For more than 160 years, credit unions have put people before profit.
In the 1850s, hard times hit Germany, and people turned to each other for help. They removed small savings from under mattresses and started making reasonably priced loans to one another. These early credit unions were the model for all the credit unions that followed: not-for-profit, democratically controlled and community oriented. The principles that guided them then, guide credit unions today.
In the 1920s, Edward Filene took cooperative finance to the next level in Boston, as a means of lifting working people out of debt and creating a better life. On January 17, 1927, the Credit Union League of Massachusetts celebrated the first official credit union holiday. January 17th is the birthday of Benjamin Franklin, America’s “Apostle of Thrift,” who credit union founders believed to symbolize the purpose and spirit of credit unions.