Celebrating Black Credit Union Trailblazers

As we honor those who paved the way and look toward future growth, Piedmont Advantage Credit Union aims to highlight the historic black pioneers of credit unions while applying our cooperative principles to better serve and represent our communities.

In the early 1900s, many black community leaders established credit unions to help farmers and urban groups save, borrow and loan money without discrimination.

Thomas Patterson founded the first black credit union, Piedmont Credit Union of Landis, in 1918. He saw how black farmers were taken advantage of by high prices at supply stores and created a credit union to lend the farmers money at reasonable rates so that the farmers could produce profitable yields.

An article published by Wright-Patt Credit Union, Inc. in 2022 in honor of Black History Month says that black-owned banks and credit unions have been crucial in helping African Americans establish credit, start businesses and achieve home ownership even during times of extreme racial discrimination. In the 1960s, under President Johnson’s “Great Society” reform, hundreds of credit unions were created to support underserved communities, many of which were black-owned.

The growth of black-owned credit unions continued with the establishment of the African American Credit Union Coalition (AACUC) in 1999. Since then, it has advocated for the economic development of underserved communities while also focusing on promoting diversity and inclusion.

While we have come a long way from early credit unions, we recognize that there are still areas to improve on regarding diversity and inclusion. At the core of the credit union mentality are our eight cooperative principles. Since 2020, the eighth principle, Diversity, Equity and Inclusion, has been widely accepted by credit unions.

This principle signifies the importance of bringing diverse backgrounds and experiences to help us better serve our communities.

At PACU, we are committed to creating a space where everyone’s stories and experiences are shared and voices are heard. Our Diversity and Inclusion Committee strives to provide our employees with insights on fostering inclusivity both in and outside the workplace.

“Credit unions are all about people helping people, but to live that, we have to make sure everybody, no matter where they come from, feels seen, heard and supported,” says DI Committee member Ty’Quan Bitting.

PACU’s DI Committee commits to engaging and serving our community through community-driven activities, roundtable discussions and lectures that are open to all employees.

DI Committee member Michelle Duncan says, “We use these opportunities to discuss the past, present and future while allowing everyone to discuss difficult topics in a safe, open-minded environment.”

While there are many gateways to cultural understanding and exploration, Michelle suggests reading black authors' work, for which she has many great recommendations!

To learn more about the history of black credit union trailblazers, visit Wright-Patt Credit Union Inc. or the CU Strategic Planning’s article on America’s First Black Credit Unions. Click here to learn more about PACU’s eight cooperative principles.