It took 135 years for the nation’s oldest Black-incorporated community to get a federally insured financial institution. The financial desert in Eatonville, Fla., ended when Unity of Eatonville (Fla.) Federal Credit Union opened in June 2022.

“Eatonville has long been underserved in many areas. We get to be a catalyst for these many areas,” says James Rivera, branch manager at the $2.6 million asset credit union. “We need to earn the respect and trust of this great community. We care greatly for Eatonville. Our responsibility is to prove it with service, products, and opportunities that can only be found at Unity.”

The credit union was a long time coming, as Eatonville was incorporated in 1887 by 27 formerly enslaved Black men. The population rose to 2,486 in 2021, according to the U.S. Census Bureau, which reports that the town still represents underserved communities with a 79% Black population and a median household income of $27,917.

Serving those people was the vision of Macedonia Missionary Baptist Church Pastor Willie C. Barnes, who recognized the challenges that exist in low-income communities. Barnes organized a task force to explore the possibility of establishing a local credit union. A community survey found that consumers needed and supported a local financial institution.

So, the chartering process began. The task force became the board of directors while the church provided space and funding for the credit union. In December 2021, NCUA granted Unity of Eatonville Federal a charter and share insurance fund coverage.

NCUA Chairman Todd Harper called the charter “a milestone event. Eatonville was one of the first self-governing, all-Black municipalities in the U.S.”

“Financial inclusion is the civil rights issue of our time,” NCUA Board Member Rodney Hood added. “This community is responding to a need in a minority and underserved area, which will improve financial inclusion and financial access. I wish them well and hope that other credit union organizers can learn from the chartering of this institution.”

The credit union, which has low-income and minority depository institution designations, serves those who live, work, worship, attend school, or participate in programs to alleviate poverty or distress in Eatonville, and their immediate family members. It offers basic saving and lending services, including share and share draft accounts, certificates of deposit, new and used auto loans, unsecured loans, and credit counseling.

“We’re still in the early days of the credit union,” Rivera says of Unity of Eatonville Federal’s first year. “The challenges to provide valued services for the community are there. The cost to provide such services as debit cards, bill pay, and remote deposit capture, which are now standard in the industry, is quite hefty for a startup credit union. We continue to seek members and capital from supporters who understand the need for the credit union in Eatonville.”

The credit union’s goal is to go beyond offering products. When new members open accounts, employees seek to improve their financial well-being by looking at the whole financial picture.

“It’s a holistic approach to banking,” Rivera says. “We’re looking to bring to light opportunities to improve members’ financial well-being.”

“We’re empowering these individuals, driving positive change, and fostering financial inclusion,” adds Unity of Eatonville Federal Board Chairman George Williams, noting that the credit union helps residents address social inequalities in their community. “We’re working toward building a more equitable and prosperous future for all the members of the Eatonville community.”