credit union Archives - SHOPPE BLACK

Published on February 8, 2023

3 mins read

Black Barber Opens Arkansas’ First Credit Union Since 1996

Arlo Washington’s journey to becoming the charter of the first new credit union in Arkansas since 1996 began with a simple need for a haircut.

As a young man, Washington worked as a barber in exchange for haircuts he couldn’t afford. It was while working in a barbershop that he observed the owner’s influence and success in the community and made the decision to become a barber himself.

Washington’s life took a difficult turn after the loss of his single mother to cancer in 1995. He moved to New York and tried his hand at being a fashion model and a barber, but struggling to make ends meet, he eventually returned to Little Rock to attend college. Using the proceeds from his student loans, he opened his first barbershop and it was successful. He soon opened more barbershops and even a barber college.

However, it wasn’t until the last payday lending storefront in Arkansas closed in 2009 that Washington truly saw the impact he could have on his community. Customers started coming to the barber college seeking loans and Washington realized that there was a need for financial services in the community.

He started setting aside $1,000 each month from the barber college’s profits to make low-interest, small dollar loans. This eventually grew into the People Trust Community Loan Fund, a not-for-profit community development financial institution.

Washington realized that the loan fund was not enough and many of his customers were unable to open checking accounts at traditional banks. This led him to the idea of starting a credit union, where he could encourage loan fund customers to open accounts and have access to financial services. However, starting a credit union is no easy feat and it has become even more difficult in recent years. There were only four new credit unions chartered in 2022, with just 25 chartered in the past 10 years.

Despite the challenges, Washington persevered and successfully chartered People Trust Community Federal Credit Union. He recognized the importance of financial services in low-to-moderate income communities and wanted to provide these services to those who were unable to access them elsewhere.

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Published on July 20, 2020December 15, 2023

2 mins read

Black Owned Credit Unions You Should Know

Black-owned credit unions have long been a cornerstone of financial stability and empowerment for the Black community.

Founded in response to systemic discrimination in traditional banking, these institutions have provided access to essential financial services, fostered financial literacy, and promoted economic growth within underserved communities.

Today, Black-owned credit unions continue to serve as a beacon of hope, offering a safe and welcoming space for Black individuals to achieve their financial goals.

Black Owned Credit Unions

FAMU Federal Credit Union (Tallahassee, FL)

black owned credit union

Unity of Eatonville Financial Credit Union (Eatonville, FL)

Credit Union of Atlanta (Atlanta, GA)

Omega Psi Phi Fraternity Federal Credit Union (Toccoa, GA)

South Side Community Federal Credit Union (Chicago, IL)

Urban Beginnings Choice Federal Credit Union (Fort Wayne, IN)

Southern Teachers & Parents Federal Credit Union (Baton Rouge/Thibodaux, LA)

MECU Credit Union (Baltimore, MD)

Hope Credit Union (Jackson, MS)

St. Louis Community Credit Union (St. Louis, MO)

Greater Kinston Credit Union (Kinston, NC)

Concord Federal Credit Union (Brooklyn, NY)

Urban Upbound Federal Credit Union (Long Island City, NY)

Urban Upbound Federal Credit Union (Queens, NY)

Faith Community United CU (Cleveland, OH)

Toledo Urban Federal Credit Union (Toledo, OH)

Hill District Federal CU (Pittsburgh, PA)

Faith Cooperative Federal Credit Union (Dallas, TX)

Mt Olive Baptist Church FCU (Arlington, TX)

Oak Cliff Christian Federal Credit Union (Dallas, TX)

Howard University Employees Federal Credit Union (Washington, DC)

Phi Beta Sigma Federal Credit Union (Washington, DC)

Virginia State University FCU (Petersburg, VA)

black owned credit unions

The For Members Only (FMO) Federal Credit Union (Digital)

by Tony O. Lawson

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Published on June 9, 2019August 11, 2023

1 min read

Black Banks That Are Still Operating In 2021

The number of Black banks operating in the U.S. fell 54 percent between 2001 and 2016. Many have either been acquired or have simply gone out of business.

We’ve compiled the most recent and up to date list of the banks that are still Black owned and managed and are still operating in 2021.

Black Banks

Alamerica Bank (Birmingham, AL)

Broadway Federal Bank (Los Angeles, CA)

Carver Federal Savings Bank (New York, NY)

Carver State Bank (Savannah, GA)

Citizens Trust Bank (Atlanta, GA)

Citizen Trust Bank (Birmingham, AL)

Citizens Bank (Nashville, TN)

Columbia Savings and Loan (Milwaukee, WI)

City National Bank (Newark, NJ)

Commonwealth National Bank (Mobile, AL)

First Independence Bank (Detroit, MI)

The Harbor Bank (Baltimore, MD)

GN Bank (Chicago, IL)

Industrial Bank (Washington D.C.)

Liberty Bank (New Orleans, LA)

Liberty Bank (Baton Rouge, LA)

Liberty Bank (Kansas City, MO)

Liberty Bank (Chicago, IL)

Liberty Bank (Jackson, MS)

Mechanics & Farmers Bank (Durham, NC)

OneUnited Bank (Miami, FL)

OneUnited Bank (Boston, MA)

United Bank of Philadelphia (Philadelphia, PA)

Unity National Bank (Houston, TX)

Tony O. Lawson

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Published on September 21, 2018September 22, 2018

3 mins read

This Black Owned Credit Union is opening soon

The dream of a Black owned credit union in north Minneapolis is close to becoming a reality. The Association of Black Economic Power is behind the movement that has city leaders pledging money to help.

Black Owned Credit Union

The community development financial cooperative is called Village Financial Cooperative – to build trust within the community. Village is already helping those who have pledged to be part of the cooperative.

The small space on Colfax Avenue in north Minneapolis is poised to bring about big change to a community looking for economic empowerment.

“This work actually came out of a community voice in a meeting we had on the north side right off Broadway a week after Philando Castile was killed,” Me’Lea Connelly said.

The anger and frustration of a community was put into action. Connelly, director of the Association of Black Economic Power, says it was the community that decided a black-led financial institution was the best way to address racial disparities.

“We’ve been unapologetic about making sure that the folks that have been carrying the burden of racially-charged oppression in the financial sector are in the position of making decisions and leading in this institution,” Connelly said.

black owned credit union “This isn’t a parachute model of someone coming in from the outside of the community and dictating what solutions need to be made.”

Among the supporters of the new venture is Minneapolis Mayor Jacob Frey. In his first budget address in August, Frey earmarked $500,000 of the city budget for the Village Financial Cooperative, though those designated funds must be confirmed by the Minneapolis City Council at its December meeting in order to become a reality.

North side residents are doing their part as well. At the end of 2017, 1,100 people pledged their support.

So far, Village has $3.4 million in pledge deposits.

“Owning a home, purchasing a car, going to school, taking out personal loans to achieve whatever goal it might be — we want to partner with folks, especially those on the north side and black community, to make sure they have someone on their side,” Connelly said.

black owned credit union