Credit Union History

Credit unions are member-owned financial cooperatives established in the 19th century to provide affordable banking services. Unlike banks, they are nonprofit organizations operated by members for their benefit. Originating in Europe, especially in Germany and Ireland, they spread worldwide as communities formed local groups to save and borrow collectively. Over time, credit unions expanded services, gained regulatory approval, and focus on member needs rather than profit. Today, they serve millions globally, emphasizing financial inclusion, cooperative principles, and personalized service, maintaining their core mission of supporting members’ financial well-being.