In celebration of Black History Month, PEFCU would like to explore the rich history of the Black community’s relationship to banking and the cooperative spirit that many credit union members share. Mutual Aid Societies & Cooperatives Before modern credit unions began, community-oriented institutions were set up to serve freedmen in the North. Like credit unions, they were co-owned by all their members, provided the community with affordable alternatives for financial services, and fostered self-sufficiency. By the late 18th century, northern Black populations had established mutual aid societies and cooperatives, creating networks that helped advance the community by supplying clothes, healthcare,…
A Celebration of Black History
In celebration of Black History Month, PEFCU would like to explore the rich history of the Black community’s relationship to banking and the cooperative spirit that many credit union members share. Mutual Aid Societies & Cooperatives Before modern credit unions began, community-oriented institutions were set up to serve freedmen in the North. Like credit unions, they were co-owned by all their members, provided the community with affordable alternatives for financial services, and fostered self-sufficiency. By the late 18th century, northern Black populations had established mutual aid societies and cooperatives, creating networks that helped advance the community by supplying clothes, healthcare,…