Our friends over at Coastal Credit Union taught me some Durham history I didn’t know! Turns out the Bull City was home to the FIRST credit union in the South! And it goes back to tobacco farming.
Who saw the tobacco part coming?
Durham has always had a way of “make money, figure out the rest later,” and that has lead to many innovations and interesting Bull City tales. That was of life is what lead to John Sprunt Hill opening up Lowe’s Grove credit union.
Local farmers needed a safe place to keep their earnings year round without being subject to scandalous practices such as, but not limited to, absurdly-high interest rates. Farmers get paid but once a year and that money doesn’t always line up or make it through the farmer costs of the following year. Furthermore, the demand for tobacco outpaced everything and everyone, including the existing banking practices.
Enter banker John Sprunt Hill. He had a background in finance and was married to a tobacconist’s daughter giving him keen insight into the banking needs of those in the tobacco industry. He worked with the farmers of Lowe’s Grove to create the credit union in 1915.
Each founding member put in $29, which today would be $735.
Things have a way of growing in Durham. Lowe’s Grove credit union lead the way, followed by Durham becoming home to some of the very few African-American owned credit unions. North Carolina, namely Durham, had more African-American credit unions than the rest of US combine! Providing fair lending rates and savings options for African-Americans during the Jim Crow Era. Durham has always lead the way in race relations by way of money.
Special thanks to our Community Partners Coast Credit Union for making this Bull City History Bit possiBULL. Durham’s always been incrediBULL - you can take that to the bank.
Click HERE to sponsor your own Bull City History Bit and become a Community Partner.
Bull City Storytime
Have something special coming up in Durham and want to get the world out to an entire herd of Bull City loving folks? This affordaBULL Community Partnership Opportunity is PERFECT for you.
Promote your event, sale, product line, big news via @TheBullsOfDurham stories. Our HIGHLY engaged audience loves what we love, so let us love you in our stories.
Speaking from experience, Durham and most humans in general, need several reminders. Recommend to purchase 3 or more stories building up to your event, sale, etc. for best results. Pricing is per story slide. If your promotion needs more than 1 story slide purchase that number of story slides.
*Terms and conditions apply. The Bulls Of Durham LLC reserves the right to choose what will and will not be promoted via their avenues. No *risky* business as we have Young Bulls who read our content too - meaning while we practice non-judgment, kiddos don't need to be exposed to content about sexy time.
Bits of Bull City History
Sponsorship of a Durham History post on social media as well as a microblog on TheBullsOfDurham.com. These are mega-hits reaching 1000s of Durhamites. Durham LOVES its history.
*Subject to approval to and enrollment in The Bulls of Durham Community Partnership Program.
Get your incrediBULL Durham based business in front of 1000s of Bull City enthusiasts and be a Bulls of Durham Supporter at the same time.
Have your business featured on The Bulls of Durham Instagram and Facebook accounts. With "The Bulls of Durham" launch getting closer and closer, our interaction rates and reach have never been higher. Grab some of the magic for your business.
Share up to 10 photos of your incrediBULL crew, business or self in action. We'll work with you to create a caption that shares who you are, why you're awesome, what problem you solve for your customer, why you love Durham and which bull in the Bull City is your favorite.
Must have both an Instagram and Facebook account for your business to link the promotion to.
No risky-business :::wink wink::: as the young bulls read our social media posts.
Must be based in and serve the Bull City.
Terms and conditions apply. We reserve the right to decline service to companies/organizations/individuals not in line with our brand.