Hill District Federal Credit Union one of few remaining Black-owned banks
PITTSBURGH (KDKA) - A local Black-owned financial institution has outlasted many others and continues to benefit the community after more than half a century.
Between 1888 and 1934, there were 134 Black-owned banks that served the black community, nationwide. Today, only 19 remain. Two are in Pennsylvania, including one in the Hill District.
"We have no mortgage, we have no debt, we are completely self-sufficient. We are not depending on external services or resources to sustain us. We depend on our people 100 percent," said Hill District Federal Credit Union CEO Richard Witherspoon.
In fact, according to Witherspoon, the Hill District Federal Credit Union has been self-sufficient from its creation back in 1969 by Dame Mary Walker. Witherspoon says she went door-to-door, asking people to open an account with just 25 cents.
"Our members, the people in this neighborhood, have recurred over $8 million in savings," he said.
Following the assassination of Dr. Martin Luther King Jr., many banks were reluctant to invest in Black communities. Walker saw that need and wanted to do something about it.
"The generation that's coming up now, they're not aware that the generation before them could not save, they didn't make enough, there was systemic racism that held them down," Witherspoon said.
Today, Witherspoon is working to change the thinking around banking among young people.
"We have various programs inside the credit union geared specifically towards youth. One program in particular, 'Fund my Future,' now has 200 kids ranging in age from 6 to 18."
And Witherspoon hopes that means good things for this historic credit union's future.
"We don't have institutions or organizations that we can call our own. This is one. This is an institution that's owned, operated and managed by us, for us. That's so important," he said.
The Hill District Federal Credit Union is not only thriving, it's expanding, with a groundbreaking ceremony next month.
