The Concord Federal Credit Union
In 1951, African Americans who had migrated North were faced with the financial stress of starting over in a new city. They were also faced with the pervasive and racist practice that was "policy" for many mainstream financial institutions: redlining. African Americans were denied loans by mainstream banks as they sought housing and the funds to start their lives anew. To answer this racist practice, The Concord Baptist Church founded The Concord Federal Credit Union. Originally chartered with eight members, the credit union now has a membership of over 1000. Membership is open to all members and employees of The Concord Baptist Church of Christ, Mt. Sinai Baptist Church and their Community Outreach Organizations, as well as family members of The Concord Federal Credit Union members.
With assets nearing seven million dollars, the Credit Union has made a record number of loans to its members for worthwhile purposes since it was chartered. Over the years, it has paid dividends at rates equal to or higher than most financial institutions in our area. It also provides insurance on all loans at no cost to the borrower and has convenient service hours.
For information about becoming a member of the Concord Federal Credit Union, please call 718.622.1818 or e-mail email@example.com