|Credit Union History
A federal credit union is a nonprofit, cooperative financial institution owned and run by its members.
Organized to serve, democratically controlled credit unions provide their members with a safe place to
save and borrow at reasonable rates. Members pool their funds to make loans to one-another. The
volunteer board that runs each credit union is elected by the members. Not for profit, not for charity,
but for service is a credit union motto.
Credit unions are not new. Originating in Europe, credit union history began in this country when the
first credit union was formed in Manchester, New Hampshire, in 1909. Today, over 12,000 credit
unions with $316 billion in assets serve 70 million people in the United States. More and more people
join credit unions every year and they are pleased with the service. Credit unions have rated No. 1 in
customer satisfaction at financial institutions for 10 years according to the American Banker
Newspaper's annual customer satisfaction survey.
Read more about the history of credit unions at the
National Credit Union Association (NCUA) web site.