Location: at Mount Moriah Church Rd. and Flat Rock Rd. in China Grove
County: Rowan County
Original Date Cast: 2025
On April 19, 1918, Thomas B. Patterson and twenty‑two Black farmers in Landis founded the Piedmont Credit Union, the first African American credit union in the United States. Their achievement was not only an organizational milestone but a bold, community‑driven effort to claim economic stability at a time when systemic discrimination severely restricted Black financial mobility.
For African American farmers in the early twentieth century, access to fair and reliable credit was extremely limited. Traditional banks either refused to issue loans or imposed discriminatory conditions that placed Black borrowers at perpetual risk. A single season of poor weather or crop failure could threaten the loss of a farm, leaving families with little recourse. Without the ability to plan or invest for the future, many farmers remained trapped in cycles of instability.
Long before credit unions existed, African American communities had relied on cooperative financial practices; pooling money to support one another during crises, illnesses, or opportunities. These traditions, rooted in mutual aid and collective survival, often stretched back to the era before Emancipation. But without a formal institution to manage savings and loans, these efforts could only go so far. The creation of Piedmont Credit Union transformed these cooperative principles into an organized structure that supported long‑term financial planning and community prosperity.
Piedmont Credit Union quickly proved the power of collective economic action. By offering reasonable loan rates and fair treatment, the institution enabled farmers to keep their land, invest in their operations, and save money without fear of predatory lending. The credit union’s success inspired rapid growth across the state; within just two years, a dozen more African American credit unions had formed in North Carolina, each one strengthening local economies and demonstrating the effectiveness of community‑based financial systems.
The founding of Piedmont Credit Union stands as an example of what determined communities can accomplish. Its leaders built an institution grounded in fairness, cooperation, and empowerment, giving Black farmers access to financial tools that allowed them not just to survive, but to build toward a more secure future.
Bibliography
America’s CU Museum. “America’s CU Museum Unveils African American Voices in CUs Exhibit: Hood Offers Keynote.” CUToday.info, July 22, 2024.
Hardy, Ronaldo. “America’s First Black Credit Union: Learning from a Pioneer’s Own Words.” CU Strategic Planning, February 24, 2022.
Credit Union Insight. “What You’ve Been Told About Credit Union History Isn’t Wrong (But It’s Not Quite Right Either).” April 25, 2013.
Patterson, Thomas. “Negro Credit Unions of North Carolina.” The Southern Workman, April 1920.