Minority-owned and operated financial institution opens in North Little Rock

People Trust Credit Union, which bills itself as Arkansas’ first minority-owned and operated financial institution, celebrated the grand opening of its first location in North Little Rock’s Rose City neighborhood Wednesday (Dec. 14).

People Trust Credit Union is an accredited, full-service credit union focused on restoring access to banking for underbanked and underserved individuals and geographies in central Arkansas.

“People Trust will challenge the disparity of access in financial services for minorities,” People Trust President Arlo Washington said. “People Trust is excited to focus on eliminating economic barriers by providing underserved and underbanked individuals with financial opportunity. When we provide equal access to minorities for financial services, we ultimately are empowering our entire community.”

To celebrate its grand opening, People Trust offered the first 100 people opening a checking or savings account with a $100 deposit. The credit union will provide services to customers such as new and used auto loans, personal loans, checking and savings accounts, credit cards, Certificates of Deposits (CDs) and more.

According to a news release, People Trust Credit Union said its goal is to close the racial gap of economic inequality by providing community financial services to overlooked populations, income levels and geographies who can face barriers at traditional financial institutions.

People Trust was founded by Arlo Washington, owner of Washington Barber College and CEO and founder of the non-profit financial institution People Trust Loan Fund, a community development financial institution that helps provide loans for small businesses in low-income communities.

People Trust Credit Union is a separate financial institution from the People Trust Loan Fund.