First South Financial Credit Union

Name

First South Financial Credit Union

Legal name

First South Financial Federal Credit Union

Website

https://firstsouth.com

Company type

Private

Founded year

1957

Operating status

Operating

Headcount range

101–250 employees

Short description

First South Financial Credit Union is a federally insured, member-owned credit union founded in 1957, serving over 60,000 members across Tennessee, Mississippi, and Arkansas with full-service consumer and business banking, digital channels, and a top-decile national safety rating.

Ownership category

akta.pro rank

Product category

Retail Banking (Credit Union)

NAICS

Credit Unions (52213), Credit Card Issuing (522210), Credit Unions (522130)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

akta.pro secondary industries

Credit Cards & Revolving Credit (FSABAAAC), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), Military & Veterans Credit Unions (FSABAEAI)

Keywords

• Consumer banking services
• Credit union lending
• Mortgage and HELOC
• Deposit account products
• Visa credit cards

Headquarters

HQ city

Memphis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Loan Interest Income: Interest income from various loan products including auto loans, mortgages, HELOCs, personal loans, and credit cards. Primary revenue driver for the credit union.
2. Deposit Account Fees: Various account-related fees including overdraft privilege fees ($300-$2000 limit), monthly service fees ($12 for @nywhere checking if balance falls below $200), and other transaction-based fees.
3. Credit Card Operations: Interchange fees and interest income from VISA credit card products including Titanium/Edge, Platinum Flex Rewards, Platinum Advantage, Fresh Start Visa Platinum, and Share Secured Visa.
4. Investment Products: Revenue from CDs, IRAs, and investment services including First South Investment Services partnership.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

First South Financial Credit Union is a member-owned, NCUA-insured credit union offering a full range of consumer and small business banking products and services. Its portfolio spans deposit accounts (checking, savings, money market, HSA, CDs, IRAs), lending products (auto loans, mortgages, HELOCs, personal loans, student loans, business loans), and VISA credit and prepaid cards, complemented by a full-service digital banking platform (Bank@nywhere) with mobile deposit, bill pay, and digital wallet support.

Product overview

First South Financial Credit Union operates as a full-service financial institution offering a unified platform of consumer and business banking products. The core portfolio centers on deposit accounts (checking, savings, CDs, IRAs) and lending products (credit cards, personal loans, auto loans, mortgages, HELOCs, business services). Digital banking is delivered through the Bank@nywhere platform combining online and mobile access with features like mobile deposit and bill pay. Sub-brands like @nywhere Checking and High Yield Checking target specific customer segments with differentiated fee structures and reward rates. The credit union also provides complementary services including insurance partnerships, vehicle history reports, and employer wellness programs through FirstSouthFinancial@Work. All products are available across Tennessee, Arkansas, and Mississippi with digital channels enabling nationwide access.

Differentiator

Problem solved

Functional benefit

Brands

• Banking With Friends: Foundational principle of the credit union meaning members are treated as friends with exceptional service tailored to individual needs.
• Bank@nywhere
• @nywhere Checking
• FirstSouth@Work

Products and services

• Checking Accounts
• Savings Accounts Personal savings products including regular savings, Prime Savings, Money Market Account, Health Savings Account (HSA), Youth Savings Account, Vacation Club, and Christmas Club with tiered interest rates.
• Certificates of Deposit (CDs) and IRAs Term certificates and Individual Retirement Accounts (Traditional IRAs, Roth IRAs, Coverdell ESAs) with terms ranging from 3 to 60 months and special promotional rates.
• VISA Credit Cards Suite of VISA credit cards including Titanium/Edge, Platinum Flex Rewards, Platinum Advantage, Fresh Start Visa Platinum, and Share Secured Visa, with balance transfer promotions and travel rewards.
• Personal Loans Unsecured personal loans and the Fresh Start Saver Credit Builder Loan designed to help members establish or rebuild credit history.
• Auto Loans Vehicle financing for new and used vehicles with rates as low as 4.49% APR, up to $100 cash back, and 90 days no payments, including pre-approval options.
• Mortgages Full-service mortgage lending offering conventional mortgage products with application processing through the MeridianLink online platform.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity with an introductory rate of 1.99% APR for 6 months, loan-to-value ratios up to 90%, limits up to $500,000, and a 12-year draw / 20-year repayment structure.
• Business Services Business checking and savings accounts, commercial real estate loans, business lines of credit, and business credit cards designed for small businesses.
• Student Loans Student loan options including undergraduate, graduate, and refinancing products offered through a partnership with Student Choice.
• VISA Prepaid and Gift Cards Reloadable and non-reloadable VISA prepaid debit cards and VISA gift cards for personal use or gifting.
• Bank@nywhere Digital Banking Comprehensive digital banking platform including online banking, mobile banking app (iOS and Android), mobile deposit, bill pay, eAlerts, account management, and Apple Pay / Google Wallet integration.
• First South Investment Services Investment and financial planning services providing members with access to financial planning, investment products, and retirement planning through a partnership with First South Investment Services.

Quantifiable outcome

• Top 1% national ranking for safety and soundness
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability1 record

Feature5 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• TruStage InsuranceminorGTM or Marketing PartnerPartnership providing TruStage insurance products to First South Financial members including life insurance and related coverage options.
• LMCUR - Trust & WillminorGTM or Marketing PartnerLove My Credit Union Union Rewards partnership offering Trust & Will services to members.
• LMCUR - Tax ServicesminorGTM or Marketing PartnerLove My Credit Union Union Rewards partnership providing tax preparation and related services to members.
• AirMedCare NetworkminorGTM or Marketing PartnerDiscounted helicopter and airplane air ambulance membership benefit for First South Financial members, providing reduced travel expenses for medical emergencies.
• CO-OP Shared Branch NetworkcoreChannel Partner/ Reseller/ DistributorNationwide shared branching network allowing First South Financial members to conduct transactions at thousands of credit union branches across the country.
• First South Investment ServicescoreStrategic or Co-development PartnerInvestment services partnership providing members with access to financial planning, investment products, and retirement planning services.
• Third-Party Cybersecurity FirmscoreTechnology or IntegrationPartnerships with leading third-party firms and industry experts for cybersecurity, providing advanced threat detection, security audits, and incident response capabilities.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Orion Federal Credit Union: Memphis-headquartered credit union serving the greater Memphis area and West Tennessee. Operates as a direct community credit union competitor in First South's home market, with overlapping personal and business banking products and a similar tri-state regional footprint.
• Trustmark National Bank: A Mississippi-based community bank with retail and commercial banking across Tennessee, Mississippi, and the broader Southeast. Overlaps with First South's tri-state footprint and competes for consumer deposits, mortgage, and small business banking relationships in shared regional markets.

Direct peers

• Navy Federal Credit Union: The largest credit union in the US, originally founded to serve Navy personnel. Shares First South's military-origins heritage and member-owned cooperative model, but operates at vastly greater scale with a national footprint and full digital banking capabilities.
• BECU (Boeing Employees Credit Union): One of the largest US credit unions, originally serving Boeing employees and now community-chartered. Comparable as a member-owned cooperative offering full-service consumer and business banking, with strong digital capabilities and employer-affiliated distribution similar to First South's @Work program.
• Suncoast Credit Union: A large Florida-based credit union with full-service consumer and business banking products. Closely comparable to First South in size, product breadth (deposits, mortgages, credit cards, wealth), and member-owned cooperative model, though with a different regional concentration.
• PenFed Credit Union: Pentagon Federal Credit Union, a large national credit union serving military, government employees, and their families. Directly comparable to First South in its military-affiliated origin story, full-service consumer banking model, and digital-plus-branch distribution.
• SchoolsFirst Federal Credit Union: One of the largest credit unions in the US, serving California school employees and their families. Comparable as a large, group-based credit union with a comprehensive suite of consumer deposit, lending, and credit card products, and a strong emphasis on member service and financial wellness.
• Alliant Credit Union: A large national digital-first credit union offering consumer banking, deposits, mortgages, and credit cards with a member-owned cooperative model. Comparable to First South's digital and physical product mix, while competing more aggressively on national digital reach.

Broad incumbents

• First Horizon Bank: A large regional bank headquartered in Memphis, Tennessee, with full consumer and commercial banking across the Southeast. A direct local-market incumbent competing with First South for retail deposits, mortgages, and small business relationships throughout the credit union's footprint.

Others

• Pinnacle Financial Partners: A Tennessee-headquartered regional bank serving Nashville, Memphis, Knoxville, and surrounding markets with consumer and commercial banking. Competes with First South for Tennessee deposits, mortgages, and small business banking, particularly in the high-growth Nashville market where First South is actively expanding.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@firstsouthfinancial
• Facebookfacebook.com/firstsouthfincu
• LinkedInlinkedin.com/company/142562
• Instagraminstagram.com/firstsouthfinancial
• Xx.com/firstsouthfincu

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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 First South Financial Credit Union