BALTIMORE — When it comes to penetrating the African-American population and meeting their financial needs, credit unions in Maryland and the District of Columbia are going above and beyond.
Speaking at the African-American Credit Union Coalition's annual conference here at the Renaissance Harbor Place Hotel, Michael Beall, president/CEO of the Maryland and District of Columbia Credit Union Association, told attendees 52% of African-Americans in both areas belong to credit unions. Another 82% of African-Americans that make more than $75,000 belong to credit unions and 31% of African-American women consider Maryland credit unions to be their primary financial institution.
While the numbers spell loyalty, Beall said the challenge for all credit unions is to look at further penetration.
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"There is great room for us to partner," Beall said. "The question is how do we go further and do more."
To that end, Beall said the association will be creating a local chapter to help drive more people to credit unions and will kick off the effort with a $1,500 donation.
Beall also recognized the president/CEOs of three of the top 10 credit unions in Maryland for the strides the financial institutions have made in meeting members' needs: Don Lewis of Aberdeen Proving Ground FCU, Bert Hash of Municipal Employees Credit Union of Baltimore and Michael Hale of Andrews FCU.
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