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 Sun Credit Union Pelican Pennie Savers Club Spring Edition

The History Of Credit Unions

If you're like most kids, you probably don't spend a lot of time thinking about or talking about credit unions. Your credit union thought you might want to learn some history about how credit unions started.

* Credit unions originated in England. Back in the early part of the 1800s, families, villages, and others would come together to form financial cooperatives. The idea quickly spread to other parts of Europe.
* The first working credit union models sprang up in Germany in the 1850s and 1860s, and by the end of the 19th century had taken root in much of Europe.
* The first credit union in North America was formed in Quebec in 1900 in answer to the outrageous interest charged by loan sharks of the day. Finally, the working class had affordable access to credit.
* April 6, 1909 - St. Mary's Cooperative Credit Association, the first U.S. credit union, opens in Manchester, New Hampshire, with assistance from Alphonse Desjardins.
* President Roosevelt was one of the biggest advocates for credit unions in the U.S. In 1934, he signed the Federal Credit Union Act, creating a national system to regulate federal credit unions. From there, the credit union movement grew.
* October 1, 1934 - Morris Sheppard Federal Credit Union in Texarkana, Texas, becomes the first federally chartered credit union.

Did You Know?

  • A female praying mantis may eat the male's head just after or even during mating.
  • Mocking birds can imitate sounds of other birds.
  • A donkey can see all of its feet at once because of the wide spacing of the eyes on its head. This eye positioning gives donkeys high quality peripheral vision so they have a nearly 360-degree view of their surroundings.
  • A cockroach can stay alive for up to nine days without its head, before it dies of hunger.
  • Ants, which are social insects, have the ability to carry things fifty times heavier than their own weight.
  • Ostriches lay the largest eggs (up to 5 pounds) in the world and have eyes larger than their brains.
  • The eyes of the giant squid measure about 15 inches in diameter, which is the largest among all animals.
  • The giant Arctic jellyfish have tentacles that can reach over 118 feet in length.
  • The call of a blue whale reaches up to 188 decibels. It can be heard over hundreds of miles underwater.
  • Even when a snake has its eyes closed, it can still see through its eyelids.

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