'People Trust' to gift cash deposit to 100 new customers during grand opening Wednesday

LITTLE ROCK (KATV) — Arkansas's first minority-owned financial institution, People Trust Credit Union, will host a grand opening for its first location on Wednesday.

The credit union is an accredited, full-service credit union with a focus on restoring access to banking for underbanked and underserved individuals in central Arkansas.

To celebrate its grand opening, People Trust will provide the first 100 people opening a checking account with a $100 deposit.

The mission of the credit union is to close the racial gap of economic inequality by providing community financial services to overlooked populations, income levels, and geographies that may face barriers at traditional financial institutions.

Arlo Washington, the founder of the institution, also developed the People Trust Loan Fund which is a community development financial institution that helps provide loans for small businesses in low-income communities.

People’s Trust Credit Union is a separate financial institution from the People Trust Loan Fund, as the credit union provides traditional credit union services to customers.