Magnolia Federal Credit Union

What Magnolia Federal Credit Union does

Magnolia Federal Credit Union is a Mississippi-domiciled, federally chartered credit union founded in 1930 (per company history) by Veterans Bureau employees in Jackson during the Great Depression. Operating under the legal name Magnolia Federal Credit Union and trading as Magnolia FCU, MagFed, and MagFedCU, the institution serves 21,000+ members across five branches in Jackson, Flowood, Gluckstadt (Madison County), Morton, and McComb, with membership eligibility extended to residents, workers, worshippers, and students of Hinds, Madison, Rankin, Simpson, Copiah, Scott, Leake, and Yazoo Counties. As a U.S. Department of the Treasury-certified Community Development Financial Institution (CDFI) and NCUA-insured federal credit union (routing 265377235), Magnolia is mission-aligned to serve low-income and persistent-poverty communities; 77% of its service area qualifies as a CDFI investment area and over 60% of service areas are persistent-poverty counties with median family income more than 30% below the U.S. median.

The product portfolio spans deposits (Magnolia Everyday Checking, PERKS Checking with up to 5.00% APY on balances up to $10,000, Everything Teen Checking, Maggie's Youth Savers Club at up to 3.50% APY, Share Savings, Money Market, IRAs, Share Certificates including a 4.25% APY 12-month special, Kidicate youth certificates, and business accounts), lending (auto loans at 4.49%–18.00% APR up to 84 months, recreational loans up to 120 months, signature loans 8.95%–18.00% APR, share/certificate-secured loans, credit-builder loans, short-term small-dollar loans, HELOC, and mortgages), and cards (Visa Platinum, Visa Classic at 18.00% APR, Share Secured Visa, Reloadable Visa Prepaid, Visa Gift Cards). Digital channels include native iOS/Android mobile banking apps with mobile check deposit, card freeze, and real-time notifications, full online banking at accounts.magfedcu.org, online bill pay, and a Repay.io-powered loan payment portal. Recent 2025 technology integrations include Swaystack for gamified onboarding and EDGE cashflow analytics deployed through the Jack Henry Fintech Integration Network on Symitar, making Magnolia the first credit union to implement that platform for thin-file underwriting.

The business model is a member-owned cooperative that earns interest income on loans (auto, personal, mortgage, HELOC, credit cards) and fee income from overdraft, ATM, wire, skip-a-payment ($25 online/mobile, $35 by phone/branch), bill pay ($5.95/month without eStatements), and loan payment convenience ($8.95) charges. Distribution combines five physical branches, CULIANCE and Dolphin surcharge-free ATM networks, a fully online membership enrollment funnel via Ori, and Select Employer Group (SEG) partnerships for B2B2C member acquisition. Marketing emphasizes community reinvestment, financial education (Financial Education Center, free financial counseling, My Credit Manager credit-monitoring tool), community donations, and youth and veteran scholarship programs (Oliver N. King Veteran Scholarship and David E. Bergstrom Memorial Scholarship). Revenue is not publicly disclosed.

Name

Magnolia Federal Credit Union

Legal name

Magnolia Federal Credit Union

Website

https://magfedcu.org

Company type

Private

Founded year

1930

Operating status

Operating

Headcount range

11–50 employees

Short description

Magnolia Federal Credit Union is a CDFI-certified, NCUA-insured Mississippi credit union serving 21,000+ members across five branches and eight counties with deposits, consumer lending, Visa cards, digital banking, and mission-aligned products for low-income and thin-file members.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (522130)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

akta.pro secondary industries

Employer/Occupational Credit Unions (FSABAEAB), Military & Veterans Credit Unions (FSABAEAI)

Keywords

• Retail banking services
• Consumer lending
• Credit union services
• Deposit accounts
• Digital banking

Headquarters

HQ city

Jackson

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Revenue model

1. Interest Income: The primary revenue stream comes from interest earned on loans including auto loans, personal loans, mortgages, home equity lines of credit, and credit cards. Interest rates vary by product type and creditworthiness.
2. Fee Income: Service charges including overdraft fees, ATM fees (for out-of-network usage), wire transfer fees, and skip-a-payment processing fees ($25 online/mobile, $35 by phone/branch).
3. Bill Pay Service Fees: Online bill pay is free with eStatements enrollment, otherwise $5.95 per month. Loan payment portal charges $8.95 convenience fee per transaction.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Magnolia Federal Credit Union is a CDFI-certified, member-owned financial cooperative that provides a full suite of retail banking products and services. Core offerings include checking accounts, savings vehicles, vehicle and personal loans, mortgages and home equity lines of credit, Visa credit and prepaid cards, business deposit accounts, digital banking, and financial counseling. The institution serves consumers across eight Mississippi counties and operates five physical branches plus online and mobile banking channels.

Product overview

Magnolia Federal Credit Union operates as a multi-million-dollar, full-service CDFI-certified financial institution offering a broad suite of financial products organized around five core pillars: deposit accounts, lending, cards, digital banking, and financial wellness services. The deposit portfolio includes checking accounts (Everyday, Teen, and PERKS rewards checking), savings vehicles (Share Savings, Club Accounts, Youth Savers, Money Market, Share Certificates, IRAs), and business accounts — with products like the PERKS Checking offering up to 5.00% APY and the Everything Teen Checking offering youth-appropriate banking with parental controls. The lending suite covers vehicle loans (auto, recreational), home products (mortgages, HELOCs), personal loans (signature, credit-builder, short-term small-dollar), and share/certificate-secured loans, including CDFI-mission-aligned products for members with limited credit histories. The card portfolio centers on Visa products (Platinum, Classic, Share Secured, Prepaid, Gift Cards). Digital banking comprises online and mobile banking, an online bill pay service, and a loan payment portal (Repay.io). Financial wellness services include free financial counseling, credit education, and the My Credit Manager tool. All offerings are delivered across five branch locations in Mississippi (Jackson, Flowood, Gluckstadt, Morton, McComb) with NCUA insurance up to $250,000 per member.

Differentiator

Problem solved

Functional benefit

Brands

• Maggie's Youth Savers Club: A savings program for youth aged 0-12 that pays 3.50% APY on balances up to $500.
• My Credit Manager
• Select Employer Group (SEG)

Products and services

• Magnolia Everyday Checking Standard personal checking account offering basic banking services including online and mobile access for individual members.
• Everything Teen Checking Debit card and mobile banking account designed for teenagers, with parental visibility into account activity and earnings of up to 1.73% APY on balances up to $1,000.
• PERKS Checking Rewards checking account offering up to 5.00% APY on balances up to $10,000 when qualifying activities (debit card use, direct deposit, eStatements) are met.
• Share Savings Account Primary membership share savings account with $25 minimum to open, 0.05% APY, and NCUA insurance up to $250,000.
• Military and First Responders Savings Specialized savings account with exclusive certificate rates and loan discounts recognizing military and first responder service.
• You Name It Secondary Savings Goal-based savings account allowing members to create named, dedicated savings buckets for specific purposes.
• Club Accounts (Christmas Club and Vacation Club) Savings accounts with restricted withdrawal periods for holiday and vacation savings goals, each earning 0.10% APY.
• Individual Retirement Accounts (IRAs) Tax-advantaged retirement savings accounts available in traditional and Roth variants, with $100 minimum to open and 0.50% APY.
• Maggie's Youth Savers Club Savings account for children aged 0-12 earning up to 3.50% APY on balances up to $500, introducing youth to saving with financial literacy tools.
• Share Certificates Fixed-rate term deposit accounts with current special rates including 4.25% APY on 12-month certificates, providing higher yields than standard savings.
• Money Market Account Tiered-rate savings account requiring $2,500 minimum to open, offering rates from 0.15% to 0.40% APY depending on balance tier.
• Kidicate Certificate product for youth teaching concepts of commitment-based savings, yielding 4.06% APY on 24-month terms.
• Business Savings Business savings account designed for business members.
• Business Checking Business-oriented checking account designed for business members in the Mississippi service area.
• Business Money Market Tiered money market account for business members.
• Business Share Certificates Fixed-term certificates designed for business members.
• Auto Loans Vehicle loans for new and used automobiles with terms up to 84 months, rates from 4.49% to 18.00% APR depending on creditworthiness.
• Recreational Loans Loans for motorcycles, RVs, equipment, and boats with terms up to 120 months and APR ranging from 5.74% to 18.00%.
• Short-Term Small Dollar Loans Small-dollar, short-term loans designed for members with limited credit histories or low credit scores, supporting inclusive access to credit as part of the CDFI mission.
• Signature Loans and Lines of Credit Unsecured personal loans with terms up to 60 months and APR ranging from 8.95% to 18.00%.
• Credit-Builder Loans Secured or unsecured loans designed to help members establish or rebuild credit history.
• Share or Certificate Secured Loans Loans secured by existing savings or certificate accounts, with APR set at 3% above the account's dividend rate.
• Overdraft Line-of-Credit Line of credit protecting against overdrafts on checking accounts.
• Home Mortgage Residential mortgage loans for purchasing or refinancing homes in the Mississippi service area.
• Home Equity Line of Credit (HELOC) Revolving line of credit secured by home equity, available by calling the credit union for current rates.
• Visa Platinum Credit card offering platinum-level benefits, with rates available by contacting the credit union.
• Visa Classic Standard credit card with an 18.00% APR.
• Share Secured Visa Credit card secured by a share savings account, designed for members building or rebuilding credit, with 18.00% APR.
• Reloadable Visa Prepaid Card Prepaid debit card that can be reloaded with funds, providing an alternative banking option for members.
• Visa Gift Cards Prepaid gift cards available for general gifting purposes.
• Holiday Gift Card Prepaid gift card available for holiday-specific gifting occasions.
• Online Banking Member-facing digital banking platform providing account management, balance viewing, transfers, check tracking, loan applications, bill payment, and mobile check deposit, accessible at accounts.magfedcu.org.
• Mobile Banking App Native mobile application for iOS and Android providing banking on the go, including real-time expense notifications, card freeze capabilities, savings goal tracking, and mobile check deposit.
• Online Bill Pay Electronic bill payment service for checking account holders, free with eStatements enrollment or $5.95/month without, supporting one-time and recurring payments with scheduling and reminders.
• Make A Payment (Online Loan Payment Portal) Online loan payment portal via Repay.io enabling members to make payments on any Magnolia FCU loan using VISA, MasterCard, or Discover with an $8.95 convenience fee.
• Skip-A-Payment Loan payment deferral program allowing members to skip one payment on most loans (payment must be between $80-$750), extending the maturity date by one month with a $25 processing fee.
• My Credit Manager Free digital credit tool accessible within online and mobile banking, providing credit score tracking, score factors analysis, and full credit report access to help members understand and improve creditworthiness.
• Financial Counseling Free, confidential financial counseling services offered in person, over the phone, or via online chat, with counselors providing guidance on debt management, budgeting, and financial planning.
• Swaystack-Powered Gamified Onboarding Personalized gamified onboarding journeys integrated with digital banking tools to guide new members through initial banking activities and increase engagement and loyalty.
• EDGE Cashflow Analytics Platform Credit union data analytics and lending decision platform integrated through Jack Henry Fintech Integration Network, leveraging first-party transaction data for responsible and inclusive credit offerings.

Quantifiable outcome

• 77% of service areas qualify as CDFI investment areas
• +3 more outcomes

Named customers2 records

Segments5 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability2 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• SwaystackcoreTechnology or Integration · 13 November 2025Magnolia FCU partnered with Swaystack to enhance its onboarding process for new members. The platform provides personalized journeys that guide members through initial banking activities using gamified experiences, addressing the challenge of members opening accounts but not engaging further. The system is integrated with digital banking tools to increase retention and lifetime value.
• EDGEcoreTechnology or Integration · 24 October 2025EDGE joined the Jack Henry Fintech Integration Network (FIN) enabling integration with Symitar. Magnolia FCU in Mississippi is set to be the first to implement EDGE's cashflow analytics platform through this network. The collaboration aims to leverage first-party transaction data for more responsible and inclusive credit offerings for members with limited credit histories.
• Jack HenrycoreTechnology or Integration · 24 October 2025Jack Henry's Fintech Integration Network (FIN) provides the platform enabling EDGE's cashflow analytics integration with Symitar core banking system at Magnolia FCU. This collaboration supports the credit union's mission to serve underserved communities with alternative data insights.
• CULIANCEminorOthersMagnolia FCU is a proud member of CULIANCE, which provides convenient access to surcharge-free ATM locations nationwide for credit union members.
• Dolphin DebitminorOthersMagnolia FCU is part of the Dolphin ATM Alliance, providing surcharge-free transactions at ATMs owned and operated by Dolphin Debit across their network.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Regional players

• BankPlus: Mississippi-headquartered community bank with branches across the Jackson metro and surrounding counties. Directly competes for retail deposits, small-business banking, and consumer lending in Magnolia FCU's core footprint.
• Trustmark National Bank: Mississippi-based regional bank offering retail, mortgage, and commercial banking across the state. Comparable deposit and consumer loan products targeting the same Jackson-area consumer base.
• C Spire Federal Credit Union: Mississippi-based financial services brand with affiliated credit union services serving residents and businesses across the state. Competes for the same Mississippi consumer and SEG employer relationships.

Broad incumbents

• PenFed Credit Union: Large national credit union with military roots and a broad community field of membership, offering competitive deposit, lending, and credit card products nationwide. Comparable diversified retail and military member model at significantly greater scale.
• Navy Federal Credit Union: Largest U.S. military-affiliated credit union with a deep suite of military-themed products including dedicated savings, loans, and scholarships. Sets the benchmark for the military/veteran segment Magnolia FCU serves in Mississippi.
• Alliant Credit Union: National community-chartered credit union serving a broad field of membership with full digital banking and competitive deposit products. Comparable mission-driven, member-owned structure with a much larger asset base and digital footprint.
• MSU Federal Credit Union: Large Michigan-based community-chartered credit union offering similar full-service retail and small-business banking via digital channels. Comparable product set (checking, savings, loans, cards) at much larger scale, demonstrating a growth path for community FIs.

Direct peers

• Keesler Federal Credit Union: Federally chartered credit union headquartered in Biloxi, Mississippi, serving military, civilian personnel, and community members across the Gulf Coast. Directly comparable community/field-of-membership credit union operating in Mississippi with a similar retail and military product mix.
• Mutual Credit Union: Mississippi-headquartered credit union serving members across central Mississippi with deposit, lending, and digital banking services. Same regional field of membership and similar product breadth as Magnolia FCU.
• Hope Credit Union (HOPE): Mississippi-based CDFI-certified credit union with a mission of serving underserved communities across the Deep South. Closest peer in mission and target market, focused on financial inclusion, small-dollar lending, and wealth-building in persistent-poverty geographies.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/magfedcu
• YouTubeyoutube.com/watch?v=GJiHpICMR5Y&list=UUjll8Iks7h6fpnJVb3xRZKQ
• Facebookfacebook.com/MagnoliaFederalCreditUnion
• Instagraminstagram.com/magfedcu

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

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 Magnolia Federal Credit Union