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ST. PAUL, MN. – The National Credit Union Administration (NCUA) has officially chartered Arise Community Credit Union (Arise), marking an historic moment as Minnesota's first black-led credit union and the first new credit union in the state in more than two decades. “We genuinely thank the community members whose vision and grassroots efforts have made this achievement possible,” said Debra Hurston, executive director of the Association for Black Economic Power (ABEP). ABEP spearheaded the credit union filing and obtaining the charter during Women’s History Month is an added bonus, added Hurston. Purpose and Origin The idea for the credit union was initiated in 2017 when community leaders in North Minneapolis entrusted ABEP with the task of creating a Black-led financial institution to tackle the systemic financial challenges faced by Minneapolis residents, particularly people of color. ABEP has been instrumental in realizing this vision, believing that institutional economic power is crucial in addressing the inequities faced by Black communities in Minnesota. “In the wake of the tragic deaths of Philando Castile in 2016 and George Floyd in 2020, the community decided that, in addition to addressing the policing injustice, they also wanted to address the economic injustice. They wanted a Black-led credit union that was open to everyone — a place where when you walk in, you feel like you belong from the moment you open that door,” said Hurston. Hurston noted a long history of challenges and negative experiences with financial institutions – including the community’s high concentration of payday lenders. Status and Timeline To date, Arise has received more than $2 million in deposit pledges from the community. Meanwhile, Minnesota credit unions have raised more than $1 million in capital contributions and $4 million in deposit pledges. Nearly 3,000 community members have already pledged to become members of Arise Community Credit Union. You can pledge to join at www.learnaboutariseccu.org/. The newest member of the Arise team is CEO designee Dan Johnson, who began operationalizing the organization last September. Johnson, who previously worked for Wells Fargo, most recently served as a branch manager with Geico Insurance. The official paperwork for the credit union's establishment is currently being processed by the Minnesota Department of Commerce. It is estimated that it will take six-to-nine months to onboard the necessary technology, training, and personnel to open the credit union virtually; it will initially offer deposit products, checking accounts and home equity financing. If all goes according to plan, Arise aims to build enough resources within two years to open a physical location and expand to additional consumer financial products. Community Celebration Event To celebrate this historic achievement, a thank-you event will be held on March 28 from 5-7 p.m. at Shiloh Temple in North Minneapolis. This event will provide refreshments and an opportunity to meet the CEO and learn more about the credit union's mission and services. About Arise Community Credit Union Chartered in March 2024, Arise Community Credit Union is Minnesota's first black-led credit union, dedicated to serving the financial needs of Black residents in Minneapolis. Founded on the principles of economic empowerment and community development, Arise Community Credit Union is committed to providing accessible and equitable financial services to its members. For more information: www.learnaboutariseccu.org/ About The Association for Black Economic Power The Association for Black Economic Power (ABEP) is a nonprofit organization created to establish a Black-led financial institution to address systemic financial challenges impacting Minneapolis residents, particularly people of color. This vision was birthed from North Minneapolis community members who strongly believe that institutional economic power is the critical ingredient to addressing the inequities blacks experience in Minnesota. Additionally, as a community development organization, ABEP seeks to impact the underserved communities it serves from the standpoint of affordable housing, workforce development, and small business acceleration opportunities. Learn more at abepmpls.org.
ST. PAUL, MN. – The National Credit Union Administration (NCUA) has officially chartered Arise Community Credit Union (Arise), marking an historic moment as Minnesota's first black-led credit union and the first new credit union in the state in more than two decades.
“We genuinely thank the community members whose vision and grassroots efforts have made this achievement possible,” said Debra Hurston, executive director of the Association for Black Economic Power (ABEP). ABEP spearheaded the credit union filing and obtaining the charter during Women’s History Month is an added bonus, added Hurston.
Purpose and Origin
The idea for the credit union was initiated in 2017 when community leaders in North Minneapolis entrusted ABEP with the task of creating a Black-led financial institution to tackle the systemic financial challenges faced by Minneapolis residents, particularly people of color. ABEP has been instrumental in realizing this vision, believing that institutional economic power is crucial in addressing the inequities faced by Black communities in Minnesota.
“In the wake of the tragic deaths of Philando Castile in 2016 and George Floyd in 2020, the community decided that, in addition to addressing the policing injustice, they also wanted to address the economic injustice. They wanted a Black-led credit union that was open to everyone — a place where when you walk in, you feel like you belong from the moment you open that door,” said Hurston.
Hurston noted a long history of challenges and negative experiences with financial institutions – including the community’s high concentration of payday lenders.
Status and Timeline
To date, Arise has received more than $2 million in deposit pledges from the community. Meanwhile, Minnesota credit unions have raised more than $1 million in capital contributions and $4 million in deposit pledges. Nearly 3,000 community members have already pledged to become members of Arise Community Credit Union. You can pledge to join at www.learnaboutariseccu.org/.
The newest member of the Arise team is CEO designee Dan Johnson, who began operationalizing the organization last September. Johnson, who previously worked for Wells Fargo, most recently served as a branch manager with Geico Insurance.
The official paperwork for the credit union's establishment is currently being processed by the Minnesota Department of Commerce. It is estimated that it will take six-to-nine months to onboard the necessary technology, training, and personnel to open the credit union virtually; it will initially offer deposit products, checking accounts and home equity financing. If all goes according to plan, Arise aims to build enough resources within two years to open a physical location and expand to additional consumer financial products.
Community Celebration Event
To celebrate this historic achievement, a thank-you event will be held on March 28 from 5-7 p.m. at Shiloh Temple in North Minneapolis. This event will provide refreshments and an opportunity to meet the CEO and learn more about the credit union's mission and services.
About Arise Community Credit Union
Chartered in March 2024, Arise Community Credit Union is Minnesota's first black-led credit union, dedicated to serving the financial needs of Black residents in Minneapolis. Founded on the principles of economic empowerment and community development, Arise Community Credit Union is committed to providing accessible and equitable financial services to its members. For more information: www.learnaboutariseccu.org/
About The Association for Black Economic Power
The Association for Black Economic Power (ABEP) is a nonprofit organization created to establish a Black-led financial institution to address systemic financial challenges impacting Minneapolis residents, particularly people of color. This vision was birthed from North Minneapolis community members who strongly believe that institutional economic power is the critical ingredient to addressing the inequities blacks experience in Minnesota. Additionally, as a community development organization, ABEP seeks to impact the underserved communities it serves from the standpoint of affordable housing, workforce development, and small business acceleration opportunities. Learn more at abepmpls.org.