Greenwood Credit Union: Empowering the Black Community

Greenwood Credit Union is a mission-driven financial institution committed to providing banking and lending services to underserved communities, with a particular focus on the Black community. Rooted in the legacy of the original Greenwood District in Tulsa, Oklahoma, known as "Black Wall Street," Greenwood Credit Union is dedicated to fostering economic empowerment and financial inclusion for all.

History and Values

Greenwood Credit Union's history dates back to 2008, when it was founded by a group of community activists who recognized the need for a financial institution that truly served the Black community. Inspired by the spirit of the original Greenwood District, which was tragically destroyed in the 1921 Tulsa Race Massacre, the credit union's founders aimed to establish a safe and accessible financial haven for Black families and businesses.

Greenwood Credit Union's mission is to:

• Provide affordable and accessible banking services to communities of color
• Support economic development in Black communities
• Promote financial literacy and empowerment among Black consumers

Products and Services

Greenwood Credit Union offers a comprehensive suite of banking and lending products tailored to meet the specific needs of the Black community, including:

• Checking and Savings Accounts: Free checking and savings accounts with no minimum balance requirements
• Home Loans: Mortgages and home equity loans with competitive interest rates and low down payment options
• Business Loans: Small business loans and lines of credit to support entrepreneurship
• Credit Cards: Credit cards with rewards programs and low interest rates
• Financial Literacy Programs: Workshops, webinars, and resources to help members improve their financial knowledge

Community Impact

Greenwood Credit Union is not just a financial institution; it is a catalyst for community revitalization and economic empowerment. The credit union has invested significantly in programs and initiatives that support the Black community, including:

• Community Development Fund: A fund that provides grants and loans to organizations working to address social and economic inequities
• Greenwood Scholars Program: A scholarship program that supports Black students pursuing higher education in finance and related fields
• Financial Education Outreach: Programs that provide financial literacy training to individuals and families in Black communities

Financial Performance

Despite being a relatively young financial institution, Greenwood Credit Union has achieved impressive financial performance over the years. As of December 2022:

• Total Assets: \$1.2 billion
• Total Loans: \$850 million
• Total Deposits: \$1.1 billion
• Member Equity: \$100 million

Recognition and Awards

Greenwood Credit Union has been recognized for its innovative approach to community banking and its commitment to financial inclusion. The credit union has received numerous awards, including:

• Top 50 CDFIs in the Nation: Certified Development Financial Institution (CDFI) Fund
• Bank of the Year Award: National Bankers Association
• Innovator of the Year Award: Black Economic Alliance

Success Stories

• Homeownership for First-Time Buyers: Greenwood Credit Union helped a young Black couple purchase their first home with a low down payment and a competitive interest rate. The couple was able to build equity in their home and create a stable future for their family.

  

• Small Business Funding for Entrepreneurs: Greenwood Credit Union provided a small business loan to a Black entrepreneur to start a restaurant in a underserved community. The loan allowed the entrepreneur to expand their business, create jobs, and contribute to the revitalization of the community.

• Financial Empowerment for Families: Through its financial literacy programs, Greenwood Credit Union helped a Black family improve their financial habits, reduce debt, and save for the future. The family gained financial confidence and secured a more stable financial future.

Tips and Tricks for Banking with Greenwood Credit Union

• Become a Member: Join Greenwood Credit Union by opening a checking or savings account.
• Take Advantage of Free Financial Literacy Programs: Attend workshops, webinars, and access online resources to improve your financial knowledge.
• Refer Friends and Family: Share the benefits of Greenwood Credit Union with your network to help more Black families access affordable banking.
• Support Community Initiatives: Contribute to Greenwood Credit Union's Community Development Fund to support programs that benefit the Black community.

Pros and Cons of Banking with Greenwood Credit Union

Pros:

• Strong focus on serving the Black community
• Affordable and accessible banking products
• Commitment to financial literacy and community development
• Positive financial performance and growth

Cons:

• Limited branch network compared to larger banks
• Some products may have higher interest rates than traditional banks
• Availability may be limited in some geographic areas

Frequently Asked Questions (FAQs)

• Who can join Greenwood Credit Union? Anyone who lives, works, or attends school in the credit union's service area can become a member.
• What makes Greenwood Credit Union different from other banks? Greenwood Credit Union is a mission-driven financial institution committed to providing affordable and accessible banking services to the Black community.
• What does Greenwood Credit Union do with its profits? Greenwood Credit Union reinvests a portion of its profits back into the Black community through programs and initiatives that support economic development and financial empowerment.
• How do I open an account with Greenwood Credit Union? You can open an account online or by visiting a branch location.
• What are the benefits of becoming a member of Greenwood Credit Union? Members enjoy affordable banking products, financial literacy programs, community development initiatives, and the opportunity to contribute to the economic empowerment of the Black community.
• How can I support Greenwood Credit Union's mission? You can become a member, contribute to the Community Development Fund, refer others to the credit union, and advocate for policies that support financial inclusion.

Conclusion

Greenwood Credit Union is more than just a financial institution; it is a beacon of hope and empowerment for the Black community. Through its innovative banking products, community development programs, and financial literacy initiatives, Greenwood Credit Union is breaking down barriers and creating opportunities for Black families and businesses to achieve financial success. By joining Greenwood Credit Union, you are not only securing your financial future but also contributing to the collective advancement of the Black community.