The St. Louis Community Credit Union announced this morning that it just received a $15 million infusion. But it doesn’t intend to keep it—not for long.
The credit union is a not-for-profit owned cooperatively by its members: nearly 53,000 St. Louisans, the majority of them Black. It recycles their dollars back into the community, providing affordable loans for local businesses, many of which have trouble accessing traditional capital.
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Kirk D. Mills, the credit union’s president and CEO, says these businesses are well-qualified for loans. “These folks are bankable,” he says. “Certainly there are those who feel shut out from the banking mainstream—typically African American communities, lower-income communities—and we’re reaching out to say, no, no, no, you belong. We want you to join. But then there’s others who have just said, ‘Hey, my rate is this. Can you refinance?’ And we’ve done that.”
To serve them, the credit union needs more big deposits, and that’s what makes today’s $15 million commitment from BJC Health System, SSM Health, and the James S. McDonnell Foundation such a big deal.
As Mills explains, the credit union’s average member has deposited just $6,500—what he sees as “the manifestation of the racial wealth gap” in the U.S. But thanks to its Community Impact Deposit program, which began in 2022, the credit union has bolstered those deposits with bigger ones from institutions that believe in equitable finance. That’s led to a $40 million loan portfolio, 90 percent of them invested in Black-owned businesses.
Now, with more money, they can do more.
“As the largest employer in St. Louis, BJC is committed to addressing the root causes of health inequities inside and outside our walls—and economic well-being and health outcomes are intertwined,” Rich Liekweg, chief executive officer of BJC Health System, said in a statement. “We believe investing in the financial health of our community will create opportunity and progress that will be felt for generations to come, and this collaboration with St. Louis Community Credit Union and other anchor institutions helps to ensure greater, collective impact for our region.”
Said Laura S. Kaiser, president and CEO of SSM Health, “We know that where a person lives can have a significant impact on their overall health and well-being. Providing high-quality health care services is crucial. But people also need access to nutritious food, safe housing, reliable transportation, and strong, stable employment opportunities in order to thrive. Through this partnership, we’re investing in the economic health of our community so that everyone has the opportunity to lead their healthiest life.”
Why It Matters: It’s not just that $15 million represents a big investment. By making such a public commitment, the healthcare systems and the foundation behind today’s announcement hope to spur more attention to the good work the credit union does—and more deposits. “We have to educate people on why we’re doing what we’re doing and that we exist,” Mills acknowledges. “To be honest with you, there are no minority depository institutions in St Louis at this scale—and we’re a community development financial institution too. So we’re just sort of an odd duck.”
The announcement is a chance to get the word out. “They have a bigger mouthpiece than we do, right?” Mills says of BJC, SSM, and the James S. McDonnell Foundation. “They’re saying, ‘Hey, we need to put some of our capital into financial institutions that do this work.’” He hopes that spurs other institutions with money to deposit.
What’s Next: The St. Louis Community Credit Union began serving teachers who worked for the St. Louis Public Schools, but since the 1990s, it has been open to anyone living or working anywhere in the metro area. The credit union has cultivated a big membership among Black St. Louisans in part because of its origins, but also through proximity to the community. It additionally serves a perpetually underbanked population: Nine of the credit union’s 14 branches are in what the St. Louis Anchor Action Network has identified as the 22 poorest ZIP codes in St. Louis city and county, Mills says.
Mills hopes that not only major employers and foundations, but also individuals outside its traditional footprint will see that joining its depositors is a great way to put their money where their mouth is and support underrepresented businesses in St. Louis.
“We’re trying to explain to people that you can be a part of what we’re doing,” he says. “You don’t have to be a teacher. Here’s a different way to bank.”
