FROM REDLINING TO RECLAMATION
Established in 1951, Concord Federal Credit Union was built out of a need in the community – one that was rooted in social injustice and prejudice – redlining by banks that denied Black people needed mortgages and loans. Concord stands in the great legacy of its ancestors who worked to ensure that African Americans – whether fugitives from slavery, newly freed or born in free territories – had the means to support their families and pursue their dreams. Concord Federal Credit Union offered new possibilities to close the racial wealth gap faced by the community. This remains true today.
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African Americans migrating North and West from the rural south as part of The Great Migration (1920s-1970s) 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 home mortgages and the resources to start their lives anew. To answer this discriminatory practice, The Concord Baptist Church of Christ founded Concord Federal Credit Union in 1951. It was chartered with eight members from the Church.
Through outreach to low- and moderate-income families, the unbanked and under-banked, Concord Federal’s membership grew beyond Concord Baptist Church to other religious institutions and community organizations. Today, Concord Federal serves over 650 members and has assets of more than $10.7 million.
our proud past meets a bold future
“CONCORD BAPTIST CHURCH OF CHRIST IS FOUNDED.
The Concord Church of Christ was formed on May 18, 1847 in the living room of John and Hagar Washington. “Moved by the Holy Spirit to preach the gospel in another city the Rev. Sampson White, then pastor of the Abyssinian Church of New York City, came to Brooklyn, and not finding an Afro-American Church, after making several visits among a few families who were members of white Baptist church, found those who were willing to be organized into a church.”
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1847
“EXCERPT FROM A SERMON BY REV. WILLIAM T. DIXON IN 1897
“…the [Church’s] foundation was built, and the cornerstone was laid on May 18, 1848 with appropriate exercises. The Church house was dedicated in 1848.”
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1848
“CONCORD MUTUAL RELIEF SOCIETY OF BROOKLYN IS INCORPORATED
Brooklyn Daily Eagle
June 4, 1888A precursor to the credit union, the Concord Mutual Relief Society was established. Its mission was to “provide material aid for the members when sick or disabled, to provide for their burial when dead, and to receive, take charge of and disburse any and all property or funds which may be entrusted to such a society for the purposes aforesaid.”
The official articles of incorporation for the Concord Mutual Relief Society of Brooklyn were filed in Albany, NY in 1888. It represented the efforts of the members of The Concord Baptist Church of Christ to harness the power and share their financial and material resources with each other during the most vulnerable of times is well documented.”
1888
“THE GREAT MIGRATION
Six million African Americans move west and north to cities like Brooklyn from the rural south.
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1916 - 1970s
“BORO CREDIT UNION WILL HOLD MEETING AT CONCORD CHURCH
The New York Age newspaper
April 26, 1941Concord hosted a community meeting to explore the questions that confronted its membership — “How to beat the high cost of credit on furniture, clothing, automobiles, borrowed money, insurance, and a million and one other things?
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1941
“Concord Federal Credit Union is officially formed
Under the Bureau of Federal Credit Unions, supported by the passage of the Revenue Act of 1951, Concord Federal Credit Union formed. It is chartered with eight original members.
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1951
“Merger with Mt. Sinai Baptist Church’s federal credit union
Mt. Sinai Baptist Church’s federal credit union is merged with Concord Federal Credit Union.
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1997
“Bedford Stuyvesant Restoration Corporation added to Field of Membership
With its myriad of financial empowerment services, Bedford Stuyvesant Restoration Corporation (Restoration), the first community development corporation in the U.S., was added to Concord FCU’s Field of Membership.
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2018
“Officialpartnership signing ceremony with Restoration on April 8, 2019
“This important partnership builds financial empowerment and security for residents and keeps residents’ money in the communities they live in. More than that, this kind of work is helping revitalize legacy African American institutions to be more visible and effective agents of change in their communities,” said Cathie Mahon, Inclusiv CEO.
Colvin W. Grannum, Restoration CEO, at left, and Ronnie L. Brandon, President of the Concord FCU Board of Directors, sign partnership agreement joined by Cathie Mahon, Inclusiv CEO, and Gregory Schiefelbein, NY Tri-State Director, Citi Community Development
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2019
“We celebrated 70 years of service in 2021!
Concord FCU has been serving the financial needs of Brooklyn residents since 1951.
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2021
for over 70 years, Concord Federal Credit Union has continued to offer its members new possibilities to close the racial wealth gap
CONTACT US
833 Marcy Ave, Brooklyn, NY, 11216
718-622-0623
Hello@ConcordFCU.org
HOURS
Wednesdays and Thursdays
11:00 am to 2:00 pm or call for an appointment
CFCU Routing Number #226074302
