First South Financial Credit Union stands as a beacon of financial stability and community service in the Mid-South region. Founded in 1957 to serve Naval base personnel in Millington, this member-owned institution has evolved into one of the strongest credit unions in Tennessee, serving over 72,000 members across multiple states. As of 2024, it ranks as the 11th largest credit union in Tennessee and the 554th largest nationwide, demonstrating its significant growth and impact on the regional banking landscape.
Institutional Overview
Financial Strength and Stability
First South Financial Credit Union has established itself as a paragon of financial stability, with impressive metrics that showcase its robust foundation:
- Total Assets: $765.97 million
- Total Loans: $524.22 million
- Total Deposits: $532.57 million
- Capital: $232.28 million
- Net Worth Ratio: 29.8% (significantly higher than the industry average of 13.93%)
- Texas Ratio: 1.62% (considerably better than the U.S. average of 5.83%)
These numbers reflect the credit union’s exceptional financial health and its capacity to serve members effectively while maintaining strong reserves for future growth and stability.
Membership Eligibility
First South Financial Credit Union serves a diverse community across multiple counties in the Mid-South region. Membership is open to individuals who:
- Live, work, worship, or attend school in:
- Tennessee: Shelby, Tipton, Fayette, Dyer, Madison Counties
- Mississippi: DeSoto, Marshall, Tate, Tunica Counties
- Select census tracts in additional Tennessee counties
Products and Services
Deposit Accounts
Savings and Money Market Accounts
First South Financial offers competitive rates on various savings products:
- Regular Savings Accounts: 0.05% APY (minimum $2,500)
- Money Market Accounts:
- 0.10% APY ($2,500-$2,999)
- 0.10% APY ($10,000-$14,999)
- 0.20% APY ($25,000-$29,999)
Certificate of Deposit (CD) Options
The credit union provides various CD terms with competitive rates:
- Short-term CDs (6-18 months): 0.40% – 0.55% APY
- Mid-term CDs (24-36 months): 0.60% – 0.65% APY
- Long-term CDs (48-60 months): 0.70% – 0.85% APY
All CD rates listed are for deposits of $100,000-$199,999, showcasing the institution’s commitment to rewarding larger deposits with better returns.
Lending Services
First South Financial Credit Union offers a comprehensive suite of lending products:
- Mortgage Loans
- Auto Loans
- Personal Loans
- Home Equity Lines of Credit (HELOC)
- Credit Cards
Digital Banking and Accessibility
Branch Network
First South Financial maintains 16 physical locations across its service area, providing convenient access for members:
- Bartlett (Administrative Center)
- Cordova
- Collierville
- Dyersburg
- Millington
- Southaven
- And multiple other strategic locations
Online and Mobile Banking
The credit union offers a full suite of electronic products and services, enabling members to:
- Access accounts 24/7
- Transfer funds
- Pay bills
- Deposit checks remotely
- Manage cards and security settings
- Access financial education resources
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Community Impact and Service Excellence
Member Testimonials and Reviews
Recent member reviews highlight several key strengths:
“First South Financial is a shining example of professionalism, commitment to community, and customer service. Their products are fantastic! When every other bank is paying pennies for their savings and checking accounts, First South is paying 6.25%!” – HappyMoney, July 2024
Community Involvement
As a member-owned institution, First South Financial demonstrates strong commitment to its community through:
- Financial education initiatives
- Community outreach programs
- Support for local businesses
- Partnerships with educational institutions
Conclusion
First South Financial Credit Union stands as a testament to the power of community-focused banking, combining financial strength with personalized service. With its extensive branch network, competitive rates, and commitment to member satisfaction, it continues to serve as a leading financial institution in the Mid-South region.
Ready to experience the First South Financial difference? Visit their website at www.firstsouth.com or call 901-380-7400 to learn more about becoming a member today.
Frequently Asked Questions
Q: How do I become a member of First South Financial Credit Union?
A: You can become a member if you live, work, worship, or attend school in their service area, which includes specific counties in Tennessee and Mississippi. Visit any branch with valid identification and proof of eligibility to open an account.
Q: What are the minimum deposit requirements?
A: Minimum deposits vary by account type. Savings accounts typically require $2,500 for the best rates, while CDs start at $10,000 for standard rates.
Q: Is First South Financial Credit Union federally insured?
A: Yes, First South Financial is insured by the National Credit Union Administration (NCUA), providing up to $250,000 in coverage per depositor.
Q: How does First South Financial compare to other financial institutions?
A: First South Financial ranks among the top 2% of financial institutions nationally, with a net worth ratio of 29.8% compared to the industry average of 13.93%.
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