Heritage South Credit Union

Heritage South Credit Union is a not-for-profit financial cooperative headquartered in Sylacauga, Alabama. Established in 1937, it has grown to become the 30th largest credit union in the state of Alabama and the 1,335th largest in the United States as of December 2024[1].

Overview

Heritage South operates with a membership model open to individuals who live, work, worship, or attend school in various counties in Alabama, including Calhoun, Chambers, Clay, Cleburne, Chilton, Coosa, Elmore, Talladega, Jefferson, Lee, Randolph, St. Clair, Shelby, and Tallapoosa[1][3]. The credit union is governed by a board of directors elected by its members and operates under the National Credit Union Administration (NCUA) regulations[2][3].

Financial Operations

As of the fourth quarter of 2024, Heritage South had assets worth approximately $181.3 million, loans amounting to about $133.3 million, and deposits totaling around $165.5 million. The credit union maintains a strong equity capital base, ensuring financial stability[1].

Services

Heritage South offers a range of financial services typical of credit unions, including checking and savings accounts, loans, and online banking. It also provides specialized services such as reloadable debit cards and direct deposit options[4][5]. Additionally, the credit union focuses on enhancing member financial well-being through competitive rates and lower fees compared to traditional banks[2].

Membership and Governance

Membership in Heritage South includes voting rights, allowing members to participate in the governance of the credit union. This democratic structure is characteristic of credit unions, where profits are returned to members rather than external investors[2][3]. Deposits at Heritage South are insured by the NCUA and may also be covered by excess share insurance, ensuring comprehensive protection for members' savings[3].

Operations Philosophy

Heritage South operates on the principle of serving its community rather than external investors. The credit union emphasizes a commitment to helping its members when traditional financial institutions may not, reflecting a mission centered around community support and financial inclusion[2].