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Old Banking Idea Gives People in the Delta New Hope

What’s happens when a country town goes flat? When all the good jobs leave, and businesses pull up stakes? Banks leave too. Entrepreneur Bill Bynum decided to use his knowledge and expertise to create a credit union for an impoverished delta town; it’s an alternative to a bank which is usually owned by just a handful of people.

A credit union instead is owned by the depositors themselves and is helping folks who’ve lost hope to pull themselves up by their bootstraps and invest back into themselves and their community.

When I lived in Washington State I belonged to a credit union. In the Portland area where I lived there were several of these institutions which had branches all over the area. I believe in the credit union idea so much that even though I left the Pacific Northwest and returned to New Orleans ten years ago and although I have an account at a New Orleans bank I still belong to that credit union. I know, sounds crazy but what the heck. Why not? Credit unions are popular in the northwest, in New Orleans not so much.

Bynum’s efforts with the Hope credit union idea has generated $1.7 billion for its members and directly helped over 400,000 people. Bynum was awarded the 2013 John P. McNulty Prize for his exceptional leadership.

Find out more by checking out this website Hope Credit Union

 

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