In 1968, one day prior to his assassination in Memphis, Tenn. suggesting a way to build a greater economic base, the Rev. Dr. Martin Luther King Jr. called upon his audience to take their money out of downtown banks and deposit it into a Black Memphis bank and to utilize Black owned insurance companies within the community.
Forty-eight years later in response to the recent police shooting deaths of Black men, another movement is underway for Blacks to invest in Black financial institutions.
In response to an Atlanta rapper’s appeal for one million Black Atlanta residents to place $100 in a local minority owned bank to be utilized for mortgages and small business loans it has been reported that Blacks nationwide took heed to the plea and have been investing in Black financial institutions. As a result, a Black economic power social media hashtags campaign has started, #BankBlack and #MoveYourMoney.
“In July we had 54 new memberships,” said Richard Witherspoon, Chief Executive Officer of the Hill District Federal Credit Union located at 2021 Centre Ave., one of two full service Black Federal financial institutions in the state. The other is the United Bank of Philadelphia. According to the HBCU Money’s 2016 African American Owned Credit Union Directory there are 22 Credit Unions in Pennsylvania including Morning Star Baptist Church in Clairton who has assets of $561,217.
“Since the campaign our memberships have increased to 20 to 25 new memberships a month. People have been contacting us from all over not just the Pittsburgh region,” said Witherspoon pointing out that along with the campaign that their quality of service is another reason people are joining. “When you join the HDFCU you become a part of a member-owned organization built on the philosophy of people with a common bond helping each other.”
As a full service credit union he explained that their products and services include savings and checking accounts, Christmas clubs, direct deposits inclusive of payroll and government payments, payroll deduction, online banking and bill pay, mobile banking, over-the counter bill payments, mortgage loans including Conventional and FHA, consumer, vehicle, education and home improvement loans, money orders, debit and gift cards.
Chartered by the federal government under the National Credit Union Administration, according to Witherspoon the credit union’s field of membership is open to people with common bonds of residency and persons who are regularly employed or worship in Pittsburgh, Pennsylvania, within the boundaries of the Hill District and surrounding areas, employees and registered volunteers of Community Action Agencies who work in Neighborhood Development Programs within the boundaries; employees of the HDFCU; Organizations of such persons; organizations with the propose to provide economic assistance to people within the above described area through the purchase of shares of the credit union; and immediate family members of the above mentioned.
Established in October of 1970 as a nonprofit financial organization owned and operated by its members for the benefit of all who belong, Witherspoon says the goal of the HDFCU is a sincere desire to help people help each other by providing a quick, economical source of confidential credit, and by promoting personal economic stability through a convenient systematic savings plan. “Our mission is to serve and to encourage savings.” He pointed out that its 3000 plus members have accrued over $2 million in savings throughout the years.”
A secondary goal of the HDFCU is to provide and or coordinate economic development in the community, something Erica Witherspoon, member service representative of the credit union takes very seriously. “We encourage low and moderate income members to save, spend wisely and establish a good credit rating,” she noted. She said accounts can be opened for as little as $6.
Addressing customers by names as they enter and exit the building she said, “Banking is about relationships. We meet people where they are. Realizing that everyone’s needs are different but at the same time we treat everyone the same no matter how much money you have.”
Erica with the assistance of her father Richard will discuss the benefits of being involved with a credit union and the #BankBlack and #MoveYourMoney campaign during the fifth annual Sisters Saving Ourselves Now Black Family Summit Saturday, Aug. 13 at Carlow University. They will participate on an entrepreneur panel with Danielle Davis of Davis Consulting Solutions, Sharise Hemby-Nance of Handinhand Counseling Services and Vitamin C Healing and Diamonte Walker of the Hill District Community Development Corporation.
“We are delighted to have the representatives from the Hill District Federal Credit Union as part of this year’s summit,” said Rev. Dr. Judith C. Moore founder and director of SSON. “In light of what’s going on around us and the need for Blacks to build wealth and to improve upon our economic situation it is essential to have discussions amongst ourselves to strategize around solutions.”
While dealing with issues that affect the overall health and well-being of the Black family, Moore said other topics of discussion will include education, health and social service.
“The aim of this year’s summit is for participants to leave with solutions and an idea as to where to go for assistance dealing with everyday situations. We are very excited about the “social service corner” where area providers will be on hand for participants to make appointments or talk to someone to provide help or resources”
Dr. Kathi R. Elliott, executive director of Gwen’s Girls will serve as the keynote luncheon speaker, Keith Giles, executive director of First Step Recovery Homes, Inc. will lead the discussion dealing with the male perspective.
Moore said the summit with the theme; The Time is Now: Educating and Empowering the Black Family will kick off Friday with youth night at the Community College of Allegheny County South Campus and will end Sunday at Greater Allen A.M.E. Church on the Northside with national recording artist Rev. Marcia Sapp who will also provide an inspirational message around the summit theme.
“I am overwhelmingly happy how area organizations have adopted this concept and are working together to design solutions to assist in bringing healing to ailing communities,” said Moore. Sponsors and co-hosts include Carlow University’s Department of Inclusion and Intercultural Initiatives, the Heinz Endowment, Black Women’s Roundtable, The National Coalition of Black Civic Participation, Community College of Allegheny County-South Campus, Black Women for Positive Change and Soul Pitt Media.
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