Koinonia credit union to close; merge with Tennessee Valley

photo Ann Pierre, left, manager of the Church Koinonia Federal Credit Union on East Third Street, assists member Mozell Thaxton with a transaction Friday.

A 1,700-member credit union started by mostly black churches to serve low- to moderate-income families will merge with the Tennessee Valley Federal Credit Union.

The last business day for the Church Koinonia Federal Credit Union will be Friday, Sept. 27.

It was a credit union where blacks made the financial decisions, said the Rev. Paul McDaniel, the Koinonia's board chairman.

The credit union had $2.5 million in assets and specialized in helping low-to-moderate income residents get loans.

"I'm sorry we're losing that jewel," said Quenston Coleman, who has used the credit union's services.

In essence the Church Koinonia Credit Union will be dissolved, said McDaniel, who started the credit union in 2000.