Southern Security Federal Credit Union

What Southern Security Federal Credit Union does

Southern Security Federal Credit Union is a federally chartered, not-for-profit financial cooperative founded in 1948 (originally to serve the Firestone Tire & Rubber Company in Memphis, Tennessee) and headquartered in Collierville, Tennessee. It serves more than 23,000 individual members across the Mid-South (Tennessee and Mississippi) through 7 owned branches, partnership with 500+ businesses and 300+ employer benefit plans, and access to 5,600+ shared branches nationwide via the CO-OP Shared Branch network. With $228 million in assets and a staff of 51-100 employees, it operates a member-owned model returning profits to members via lower fees and higher dividends.

The credit union's product platform spans core retail banking (checking, savings, money market, certificates, IRAs, youth accounts, holiday club), a full lending suite (auto, mortgage including specialized Physician and Executive products, HELOC up to 100% LTV, personal/signature, secured, and construction loans), credit cards (Rewards and Preferred Visa), business banking (checking, savings, real estate loans, lines of credit, installment loans, commercial mortgages), treasury management (Remote Deposit Capture, ACH disbursements, Positive Pay, merchant services), and insurance/wealth add-ons (TruStage life/auto/home, GAP, Mechanical Repair Coverage, and wealth management through Credit Union Wealth Group with Interactive Brokers custody). Distribution combines physical branches, ITMs, a mobile app, online banking, MoneyTalk phone banking, a financial education center (English/Spanish), and a GreenPath partnership for member counseling. Underlying technology is standard third-party banking infrastructure with no proprietary AI/ML components; mortgage origination runs through Ellie Mae's third-party platform.

Revenue is generated primarily through interest income on the loan portfolio (auto loans 4.50%-18.00% APR, mortgages, HELOCs at Prime + 0% to 3%, personal loans 9.99%-17.99% APR, business lending), transaction-based fees (overdraft $33, loan application $25, balance transfer fees), share account dividends paid out to members (savings 0.25%-0.50% APY, money market up to 2.50% APY), and ancillary commissions from insurance and wealth partners. As a federally insured credit union (NCUA, up to $250,000 per depositor) with the not-for-profit structure, surplus earnings flow back to members rather than shareholders.

Name

Southern Security Federal Credit Union

Legal name

Southern Security Federal Credit Union

Website

https://southernsecurity.org

Company type

Private

Founded year

1948

Operating status

Operating

Headcount range

51–100 employees

Short description

Southern Security Federal Credit Union is a federally chartered, member-owned cooperative founded in 1948, providing retail and business banking, lending, insurance, and wealth services to 23,000+ members across the Mid-South via 7 branches and shared-branching networks.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (522130), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institution, Federally Chartered (6035), Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

• Credit union services
• Consumer banking
• Business lending
• Mortgage loans
• Wealth management

Headquarters

HQ city

Collierville

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Interest Income: The primary revenue source for the credit union comes from interest earned on loans including auto loans, mortgages, personal loans, HELOCs, and business loans. Interest rates vary by product type and creditworthiness.
2. Fee Income: Various banking fees including overdraft fees ($33 per occurrence), loan application fees ($25), balance transfer fees, and other service charges disclosed in their fee schedule.
3. Share Account Dividends: Members earn dividends on savings, checking, and investment accounts. The credit union pays out dividends from its not-for-profit structure, returning excess earnings to members through better rates and lower fees.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Southern Security Federal Credit Union is a not-for-profit financial cooperative providing retail and business banking services to its members. It offers deposit accounts (checking, savings, money market, certificates, IRAs), consumer and mortgage lending (auto, personal, HELOC, construction, physician/executive mortgages), credit cards, business banking with treasury management, insurance products, and wealth management advisory services, delivered through 7 physical branches, the CO-OP shared branching network, and digital channels.

Product overview

Southern Security Federal Credit Union offers a comprehensive financial services platform serving over 23,000 members across the Mid-South. The product portfolio consists of core banking products (checking, savings, money market, certificates), lending services (auto, mortgage including physician/executive specialized mortgages, construction, HELOC, personal, and secured loans), credit cards (Rewards Visa and Preferred Visa), business banking (checking, savings, real estate loans, lines of credit, merchant services), insurance products (GAP, Mechanical Repair Coverage, TruStage), and wealth management through Credit Union Wealth Group. Digital access is provided through mobile banking app and online banking platform with MoneyTalk phone service. The credit union also offers treasury management services for businesses including Remote Deposit Capture, Electronic Cash Disbursements, and Positive Pay. Members gain access to a nationwide shared branching network of 5,600+ locations through CO-OP.

Differentiator

Problem solved

Functional benefit

Products and services

• Share Draft Checking No-fee checking account with no minimum balance, dividends on balances of $750+, free overdraft protection, mobile deposit, and access to 5,600+ ATMs nationwide, for individual members.
• Share Savings Primary membership savings account requiring $25 to open, earning dividends on balances of $50+, with Express Teller ATM card access and 30,000+ free ATMs.
• Money Market Accounts Higher-yield savings accounts with $2,500 minimum balance, dividends compounded monthly, no credit approval required, and NCUA insurance up to $250,000.
• Share Certificates Term-based certificates earning higher dividends than savings, with terms from 91 days to 5 years and minimum deposits starting at $500.
• Individual Retirement Accounts (IRAs) Tax-advantaged retirement savings accounts available as Traditional (pre-tax) or Roth (post-tax), insured separately up to $250,000 by NCUA.
• Coverdell Education Savings Account (ESA) Education savings account with no minimum annual contribution, tax-free earnings growth, and tax-free distributions for qualified education expenses.
• Auto Loans Vehicle financing for new and used automobiles, motorcycles, watercraft, and other vehicles with terms of 12-84 months, financing up to 115% of vehicle value.
• Mortgage Loans Fixed-rate mortgage financing with 10-30 year terms including Conventional and FHA options, up to 95% loan-to-value, with no prepayment penalties.
• Physician Mortgage Specialized mortgage for medical professionals (MD, DO, APRN, DC, DDS, PA, DVM, PharmD) up to $1 million with no down payment, 30-year terms, and no PMI.
• Executive Mortgage Mortgage product designed for C-Suite Executives, Attorneys, Engineers, Pilots, and CPAs with specialized terms and benefits.
• Construction Loans Home construction financing with 12-month interest-only period and 80% loan-to-value options for borrowers building a home.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity with borrowing up to 100% of home value, interest-only draw period for 10 years, and no closing costs on loans up to $50,000.
• Personal/Signature Loans Unsecured personal loans for home improvements, back-to-school, and other needs with terms up to 48 months and amounts as small as $200 for credit building.
• Secured Loans Loans secured by share savings or certificate accounts, offering low interest rates while borrowers continue earning dividends on the collateral.
• Rewards Visa Credit Card Credit card earning 1 reward point per $1 spent on purchases with no annual fee and rates starting at 13.25% APR.
• Preferred Visa Credit Card Low-rate credit card with no annual fee, no cash advance fee, and 0.00% APR for 6 months promotional period.
• Business Checking Business checking account offering up to 150 free monthly transactions, no monthly fee with $2,500 minimum balance, dividends on $10,000+ balances, and free MasterCard debit card.
• Business Share Savings Business savings account with $25 minimum balance, offering competitive rates and free ATM card access.
• Business Real Estate Loans Commercial real estate financing for owner-occupied property purchase or refinance, expansion/renovation, and investment property acquisition.
• Business Credit Cards Business credit cards providing increased buying power, expense tracking, and fixed or variable rates with terms up to 15 years.
• Business Installment/Term Loans Business loans for equipment needs and business-use vehicles with flexible fixed or variable interest rates and customizable terms.
• Business Lines of Credit Unsecured and secured revolving lines of credit for working capital, with secured options using receivables, inventory, equipment, or real estate as collateral.
• Commercial Mortgage Commercial mortgage financing for owner-occupied property purchase or refinance with competitive terms for businesses.
• TruStage Insurance Products Life, AD&D, auto, and home insurance products offered through TruStage partnership at competitive rates for credit union members.
• Wealth Management Financial planning and investment management services provided through Credit Union Wealth Group, including managed portfolios, mutual funds, ETFs, and estate planning, custodied at Interactive Brokers.
• Mobile Banking App Comprehensive mobile banking application on iOS and Android enabling check deposits, fund transfers, loan payments, balance inquiries, shared branching locator, and biometric login support for members.
• Online Banking Digital banking platform providing 24/7 account access, bill payment through MyCU Bill Pay, CheckView for online check imaging, and overdraft protection.
• MoneyTalk Phone Banking Phone-based banking service providing real-time account information, transaction lists, and fund transfers.
• CO-OP Shared Branch Network Access to 5,600+ shared branching locations nationwide through CO-OP Shared Branches, enabling deposits, withdrawals, transfers, and loan payments at participating credit unions.
• Interactive Teller Machines (ITM) Virtual teller service combining ATM functionality with live representative assistance during extended hours including evenings and weekends.
• Holiday Club Savings Seasonal savings account designed for holiday expense planning with automatic fund transfer around November 1, earning dividends with $50 minimum balance.
• Youth Savings Account Savings account for members age 20 and under with $25 initial deposit, no monthly service fee, and e-statements, requiring parent or guardian co-owner.
• GreenPath Financial Wellness Financial education and counseling services through GreenPath Financial Wellness, offering budgeting assistance, debt management plans, and NFCC-certified counseling to members.
• Remote Deposit Capture Business service allowing electronic check deposits from the office with scanner equipment, operating 24/7 with accelerated fund availability and reduced fraud risk.
• Electronic Cash Disbursements ACH-based payment services enabling electronic payments, payroll disbursements, vendor payments, and recurring billing collections without paper checks.
• Positive Pay Fraud prevention service for business checking that systematically compares presented checks against issued checks, verifying check numbers and dollar amounts.
• Merchant Services

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• GreenPath Financial WellnesscoreStrategic or Co-development PartnerPartnership with GreenPath Financial Wellness, a trusted national nonprofit with over 60 years of experience, provides NFCC-certified counselors offering free financial counseling, debt management plans, housing counseling, and financial education to help members build financial health and resiliency.
• Credit Union Wealth GroupcoreTechnology or IntegrationIndependent wealth management and investment advisory services offered through Credit Union Wealth Group for Southern Security members. Provides financial planning, investment management, estate planning, and retirement services with dedicated advisors. Services are custodied at Interactive Brokers Group, LLC.
• TruStage InsurancecoreGTM or Marketing PartnerTruStage Insurance Products offered through the credit union provide life insurance, AD&D, auto insurance, and home insurance tailored for credit union members with competitive rates and simplified coverage options.
• Point Rock GroupminorGTM or Marketing PartnerSupplemental insurance products offered through Point Rock Group, providing additional coverage options for members beyond core TruStage offerings.
• CO-OP Shared BranchescoreChannel Partner/ Reseller/ DistributorCO-OP Shared Branch network provides Southern Security members access to over 5,600 branch locations nationwide where they can conduct transactions including deposits, withdrawals, transfers, and loan payments at participating credit unions.
• Enterprise Auto SalesminorChannel Partner/ Reseller/ DistributorPartnership with Enterprise Car Sales allowing members to purchase vehicles with financing through Southern Security. Enterprise inventory available through dedicated credit union portal.
• PBS - Opportunity KnocksminorStrategic or Co-development PartnerCommunity partnership supporting the PBS series Opportunity Knocks, which helps families overcome financial challenges. Southern Security sponsored the Season 3 premiere event and supports the show's mission of financial empowerment.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Orion Federal Credit Union: Memphis-based federal credit union serving a similar Mid-South membership base with comparable consumer and business banking products. Most directly comparable peer given overlapping geography, federal charter structure, and member-owned cooperative model.
• First South Financial Credit Union: Bartlett, TN-headquartered federal credit union serving the greater Memphis area. Operates with similar asset scale, branch footprint, and consumer/business product mix, making it the closest head-to-head competitor for members in the same Mid-South market.
• Memphis City Employees Credit Union: Federal credit union serving Memphis municipal employees and their families in the same metropolitan area. Similar selective-membership structure, comparable product offering, and overlapping employer partnership channel approach.
• Unity Credit Union (formerly FedEx Employees Credit Union): Memphis-based federal credit union originally founded for FedEx employees with a comparable single-employer-roots-to-broader-membership evolution. Comparable asset size, product mix, and Mid-South member base overlap.

Regional players

• Baptist Health Federal Credit Union: Tennessee-based federal credit union serving healthcare industry employees in the Mid-South. Comparable employer-channel model and member-segment focus, with similar product breadth for individual members.
• Arkansas Federal Credit Union: Federal credit union headquartered in Jacksonville, AR serving central Arkansas with similar asset scale and full-service consumer/business product offering. Comparable Mid-South regional credit union operating model with multi-channel distribution.
• ASE Credit Union: Tennessee-based federal credit union serving state and education employees. Similar asset size range and product breadth across consumer lending, mortgages, and business services for a defined membership.
• Knoxville TVA Employees Credit Union (KTVAECU): Tennessee-based federal credit union serving Tennessee Valley Authority employees and broader community. Comparable scale, single-state regional focus, and comprehensive product portfolio including specialty mortgages and wealth services.

Broad incumbents

• Alliant Credit Union: Large national federal credit union offering similar deposit, lending, and credit card products. Useful as a competitive benchmark on product pricing, digital capabilities, and member acquisition at scale rather than as a direct geographic competitor.
• Navy Federal Credit Union: Largest U.S. federal credit union by assets, offering the full suite of consumer, mortgage, business, and wealth products. Provides scale and digital capability benchmarks relevant to Southern Security's product roadmap and partnership strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ssfcumemphis
• Facebookfacebook.com/ssfcumem
• LinkedInin.linkedin.com/company/southern-security-federal-credit-union
• Instagraminstagram.com/southern_security_fcu

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Southern Security Federal Credit Union