Credit unions helping credit unions. We say it all the time. But do we really follow through?
This is your opportunity to actually assist a fellow credit union.
Fair Break Federal Credit Union was chartered to serve the economically disadvantaged residents of the greater Memphis metro area! An area of over 1 million individuals, where a pocket of economically disadvantaged is over 28% of the individuals.
Fair Break Federal Credit Union (Charter # 24961) was given a provisional charter and insurance coverage on May 30, 2024, by the National Credit Union Administration in Memphis.
“I am leading the startup of Fair Break Federal Credit Union that will cover a ten-county field of membership (FOM) that surrounds and includes Memphis,” said Roy Dozier, founder and board chair. “We have a provisional charter from the National Credit Union Administration (NCUA) as a low-income designated community credit union. We have completed all regulatory requirements and are now seeking subordinated debt pledges to secure the operating capital.”
In order to begin operations, Fair Break Federal Credit Union must raise $600,000 in capital to start serving their field of membership. Information on the services and management team of Fair Break FCU can be found at fairbreak.org.
How Tennessee Credit Unions Can Help
This is a opportunity for Tennessee credit unions to step up to show that credit unions help credit unions!
We are soliciting binding pledges, amounts of $1,000-$25,000 will be accepted and will be held in escrow* by the Tennessee Credit Union League until $600,000 of pledges and/or accepted subordinated debt is reached.
This solicitation will end on May 30, 2025, with a one-time option for Fair Break Federal Credit Union to extend the offering period to September 30, 2025. If sufficient funds are reached, the binding pledges will be called to be transferred to the capital account of Fair Break Federal Credit Union at Volunteer Corporate Credit Union. If insufficient funds are not raised, the pledges will be released and returned to each individual donor.
Please contact the Tennessee League for a pledge form!
