1st Mississippi Federal Credit Union

What 1st Mississippi Federal Credit Union does

1st Mississippi Federal Credit Union is a federally chartered, member-owned credit union founded in 1975 and headquartered in Meridian, Mississippi. It operates two retail branches — one in Meridian (Lauderdale County) and one in Quitman (Clarke County) — and serves members who live, work, worship, attend school, or volunteer in those two counties, plus their immediate family. The credit union is CDFI-certified by the U.S. Department of the Treasury, federally insured by the NCUA, designated as an Equal Housing Lender, GLBA-compliant, and has been in continuous operation for approximately 50 years.

The credit union's product set spans consumer and business deposits — Regular Savings, High-Yield Money Market, Share Certificates (6-month to 5-year terms), Traditional and Roth IRAs, and multiple checking variants (Regular Checking, 1st Advantage for 55+, Free2B for ages 18–25, Check Again second-chance, All About Youth Plus, Free Business Checking, Business Checking Plus Interest) — and a lending core covering auto, recreational (boats, motorcycles, ATVs, RVs, farm equipment), home/mortgage, manufactured home, personal, share-secured, certificate-secured, and tractor loans, plus consumer and Business credit cards issued through Elan Financial Services and Sallie Mae-partnered student loans. Digital services are delivered through an itsme247-powered online banking portal, a native iOS/Android 1st MS Mobile Banking App with remote deposit capture and optional geolocation-based card-fraud alerts, and CO-OP IDCheck biometric identity verification at shared-branch locations, rolled out May 1, 2025.

Revenue is generated primarily through net interest income on the consumer loan portfolio (auto, mortgage, personal, recreational, credit card) funded by member deposits and share certificates, supplemented by account/service fees and revenue share from partner programs including Elan credit cards, TruStage insurance, Sallie Mae student loans, and myEZ Car Care. The two-branch physical footprint is effectively extended to 5,000+ branches and 30,000+ ATMs nationally through the CO-OP Shared Branching and DOLPHIN Debit networks, and pricing is publicly disclosed via posted rate sheets for share certificates, tiered savings, and loan APRs that vary by product and creditworthiness.

Name

1st Mississippi Federal Credit Union

Legal name

1st Mississippi Federal Credit Union

Website

https://1stms.com

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

11–50 employees

Short description

1st Mississippi Federal Credit Union is a federally chartered, member-owned credit union founded in 1975, operating two branches in Meridian and Quitman, MS to serve Lauderdale and Clarke County residents with deposits, consumer and business loans, digital banking, and partner-distributed insurance and education financing products.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Depository Credit Intermediation (5221)

akta.pro primary industry

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

Keywords

• Consumer banking services
• Credit union lending
• Share certificate deposits
• Residential mortgage loans
• Community development finance

Headquarters

HQ city

Meridian

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income on Loans: Primary revenue stream generated from interest charged on consumer loan products including auto loans, mortgages, personal loans, credit cards and recreational vehicle loans, funded by member deposits.
2. Deposit and Share Certificate Income: Income derived from share certificate (CD) products with terms ranging from 6 months to 5 years and from member savings and checking balances deployed into interest-earning assets.
3. Fee-Based Services: Revenue from service charges on deposit accounts, transaction fees, and fees on ancillary services such as wire transfers and account services.
4. Partner-Program Revenue Share: Revenue participation from partner programs such as the Elan Financial Services credit card program, TruStage insurance, and Sallie Mae student lending arrangements.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

1st Mississippi Federal Credit Union is a member-owned federal credit union that provides retail banking, consumer and business lending, deposit accounts, and digital banking services to residents of Lauderdale and Clarke Counties in Mississippi and their immediate families. Core products include checking, savings, share certificates, IRAs, auto and recreational loans, mortgages, personal loans, credit cards, student loans, and business banking, delivered through two physical branches, a national CO-OP Shared Branching network, and mobile/online banking channels.

Product overview

1st Mississippi Federal Credit Union delivers a member-owned financial services platform — not a single product — built on its core deposit and lending offerings, augmented by digital banking, payments, insurance, and shared-branch service modules. The platform's deposit core spans checking accounts (Regular Checking, 1st Advantage Checking for members 55+, Free2B Checking for ages 18-25, Check Again Checking second-chance, All About Youth Plus, Free Business Checking, Business Checking Plus Interest) and savings/share accounts (Regular Savings, 1st Beginning Savings, High-Yield Money Market Savings, Share Certificates, Christmas Club, Vacation Club, Traditional & Roth IRAs, All About Youth). The lending core includes Vehicle/Auto Loans, Recreational Loans (boats, motorcycles, ATVs, RVs, farm equipment), Home Loans/Mortgage, Manufactured Home Loans, Personal Loans, Share Secured Loans, Certificate Secured Loans, Tractor Loans, Credit Cards (issued through Elan Financial Services), Business VISA Credit Cards, and Sallie Mae-partnered Student Loans. Layered on top are digital service modules — itsme247-powered Online Banking, the 1st MS Mobile Banking App (iOS/Android), Bill Pay Online, Remote Deposit Capture, Direct Deposit, Wire Transfers, Money Orders, Shared Branching, CO-OP IDCheck biometric identity verification, Notary Public Services, the Easy Answers Help Line, and the Car Buying Service — plus protection/insurance modules (Credit Life & Disability Debt Protection, GAP Insurance, Mechanical Breakdown/Extended Warranty, TruStage life/auto/property insurance, and a free 3-year myEZ Car Care VIP Membership on auto loans).

Differentiator

Problem solved

Functional benefit

Products and services

• Regular Savings
• 1st Beginning Savings Youth savings account for members under 18 to introduce personal banking, with no minimum balance and quarterly dividends once the balance reaches $100.
• High-Yield Money Market Savings Tiered money market savings account that accrues daily and pays monthly dividends on average daily balances of $100+, with higher rates at $7,500+.
• Share Certificates Term share certificates ranging from 6 months to 5 years offering higher dividend rates than regular savings, NCUA-insured up to $250,000 (IRA deposits insured separately), with a $500 minimum deposit.
• Christmas Club Savings Specialized holiday savings account with no membership fee, increased interest rate, and free withdrawals between 11/1 and 1/1 (low $20 early withdrawal fee otherwise).
• Vacation Club Savings Travel/vacation savings account with no withdrawal fees and no limit on withdrawals, allowing members to access funds at any time.
• Traditional IRA Tax-deferred Individual Retirement Account allowing contributions up to $7,500/year ($8,600 for members 50+), with tax-deductible contributions and penalty-free withdrawals in qualifying cases.
• Roth IRA After-tax Individual Retirement Account in which contributions and earnings grow tax-free if held at least five years and withdrawn after age 59½, with no mandatory distributions.
• All About Youth Savings Savings account for members ages 12-18 that requires no adult, has no minimum balance (other than the $25 savings required for membership), and includes a free ATM card, online/mobile banking, and quarterly dividends on balances of $100+.
• Regular Checking Hassle-free share draft checking for members, free with a $500 minimum monthly balance, with dividends from $1,000+, a free Electronic Check Visa Debit Card, and overdraft privileges up to $750 for qualifying members.
• 1st Advantage Checking Checking account for members aged 55 and older that pays daily dividends once the balance reaches $500, with no minimum balance, one free box of checks per year, a free instant-issue debit card, and two free money orders/official checks per month.
• Free2B Checking (Young & Free) First-time checking account for members ages 18-25 with no monthly fee, a free first box of checks and starter checks, free e-statements, free electronic bill pay, free direct deposit, and a one-per-quarter non-sufficient-funds refund.
• Check Again Checking Second-chance checking account for members rebuilding their banking relationship, with no overdraft protection, capped debit-card spending, a $10 monthly service fee ($8 with direct deposit), eligibility to upgrade to Regular Checking after 12 months, and dividends on balances over $1,500.
• All About Youth Plus Checking Checking account for members ages 12-18 (15 and younger must be accompanied by an adult) with a free ATM/Visa card, no minimum balance, free parental funds-transfer access, and eligibility to apply for a credit-building loan.
• Free Business Checking No-monthly-fee business checking with unlimited check writing, no minimum balance, free online/mobile banking, free e-Statements, a free Visa debit card, and the first three bill pay transactions free.
• Business Checking Plus Interest Interest-earning business checking that compounds and pays dividends quarterly with a $300 minimum daily balance, a $15 service charge below a $1,000 daily balance, a $100 minimum to open, and an $800 overdraft courtesy pay for qualifying members.
• Vehicle Loans (Auto Loans) New and used auto financing with up to 125% financing (including tax, title, extended warranty), terms up to 84 months, competitive APRs (3.75%-6.75% on used, depending on term), pre-approval, and refinancing.
• Recreational Loans Loans for boats, motors, trailers, motorcycles, ATVs, jet skis, motor homes, travel trailers, and farm equipment, with up to retail NADA value financing on ATVs/motorcycles, up to 85% NADA on RVs/equipment, and terms up to 10 years on motor homes/travel trailers/equipment ($50,000+ new).
• Home Loans (Mortgage) Fixed-rate mortgage financing up to 30-year terms (5-year balloon up to 240-month schedule) for first-time buyers, refinancing, improved real estate (5.49%-6.74% APR), unimproved land (7.49% APR), and secondary-market placements.
• Manufactured Home Loans Financing and refinancing for manufactured/mobile homes, including options to pull out equity for improvements or to pay off higher-rate debts, with custom terms for owned land.
• Personal Loans Unsecured personal loans up to $35,000 for home/vehicle repairs, debt consolidation, or vacations, with one low monthly payment, a fixed rate for the life of the loan, no prepayment penalties, and an automatic payment option (9.99% APR signature example).
• Share Secured Loans Loans secured by the member's own share deposits (regular shares or high-yield accounts) with low interest rates, instant approval, no credit check, and generous terms.
• Certificate Secured Loans Loans secured by a 1st MS Share Certificate of Deposit with no credit check, instant approval, and special member rates (CD rate + 2.00%).
• Tractor Loans New and used tractor financing with terms of 36-84 months, APRs from 5.75% (new) to 9.75% (used), and standard credit-union security-interest terms.
• Credit Cards (Consumer, VISA Everyday Rewards +) Consumer credit cards (e.g., VISA Everyday Rewards + Card) issued by Elan Financial Services with worldwide acceptance, mobile purchasing, Zero Fraud Liability, 24/7 cardmember service, and multiple reward/cash-back/balance-building options.
• Business VISA Credit Card Business credit card options (low rate, cash back, or flexible rewards) issued by Elan Financial Services with free online expense reporting, no fee for additional employee cards, and mobile payment capability.
• Student Loans (Sallie Mae Smart Option, Parent, Graduate Suite) Higher-education student loans offered in partnership with Sallie Mae for undergraduates, parents, and graduate students, with competitive rates, multiple repayment options, no origination fees, and no prepayment penalty.
• Online Banking (itsme247) Web-based online banking accessed at itsme247.com/362, providing account balance access, transaction history, internal transfers, and loan applications.
• 1st MS Mobile Banking App Native mobile banking app for iOS and Android that lets members check balances, search cleared checks, review transactions, and perform mobile check deposit, with optional geolocation-based card-fraud alerts.
• Bill Pay Online Secure online bill-payment service with real-time payee validation that delivers nearly all payments in 2-3 days.
• Direct Deposit Electronic deposit of paychecks, pensions, Social Security, tax refunds, and dividends into a member account, with funds available immediately.
• Wire Transfers (Domestic & International) Domestic and international wire transfer service routed through Corporate America Credit Union (Irondale, AL) as correspondent, with tracking via IMAD #.
• Debit Cards (Instant-Issue Visa) Visa debit cards issued instantly in-branch on account opening, with mobile purchasing, Zero Fraud Liability, and access to 1st MS-designated ATMs and the DOLPHIN Debit surcharge-free network.
• Car Buying Service Member car-buying assistance service to help locate and finance a new or used vehicle through 1st MS.
• Debt Protection (Credit Life & Disability) Optional credit insurance that cancels a member's loan balance in the event of death (Credit Life) or makes payments in the event of disability (Credit Disability), underwritten by CMFG Life Insurance Company and administered via TruStage (lendingclaim.trustage.com, ContractNumber=02303158).
• GAP Insurance (Guaranteed Asset Protection) Auto-loan protection that waives the difference between the insurance settlement and the amount owed on a financed vehicle in case of theft or total loss, added to the loan or paid separately.
• Mechanical Breakdown / Extended Warranty Protection Extended vehicle repair coverage in Silver, Gold, and Platinum plans with rental reimbursement, 24-hour emergency roadside assistance, and travel expense reimbursement.
• TruStage Life, Auto & Property Insurance Member insurance products and programs made available through TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company and other leading carriers.
• Notary Public Services Free notary public services available at all 1st MS branch locations for members during hours of operation.
• Shared Branching (CO-OP Shared Branch) Member access to a national network of 5,000+ partner credit union branches and 30,000 surcharge-free ATMs for cash, deposits, balance inquiries, transfers, loan payments, and money orders, now with biometric IDCheck identity verification.
• IDCheck Identity Verification Biometric identity verification at CO-OP Shared Branch locations using a QR code/verify.coop.org, government-issued ID photo upload, live selfie, and a 20-minute one-time passcode, launched May 1, 2025.

Quantifiable outcome

• 50 years of continuous operation as a member-owned cooperative
• +2 more outcomes

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration14 records

AI capability3 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core, flagship and minor.

• Elan Financial ServicescoreOEM/ Whitelabel/ Licensing PartnerElan Financial Services powers the credit union's credit card program, providing the issuing, processing and rewards infrastructure behind the branded card product.
• GreenPath Financial WellnesscoreStrategic or Co-development PartnerGreenPath provides financial wellness counseling and educational content to 1st Mississippi FCU members, supporting member financial health and supplementing internal resources.
• CO-OP Shared BranchingflagshipChannel Partner/ Reseller/ DistributorCO-OP Shared Branching gives members access to thousands of in-network branches and tens of thousands of ATMs nationwide, dramatically extending service reach beyond the credit union's two owned branches.
• TruStagecoreOEM/ Whitelabel/ Licensing PartnerTruStage provides insurance products (life, auto, accidental death & dismemberment, etc.) available to 1st Mississippi FCU members, embedded into the credit union's product offering.
• myEZ Car CareminorStrategic or Co-development PartnermyEZ Car Care offers an auto care benefit to 1st Mississippi FCU members, providing access to vehicle maintenance and repair services through the program.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Mutual Credit Union: Mississippi-based credit union serving members across multiple counties with deposit, loan, and business banking products. Comparable community credit union serving similar rural/small-city Mississippi markets.
• Planters Bank & Trust Company: Mississippi-headquartered community bank serving East Mississippi with deposits, consumer loans, mortgages, and business banking. Comparable community bank competitor in overlapping East Mississippi geography.
• The First, A National Banking Association: Mississippi-based community bank with branches across the state offering consumer deposits, loans, mortgages, and digital services. Comparable community bank peer in the Mississippi consumer banking market.
• Keesler Federal Credit Union: Mississippi-headquartered federal credit union offering consumer deposits, lending, mortgages, and digital banking across the Gulf Coast region. Comparable as a Mississippi-chartered federal credit union with a similar deposit/lending product set.
• BankPlus: Mississippi-headquartered community bank offering consumer deposits, mortgages, business banking, and digital services across the state. Comparable community-focused deposit/lending institution in the same regional market.
• Magnolia Federal Credit Union: Mississippi-based federal credit union serving Meridian and surrounding areas with consumer deposits, loans, and digital banking. Closely comparable as another small community credit union operating in overlapping East Mississippi geography.

Emerging players

• Connexus Credit Union: Digital-forward credit union offering consumer deposits, lending, and digital banking with national membership. Comparable as a credit union using digital channels and partner infrastructure to extend reach beyond a small branch footprint.

Broad incumbents

• Cadence Bank: Regional bank with strong Mississippi presence offering consumer and business banking, mortgages, and digital services. Comparable incumbent competitor for deposits and consumer loans in the same regional footprint.
• Trustmark National Bank: Large Mississippi-based commercial bank offering retail deposits, mortgages, consumer loans, and wealth management across multiple states. Comparable incumbent competitor in the same Mississippi consumer banking market.

Direct peers

• VYBE Credit Union: Community-focused credit union offering deposit, consumer loan, mortgage, and digital banking products with CO-OP shared branching access. Comparable as a similarly sized community credit union leveraging shared-branching and partner-driven product strategy.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat6 records

Key risks1 record

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@1stMSFCU
• Facebookfacebook.com/1stMSFCU
• Instagraminstagram.com/firstmsfcu
• TikToktiktok.com/@1st.ms.fcu
• Xx.com/1stmsfcu

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 1st Mississippi Federal Credit Union