Posts Tagged 'century'

Celebrating 100 years of credit unions in America

One hundred years of credit unions. How about that?

This year we celebrate a century of credit unions in the U.S. The movement began in Europe, in England and Germany in the 1800s, and then spread to Canada in 1901 and America in 1908. American 1 was founded in 1950 as part of the Jackson Co-Op (we were called Jackson Co-Op Federal Credit Union until 1987).

The anniversary is viewed not as a single hard date but encompasses a rolling series of events. For example, the first U.S. credit union, St. Mary’s Bank Credit Union, was organized in Manchester, N.H., in November 1908. A few months later, in April 1909, the first credit union law was passed, in Massachusetts. June will mark the 75th anniversary of President Franklin Roosevelt signing the Federal Credit Union Act of 1934, which established a federal framework for credit unions.

Credit unions are not-for-profit financial cooperatives that were founded to provide an effective and viable alternative to for-profit financial institutions. They are member owned and run and built on a one member/one vote model. Currently, nearly 8,300 credit unions collectively serve more than 90 million members in the United States.

American 1 serves more than 42,000 members, and has branch locations in Jackson, Hillsdale, Calhoun, and Washtenaw counties.



American 1 Federal Credit Union