February is Black History Month! As we take a moment to honor and celebrate the remarkable contributions of African Americans to our history, we must recognize the powerful connections between credit unions and Black history right here in Virginia.
The credit union movement emerged in the mid-19th century from a profound belief that individuals could uplift themselves and their communities by pooling their resources and providing loans to those nearby. St. Mary’s Cooperative Credit Association, founded in Manchester, New Hampshire, in 1909, stands as the first credit union in the United States, embodying this spirit of cooperation.
In Virginia, the visionary Maggie L. Walker established St. Luke Penny Savings Bank in 1903, becoming the first Black female bank founder in America. Her bank opened doors to checking and savings accounts, mortgages, and investment opportunities for local entrepreneurs, transforming Jackson Ward into a vibrant hub for Black businesses. Between 1936 and 1938, Virginia welcomed Richmond Heritage Federal Credit Union and Virginia State Federal Credit Union—two historic Black-owned credit unions that continue to thrive today.
To amplify the strength and vision of the global credit union movement and acknowledge the invaluable contributions of African Americans in Virginia and beyond, the African American Credit Union Coalition (AACUC) was formed in 1999. With a commitment to enhancing diversity within the credit union community, the AACUC empowers individuals through advocacy and professional development.
Throughout the years, credit unions in Virginia have been instrumental in helping countless African Americans build credit histories, launch businesses, and fulfill the American dream of homeownership.
Together, we can continue this journey toward empowerment and success.
Use the links below to learn more:
Who was Maggie Lena Walker?
History of Richmond Heritage Credit Union
History of the AACUC