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Binsy Federal Credit Union was a Memphis, TN-based credit union that merged into Southern Security Federal Credit Union in Collierville, TN as of December 30, 2022.
Data compiled from public sources
Binsy Federal Credit Union was a federally chartered credit union headquartered in Memphis, Tennessee. As a member-owned financial institution, it served its membership base through traditional credit union operations. The credit union operated under the regulatory oversight of the National Credit Union Administration (NCUA), the federal agency responsible for chartering and supervising federal credit unions.
The credit union offered standard banking and financial services typical of community credit unions, including deposit accounts, lending products, and member financial services. These services were designed to serve the specific needs of its membership community in the Memphis area. Binsy Federal Credit Union distinguished itself as a community-focused financial institution serving the Memphis region.
Its membership-based structure meant that customers were owners, allowing for member-centric decision-making and product offerings tailored to local financial needs. However, as of December 30, 2022, Binsy Federal Credit Union ceased to exist as an independent entity. The credit union merged into Southern Security Federal Credit Union, located in Collierville, Tennessee, in a transaction approved by the NCUA.
This merger means that former members of Binsy now hold membership in Southern Security Federal Credit Union. Prospective customers seeking services previously offered by Binsy should contact Southern Security Federal Credit Union for current product and service availability.
This is state-level context for Credit Unions consumers in Memphis, TN. It does not confirm that Binsy Federal Credit Union or this specific location is licensed.
State regulator
Tennessee Department of Financial Institutions
Consumer protection
Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.
Binsy Federal Credit Union offers 5 services including Member deposit accounts (historical), Loan products and credit services (historical), Member financial services (historical), Federal deposit insurance through NCUA (historical), Community banking services for Memphis area (historical).
Binsy Federal Credit Union has profile signals associated with Former Binsy Federal Credit Union members transitioning to Southern Security Federal Credit Union, Individuals researching credit union merger history in Tennessee, Those seeking to understand what happened to their previous credit union institution.
Key strengths: Federally insured deposits through NCUA share insurance; Member-owned structure providing ownership stake in the institution; Community-focused credit union serving Memphis area. Areas to consider: Company no longer operates independently as of December 30, 2022; Merged into Southern Security Federal Credit Union, eliminating Binsy brand and separate operations.
In the Credit Unions category, comparable providers include CN/IC EMPLOYEES CREDIT UNION, Dixie Line Credit Union, FAA Federal Credit Union Center (not open to public). Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.
CreditDoc Profile Note
Binsy Federal Credit Union is not currently operational for new or existing customers, as it merged into Southern Security Federal Credit Union effective December 30, 2022. Former members should contact Southern Security Federal Credit Union to manage their accounts. This profile is provided for historical reference and merger documentation purposes only.
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