In a significant recognition of African American heritage and financial innovation, a North Carolina Highway Historical Marker will soon honor the Piedmont Credit Union, a pioneering institution established by African American farmers. This initiative is a part of the N.C. Historical Marker Program, under the N.C. Department of Natural and Cultural Resources.
The dedication ceremony for the marker is slated for Friday, April 17, at 1 p.m., and will take place at the junction of Mount Moriah Church Rd., and Flat Rock Rd., in China Grove, N.C.
The Piedmont Credit Union, established on April 19, 1918, by Thomas B. Patterson and 22 Black farmers in Landis, N.C., holds the distinction of being the first African American credit union in the nation.
In the early 1900s, African American farmers faced significant barriers in accessing equitable financial services. Mainstream banks either denied loans or imposed conditions that were unfavorable to Black borrowers, making it difficult for them to sustain their farms during adverse conditions like bad weather or crop failures. The absence of reliable credit options hindered these farmers’ ability to invest and plan for their future, thus perpetuating economic instability.
Historically, African American communities engaged in cooperative financial practices, pooling resources to support one another in times of need. These practices, rooted in mutual aid, were essential for community survival but lacked the formal structure necessary for long-term economic growth. The establishment of the Piedmont Credit Union marked a turning point, institutionalizing these cooperative principles and fostering community-wide prosperity.
The credit union’s approach to fair lending and reasonable loan rates empowered farmers to maintain ownership of their land, invest in improvements, and save without fear of exploitation. Its success spurred the creation of more than a dozen similar credit unions across North Carolina within two years, each contributing to the strengthening of local economies through community-driven financial systems.
For more details on the historical marker, interested individuals can visit the Piedmont Credit Union blog post, or call (919) 814-6625.
The Highway Historical Marker Program is a joint effort by the N.C. departments of Natural and Cultural Resources and Transportation.
About the North Carolina Department of Natural and Cultural Resources
The N.C. Department of Natural and Cultural Resources (DNCR) is dedicated to preserving the diverse arts, culture, rich history, and natural beauty of North Carolina. Operating over 100 sites statewide, the department promotes education, drives economic growth, enhances public health, and supports community resilience. For more information, please visit www.dncr.nc.gov.
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