Black History Month and Credit Unions

Celebrating the Contributions of African American Credit Union Leaders

In honor of Black History Month, we celebrate the African American leaders who were financial pioneers and played a crucial role in shaping the credit union movement in the United States.

For over a century, credit unions have been a source of financial support during times of racial economic inequality and disparities.

An African American farmer in the 1900s, Thomas Patterson made a significant impact on the credit union movement as a founding member of the first African American Credit Union in the US. In April 1918, Thomas Patterson, an African American farmer, and 22 others contributed $126 in capital to organize Piedmont Credit Union in North Carolina — the first African American credit union in the country. Patterson’s leadership marked a significant step forward in the fight for financial equity.

By 1920, Piedmont's success inspired the creation of 13 additional Black credit unions in North Carolina. During the Civil Rights Movement, these institutions continued to grow and provide crucial financial services to African American communities facing economic challenges.

In 1950, Martin Luther King Jr., alongside the Montgomery Improvement Association, applied for a credit union charter. Although their application was denied due to a field of membership considered too large at the time, this endeavor exemplified the deep-rooted connection between credit unions and the empowerment of marginalized communities.

Although Piedmont Credit Union no longer exists, the legacy continues with the African American Credit Union Coalition (AACUC), founded in 1999 and headquartered in St. Louis. The AACUC now supports more than 150 credit unions across the nation, showing ensuring the continued growth and success of African American credit unions.