The Story
From humble origins in schoolhouses, churches and homes, NC's Community Development Credit Unions have grown into powerful forces for economic development in communities throughout the state.

What Are CDCUs?
The credit union movement in the United States dates to the 1930 Federal Credit Union Act, which was anti-poverty legislation designed to encourage the formation of credit unions to open credit markets to poor consumers and underserved communities. Since that time, credit unions have proven to be effective mechanisms for credit and savings, particularly in poor and minority communities. Today, credit unions with an explicit mission to serve low-income, low-wealth communities are called community development credit unions (CDCUs).

North Carolina's CDCUs are particularly strong despite times of great financial turbulance. North Carolina has received recognition for the unique structure of its CDCUs. Located in both rural and urban areas, these community-based institutions provide their members with affordable credit, financial services and counseling to help them make their dreams become reality. The CDCUs invest millions in loans with members at reasonable interest rates, allowing them to purchase or improve their homes, start or grow a small business, buy a car to get to work, or pay for their child's education. By encouraging thrift and responsible money management, CDCUs help people create financial stability for themselves and their families.


CDCU Affiliates


First Legacy Federal Credit Union
Headquarters: 431 Beatties Ford, Charlotte, NC 28216
Chartered: 1941
Members Served: 6,304
www.Firstlegacyfcu.org

First Legacy Federal Credit Union, originally School Workers Federal Credit Union was founded by a group of educators in the Charlotte School System. Its founder was the principal of one of the two predominately black high schools in Charlotte, NC, Mr. J. E. Grigsby. After becoming increasingly despondent over the fact that the African-Americans were not being treated fairly in the financial community, he came up with the idea to have black school personnel pool their monies together so they could collectively help each other.

Generations Community Credit Union
Headquarters: 123 W. Main Street, Durham, NC 27701
Chartered: 2002
Members Served: 11,808
www.gencomcu.org

Generations was introduced to the community as a real alternative to predatory lenders. Its structure allows smaller, struggling credit unions to continue to serve their same community without the daily operational challenges through merger. All back office and administrative needs are managed at the credit union’s Durham headquarters, giving the local branches more time to provide personable service to its members. Generations has been recognized for its unique structure and its innovative approach to member service.

Greater Kinston Credit Union
Headquarters: 901 N. QUEEN ST, Kinston, NC 28501
Chartered: 1952
Members Served: 4,957
www.greaterkinstoncreditunion.com

Greater Kinston Credit Union originally operated from the home of one of its founders, Charles E. Sanders, when it was chartered 1952. The idea of the credit union was conceived out of the necessity for African Americans in Lenoir County to have access to fair and reasonable financial services. At the time, the few African Americans that could get credit had to pay 30%-50% interest. To combat these unfair practices and fulfill the needs of the residents, Charles E. Sanders and William Frank Grice both wrote to the NC Department of Agricultural to form the credit union. After a historical meeting with the secretary of agriculture and his assistant in Kinston, the credit union was established. To join the credit union, the membership fee was .25 cents and a $5.00 share deposit. Within its first year, the credit union had $301.25 in deposits and 50 members.

Latino Community Credit Union
Headquarters: 201 W. Main Street, Durham, NC 27701
Chartered: 1999
Members Served: 49,984
www.cooperativalatina.org

Latino Community Credit Union (LCCU) was developed to serve the Latino community's need to become financially secure and independent after an increase in home invasion robberies and muggings occurred in the mid-90’s. LCCU provides protection of financial assets, access to loans, financial independence and financial education. Based in North Carolina, LCCU is the first fully bilingual financial institution in the state.

Self-Help Credit Union
Headquarters: 301 W. Main Street, Durham, NC 27701
Chartered: 1983
Members Served: 12,281
www.selfhelp.org

Self-Help is widely-recognized as a model for community development finance. As a community development lender for 23 years, it has provided over $4.5 billion in financing to more than 50,000 home buyers, small businesses, and nonprofits nationwide. Self-Help reaches persons who are underserved by conventional lenders--particularly minorities, women, rural residents, and low-wealth families. Funds for lending come from deposits, grants, and other investments made by individuals and institutions across the U.S.



What Are the CDCU Services?
Community Development Credit Union members receive services that met their everyday needs as well as their occasional or seasonal needs. Listed below are a few of the services offered by the state's CDCUs. Not all services are available in all areas. Call the CDCU in your area for complete information on products and services they offer.

Products and Services

* All of North Carolina's CDCUs are federally insured up to $100,000 by the National Credit Union Administration - A US Government Agency



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