The asset growth of Mideast Tennessee Community Credit Union in Decatur from $0 to more than $6 million in three years has been truly a success story. The community responded to the credit union’s presence and is responsible for this steady growth.
While the organizers of METCOM began thinking about establishing a credit union, little did they know what obstacles they would have to over-come. Jim Pitt and Grover Thurman, along with other prominent businessmen in the Decatur/Athens area, began the long pursuit of getting approval for a state-chartered credit union in 2007. The charter was finally granted to serve residents of Meigs County in October 2008. In early 2009, the credit union hired Dick Fortney as manager. Mr. Fortney brought many years of auto-lending experience to the credit union. Finally, on March 24, 2009, the credit union opened for business.
They experienced all of the struggles of a new business such as meeting regulatory requirements and establishing themselves in the community. Credit unions – unlike other financial institutions – have to earn their capital. METCOM has been successful in achieving a capital level that the Tennessee Department of Financial Institutions and the National Credit Union Administration consider it “well capitalized.”
Since opening, METCOM has been granted a charter expansion for McMinn County and Rhea County. The staff now provides services for members in those counties.
All deposits in the credit union are insured by the National Credit Union Administration up to $250,000.