FAMU Federal Credit Union salute the legendary leaders who established credit unions in Black communities to improve the financial well-being of its citizenry.
Black owned and operated credit unions were first established in the 1920’s and 1930’s to help farmers and urban communities move toward economic independence. Black communities were denied access to financial resources due to blatant discrimination from U.S policies and racism. During the civil rights movement, Black leaders recognized the opportunity to control their own financial condition by chartering credit unions. Many credit unions were charted in black churches to help its congregation to get loans and save money. Hundreds of black owned and operated credit unions flourished during an era when banks refused to lend to them and redlining, the practice of banks and other lenders denying loans and other services to Black borrowers based solely on race or ethnicity, was rampant. Credit unions were established to help Black Americans gain access to funds to finance and grow their farms, buy homes, start businesses, send their children to college, and strengthen the financial future of families.
The Credit Union motto “People Helping People” provided the foundation for financial empowerment to individuals, families, and communities.
BLACK HISTORY MONTH FACTS ABOUT FAMU FCU:
FAMU Federal Credit Union continue to carry on the legacies of those committed men and women who sacrificed their time, energy, and money to foster financial independence to their communities.
Accepted the torch to pass on to the next generation of legacy leaders.
Sheilah Montgomery, Pres/CEO FAMU FCU