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The credit union movement started in Germany, and the first credit union in North America began operating in Quebec, Canada in 1901 with a ten cent deposit. The credit union movement began in the United States in 1908. St. Mary's Bank Credit Union in New Hampshire opened its doors on November 24, 1908.
In Missouri, state lawmakers welcomed the not-for-profit financial cooperatives in 1927 by passing legislation that allowed credit unions to organize. That same year, St. Andrew Credit Union was the first Missouri credit union to receive its state charter.
During the Great Depression, when growing numbers of people found themselves without financial resources and without options, credit unions stepped up to help those in need. The number of credit unions - in Missouri and across the country – grew rapidly during this time.
Credit unions continue to serve those in need today. Missouri is home to more than 150 credit unions serving nearly 1.3 million members in all corners of the state. As when credit unions first started, the credit unions of today are focused on helping members achieve their financial dreams.
Credit unions: "Not for profit, not for charity, but for service." Top
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