At Revity Federal Credit Union, financial freedom for all

It’s like a scene out of Frank Capra’s It’s a Wonderful Life.

“Your direct deposit helps fund your neighbor’s car loan,” explains Amie Wheeler, Revity Federal Credit Union’s chief operations officer. “When somebody has their direct deposit with the credit union, it’s helping someone get their first car or repair their first house. The money our members deposit is how we lend.”

The local credit union has deep ties to the city. Originally known as Greensboro Municipal Credit Union, Revity was founded in 1937 in the middle of the Great Depression when banks were failing. Five employees with the city of Greensboro decided to pool their resources to make small loans for their coworkers. The credit union’s first loan was $50 to a man named Walter.

Almost a century later, Revity has expanded to three locations in the city, most of them focused in what the census calls “low-income tracts,” or places that historically are considered financial deserts.

There is one location off of Randleman Road near Smith Homes, one off of Phillips Avenue in East Greensboro and their main location is their downtown branch off of Greene Street, which is currently being renovated. The location is set to reopen next month.

“We’re trying to make it a community hub,” says Heather Lyons, Revity’s marketing manager.

That’s why last year when the organization decided to undergo a name and brand change, they landed on the new name: Revity — a combination of “revitalize” and “community.”

“That’s literally why we exist,” Wheeler says. “We are here to help people revitalize their finances and to be here for our community and help lift them up.”

The name, according to CEO Jerry Wise, has helped the organization broaden their reach and let people know that anyone can join the credit union, not just city employees.

“The culture is very open now,” Wise says. “It’s open for everybody. We’ve taken steps to be able to do that.”

As a credit union, Wheeler says that Revity differs from banks because it is a not-for-profit organization. They have to make enough to pay their employees, but at the end of the day, the money goes back into the credit union. That allows for the credit union to offer lower interest rates and higher dividends to its members. Revity also offers rewards checking accounts without minimum balances. It’s all part of the credit union’s push for financial freedom for every person, not just those with means.

“We don’t just take someone’s credit score into account,” he says. “We look at their whole situation. It’s not a one-size-fits-all. That’s our approach.”

The way that Wise explains it is that “it’s not all about dollars and cents.”

“It makes it more inclusive,” Wheeler says. “We’re in the business of relationship lending. You may have bad credit, but we will look at your entire situation.  You are not just a number at Revity.”

One of Wheeler’s favorite memories is how Revity once helped a woman, who became a member eight years ago, fulfill her dream. She was a single mother of three children and when she first walked into Revity’s doors, her financial situation wasn’t the best. But with Revity’s help, she was able to build up her credit, get a credit card, then an auto loan and eventually her first home loan.

The joy that the woman felt was shared by everyone on the staff, Wheeler says.

“We all wanted to go to the closing with her,” she says. “I swear, the whole credit union felt this with her.”

And that’s exactly the kind of place that Revity aims to be: community-minded and equitable for all.

“Nobody should be excluded,” she says. “We believe that everybody needs a financial institution that has their best interest at heart.”