment Group (a joint venture between The Wishcamper Companies and Rocky Mountain Development Group) are national developers of affordable housing, have built or rehabilitated more than 12,000 quality low-income residential units, with over 1,200 units in the Mid South. “We understand the tremendous need that families have for a decent place to live that is affordable to them,” said CEO Rick Wishcamper. “Because of HOPE’s deep commitment to building strong communities and their innovative and flexible financial tools and programs we view them as one of our most valuable partners in our development work in the Mid South.” HOPE’s affordable housing work is critical in the Mid South, the nation’s poorest region. HOPE serves individuals and markets that are often neglected by mainstream financial institutions. The majority of HOPE’s mortgages made in 2012 were high-impact loans: 77% minority borrowers 57% female borrowers 56% low-income borrowers 82% first-time homeowners HOPE was also involved in the development of more than 617 affordable rental units for low-income families in 2012. ### HOPE is a regional financial institution, community development intermediary and policy center that provides affordable financial services; leverages private, public and philanthropic resources; and engages in policy analysis in order to fulfill its mission of strengthening communities, building assets, and improving lives in economically distressed parts of the Mid South. Since 1994, HOPE’s efforts have generated over $1.7 billion in financing and benefited more than […]
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February 25th, 2013
During America Saves Week, HOPE Encourages People to Set a Goal, Make a Plan and Save Automatically America Saves Week, February 25 – March 2, 2013, is an annual effort to promote good savings behavior and a chance for individuals to assess their own saving status. Through partners like HOPE, millions of individuals learn the importance of saving. The credit union understands the critical need to encourage more Americans to build wealth, not debt. We are showing our commitment to helping others save as a participating organization in America Saves Week. Did You Know? Fewer than 50% of Americans say they have a savings plan with specific goals. Only 66% of Americans spend less than their income and save the difference. Only 66% of America have sufficient emergency funds for unexpected expenses like car repairs or a doctor’s visit. Finances are the #1 cause of stress, which leads to higher healthcare costs for companies and negatively impacts employee productivity and morale. Employees who learn how to effectively save are more empowered, more engaged, and more satisfied with their compensation, benefits, and overall jobs. More than 1/5 of all eligible employees do not participate at all in their company’s retirement savings plan Nearly 73% of students surveyed have resorted to at least one “risky” financial behavior, such as making out credit card limits or not paying bills on time. Nearly one in five students surveyed has used some extreme strategy for meeting day-to-day financial needs, such as taking out payday loans or using one credit card to pay another card.
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February 15th, 2013
Fresh Food Financing Initiative Brings Another Grocer to New Orleans HOPE Part of Continuing Effort to Address Access to Healthy Foods NEW ORLEANS, LA—HOPE has joined New Orleans Mayor Mitch Landrieu and The Food Trust to announce major funding from the New Orleans Fresh Food Retailer Initiative (FFRI) for a redevelopment project at Broad and Bienville streets focused on community health and economic development that will be anchored by a 25,000-square-foot Whole Foods Market. The project is being developed by Broad Community Connections, a nonprofit organization working to revitalize Broad Street from Tulane Avenue to Bayou Road, and L+M Development Partners, a developer of affordable, mixed-income, and market-rate housing. The 60,000-square-foot property at Broad and Bienville is the former site of a Schwegmann’s supermarket and Robert’s Fresh Market. Whole Foods Market confirmed that it plans to open a store there that will be one component of a larger project and to hire approximately 80 to 100 people. The City is actively supporting the developers as they work to close on financing and bring the project to fruition. “HOPE is excited about this latest success in our efforts to foster healthy lifestyles and economic development in communities like those along the Broad corridor,” said HOPE CEO Bill Bynum. “In addition to the nutritious food available here, the infrastructure improvements and jobs created will also contribute to the improved health and vitality of the area.” FFRI is offering a loan of $1 million to Broad Community Connections, of which, up to $500,000 will be forgivable. “Awarding this FFRI loan is an important step toward promoting a better quality of life for residents in this Mid City neighborhood and fostering healthier lifestyle habits for all of our citizens,” said Mayor Landrieu. “Projects like this create jobs, generate taxes, bring vacant properties back into commerce and reinvigorate neighborhoods. We look forward to more fresh food store openings in neighborhoods throughout our city.” The FFRI, launched in March 2011, plans to award $14 million worth of low-cost, flexible financing to enable vendors to open, renovate or expand retail outlets that sell fresh fruits and vegetables in lower-income areas of the city where access to fresh foods has been lacking. The City previously announced FFRI awards to the iconic Circle Food Market in the Seventh Ward and DaFresh Seafood Market in Central City. To fund the FFRI, the City is providing $7,000,000 in Disaster-Community Development Block Grant funds, which are matched by HOPE. In addition, the City is partnering on the initiative with The Food Trust, a national non-profit organization with a track record for administering innovative approaches to expanding access to fresh foods in Pennsylvania and New York. The Food Trust executive director Yael Lehmann said, “We look forward to continuing our work with the New Orleans community to revitalize the health of its residents and the health of its neighborhoods.” “Access to fresh foods and produce is vital to improving the health of our residents. The FFRI program is improving the quality of life […]
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January 16th, 2013
Program Helps Iconic Grocery Rebuild in Historic Community New Orleans, LA – HOPE (Hope Enterprise Corporation/Hope Credit Union) joined Mayor Mitch Landrieu, owner Dwayne Boudreaux, key partners and supporters at a groundbreaking ceremony to mark the start of an $8 million restoration of the iconic Circle Food Store. The project will create an estimated 75 new jobs, many directed to residents of the Seventh Ward and the bordering Treme neighborhood. The Circle Food Store, located at the corner of St. Bernard and North Claiborne Avenues, was incorporated in 1938 and for years provided groceries, prepared food, and services such as a pharmacy, a doctor, a dentist, a chiropractor, check cashing and banking, and a place to buy school uniforms. The store was a pillar of the community before it closed after being badly damaged by flooding following Hurricane Katrina. “The Circle Food Store was not only a full service grocery, it was a warm and welcoming community hub for generations of New Orleans residents and the first African-American owned and operated grocery store in our city,” said Mayor Landrieu. “Bringing it back is a major accomplishment, and we’ve reached this milestone because of the perseverance of Dwayne Boudreaux, who was determined to see The Circle Food Store return better than it was before. I commend him for never giving up on this iconic store.” The total estimated cost for the Circle Food Store restoration is $8 million, with funding from a variety of sources. The project received a $1 million loan from the Fresh Food Retailer Initiative (FFRI), managed by HOPE, with a forgivable amount of $500,000. “HOPE is proud to manage the Fresh Food Retailer Initiative and provide the financing that will help the Circle Foods Store return to serve local families and create jobs in the Seventh Ward,” said HOPE CEO Bill Bynum. “The fresh foods this neighborhood merchant provides will be one more part of what we’re doing to build healthy communities, create jobs, and stimulate economic development across New Orleans.” In addition to the FFRI loan, the City provided a $100,000 Economic Development Fund grant to the project. The project also includes a $1.7 million loan from First NBC Bank, a $1 million “PROP” loan from the Louisiana Office of Community Development, $2.2 million in Historic Tax Credit Equity, and $2.2 million in New Market Tax Credit Equity. Boudreaux, who took over the store in 1991, said, “After so many years of working to rebuild The Circle Food Store, it is wonderful to know that we’re we are beginning construction. The City’s support through the Fresh Food Retailer Initiative and the Economic Development Fund was instrumental in helping us get to this point, and the Berger Co. provided invaluable guidance through the funding process. Now, I look forward to the day when our doors open again for customers.” Interior renovations will bring an open, modern feel to the building. The drop ceilings have been removed to reveal wooden trusses and to allow in natural light from […]
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October 29th, 2012
During the week of October 29 students at Virden, Jones, and Westside Early Childhood Development Centers in Jackson will visit the Medical Mall and Terry Road branches. For the October 31 field trip, children are being encouraged to wear their Halloween costumes when they make their deposit. Some children will be making return visits to the credit union to add to their existing savings account while others will be opening an account for the first time. The program establishes an account at HOPE for each participating child enrolled at the participating centers. To give program participants a boost, MS CSA is matching any deposit up to $50 during the visits in addition to any funds contributed by the family. Accounts will be built with deposits from the child, family members, friends, and community organizations as well as interest and any program contributions that may be made over time. The MS CSA program seeks to address the gap in higher educational attainment affecting low- income and minority students in Mississippi, where less than 15% of 9th graders end up transitioning to and completing college. The program will help children create a financial nest egg, increase economic opportunity, and transform their aspirations for their own futures, including planning to attend college. Proceeds from the savings accounts can be only be accessed upon admission of the account holder to a postsecondary education program at an accredited institution, including a university, college, community college, trade school, or vocational training program. Money may be used to pay for educational expenses that include tuition, room and board, or other fees required by the educational institution.
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October 24th, 2012
Make an investment of your time and learn about managing your money wisely. HOPE is sponsoring a Financial Fitness workshop that will help you understand the best ways of taking care of your finances. We’ll cover: Creating a spending plan Understanding and improving your credit Maximizing your savings You can also learn more about HOPE’s full range of affordable, responsible financial products and services that can help you save money. Thursday, October 25, 2012 HOPE Utica Branch 106 East Main Street 6:00 PM – 7:00 PM Dilinda Brown from HOPE’s mortgage department will also be on hand to help you with questions about buying and owning a home. So come on out and join us for a great conversation about making your money work for you. We’ll have free refreshments and give away items for you to enjoy. Print the Flyer
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October 17th, 2012
October 18th is International Credit Union Day! HOPE and thousands of credit unions around the world continue to be a part of improving the lives of individuals, families, and communities. On October 18, take the opportunity to celebrate your HOPE membership, encourage friends and family to become members, or learn more about how a credit union can benefit you. With seven billion people living in the world, each passing moment provides an opportunity to help one another. By losing ourselves in a cause we believe in and are prepared to fight for, we can find both happiness and genuine success. Credit unions in 100 countries will celebrate International Credit Union (ICU) Day by banding together and appreciating their members. As a Hope Credit Union member, you belong to a global movement in which people help people. Worldwide, 188 million members experience the benefits of belonging to a financial cooperative that believes in and is willing to fight for this year’s message: “Members Matter Most.” Credit unions exist to serve you, the member, not to increase the bottom line. A focus on superb customer service and member satisfaction sets credit unions apart from other financial institutions. As not-for-profit cooperative institutions, credit unions return their earnings to members in the form of higher interest on deposits, lower loan rates, and fewer fees. Irrespective of the amount you have on deposit with HOPE, you are a member and an owner, with equal ownership and one vote. Members are never just numbers; your ownership empowers you and provides a voice. In addition to member ownership, credit unions offer education and training programs. Fifty-four percent of Americans ages 18 to 34 check their social media accounts daily, while less than one third do a daily check on their financial statements. Credit unions actively focus on creating fiscally responsible members through their wide variety of education programs, which positively impact savings and spending habits for a lifetime. Member ownership, education and training programs, and concern for the community are key cooperative values that differentiate credit unions from other financial institutions. Our people-first philosophy illustrates an underlying credit union message that will be celebrated this fall. ICU Day’s theme, “Members Matter Most,” conveys a simple message that strikes home in its ability to communicate our top priority.
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