Lizeth GeorgeThe Soul Community Federal Credit Union is expected to open its doors for business in early 2025.
The National Credit Union Administration (NCUA) recently granted a federal charter and National Credit Union Share Insurance Fund coverage to the Austell, Georgia-based financial cooperative.
The new credit union will be led by Darrius Butler. According to his LinkedIn page, he was a Regional Manager for First Citizens Bank for more than three years. He also worked for the Democratic Party of Georgia and was a self-employed as a campaign coordinating for seven years before he lost his bid for Georgia’s 8th District Congressional seat in November. Butler is also an Associate Minister for the City of Praise Church in Cartersville.
Soul Community Federal Credit Union will primarily serve people who live, work, worship, or attend school in the city of Austell, a low-income community, the NCUA said in its prepared statement. As a low-income designated credit union, Soul Community Federal Credit Union could be eligible, based on its field of membership, for a minority depository institution designation.
With a population of more than 8,000 and a poverty rate of 9.3%, according to the U.S. Census Bureau, Austell’s median household income is $67,500, compared to the state of Georgia’s median household income of $72,420. Sixty-three percent of Austell’s population own a home with a median value of $255,700.
More than 63% of Austell’s population is Black, 14.7% Latino/Hispanic, and 20% white, according to the U.S. Census. The community is about 17 miles west of Atlanta.
“The organizers of Soul Community Federal Credit Union have sought to make their community a better place by bringing residents of their city greater access to safe, fair, and affordable financial products and services,” NCUA Chairman Todd M. Harper said in a prepared statement. “Having a local institution like this one will fill an important need in Austell, a community of modest means that currently lacks access to mainstream financial providers. It’s a source of great satisfaction when the NCUA can help organizers bring their visions of greater financial security to life.”
The credit union will offer members basic savings and lending services, including share accounts, share draft accounts, online banking, auto loans and personal loans.
