The North Carolina Department of Natural and Cultural Resources announced on Apr. 8 that the Piedmont Credit Union, the first African American credit union in the United States, will be honored with a North Carolina Highway Historical Marker. The dedication ceremony is scheduled for Friday, April 17 at 1 p.m., at the intersection of Mount Moriah Church Road and Flat Rock Road in China Grove.
The marker highlights a significant moment in financial history for African American communities. In an era when Black farmers faced barriers to fair lending and risked losing their land due to discriminatory practices, the creation of Piedmont Credit Union offered new opportunities for economic stability.
Thomas B. Patterson and 22 Black farmers founded Piedmont Credit Union on April 19, 1918, in Landis, North Carolina. Before formal credit unions existed, many African Americans relied on informal cooperative systems to support each other financially during hardships or opportunities. The establishment of this credit union transformed those traditions into an organized institution that enabled long-term planning and community prosperity.
By providing reasonable loan rates and fair treatment to its members, Piedmont Credit Union allowed farmers to maintain ownership of their land and invest in their operations without fear of predatory lending practices. Its success led to rapid growth; within two years after its founding, a dozen more African American credit unions had been established across North Carolina.
The Highway Historical Marker Program is a collaboration between the N.C. departments of Natural and Cultural Resources and Transportation. For more information about the historical marker or event details, interested individuals can visit the Piedmont Credit Union blog post or contact (919) 814-6625.
