ROWAN COUNTY, NC – State officials yesterday unveiled a new highway marker in Rowan County to honor Piedmont Credit Union, the first African American credit union established in the United States.
Founded in Rowan County in 1918 by local farmer Thomas B. Patterson and a handful of neighbors, Piedmont Credit Union gave Black farmers fair access to credit in an era defined by Jim Crow laws and economic exploitation. For example, Piedmont Credit Union provided its members with loans at 6% interest compared to 60% rates charged by some local banks at the time.
Within two years of Piedmont Credit Union’s founding, 13 more African American credit unions formed across North Carolina.
The marker is at the intersection of Mount Moriah Church Road and Flat Rock Road in China Grove, NC, near where Piedmont Credit Union was established.
Dan Schline, CEO of the Carolinas Credit Union League, said, “The story of Piedmont Credit Union is the story of the credit union movement at its most powerful – ordinary people coming together to create economic opportunity where none existed. Thomas Patterson and his fellow founders built a lifeline for families who had been deliberately shut out of the system. Over a century later, that spirit of people helping people remains the foundation of every credit union in the Carolinas and across this country.”
“The dedication of the Piedmont Credit Union historical marker is a fitting tribute to Thomas B. Patterson and the founders who had the vision to build an engine of economic opportunity in Rowan County,” said U.S. Sen. Thom Tillis. “Their legacy is a testament to the North Carolina spirit of innovation and community, and I am proud to honor their courage and lasting impact on our state's history.”
Rep. Grant Campbell said, “The Piedmont Credit Union stepped up over a century ago to give access to fair loan terms to African American farmers who often faced discrimination or rejection based simply on the color of their skin. Piedmont Credit Union allowed hard working farmers to protect their land ownership and formed a shield against predatory lenders. I am immensely proud to see this historical marker in my community celebrating such an important institution.”
Sen. Carl Ford said, “This marker stands as a tribute to the Piedmont Credit Union’s enduring legacy, one rooted in service, trust, and the belief that when people come together, they can build something lasting. At this marker’s dedication, we not only reflect on a proud past, but also look ahead to a future shaped by the same spirit of cooperation and community that brought everyone together today.”
Leslie Leonard, Administrator, NC Highway Historical Marker Program, said, “The Highway Historical Marker Committee unanimously approved Piedmont Credit Union as a marker topic, recognizing its statewide significance as a community-driven effort to secure economic stability despite systemic barriers to Black financial mobility.”
In April 1918, a Rowan County farmer named Thomas B. Patterson and a handful of neighbors pooled $126 in capital and founded the Piedmont Credit Union – the first African American credit union in the United States.
In an era defined by Jim Crow laws and economic exploitation, Black farmers in Rowan County had few options for fair financial access. The crop-lien system that dominated the region forced farmers to put up their next harvest as collateral for supplies, sometimes at interest rates as high as 60%, trapping generations of families in cycles of debt with little hope of escape.
Patterson envisioned something different. The Piedmont Credit Union offered its members loans at fixed 6% interest, allowing them to finance their crops at a rate that gave them a chance to turn a profit. “A thrifty, hard-working, intelligent farmer is an asset to any community, [and] the credit union aids in making him all of these,” Patterson wrote in 1920. “After all, it is not what a man makes that gives him standing in the community; it is what he saves that counts.”
By the end of 1919, Piedmont had grown from its original 23 members to 82, with total resources of $1,347.83. The next year, 13 additional African American credit unions had formed across North Carolina – a movement born from one small community's refusal to accept injustice.
The legacy of Piedmont Credit Union stretches beyond Rowan County. It demonstrated that cooperative finance could serve as a tool of economic liberation, and it laid important groundwork for a broader tradition of African American-led financial institutions in the South and across the nation.
On April 17, 2026, a historical mile marker was dedicated near the site where Piedmont Credit Union was founded, honoring Thomas Patterson, his 22 fellow founders, and the hundreds of farmers and families whose lives were transformed by their vision.
