1908
The first credit union in the U.S. was founded in 1908 in Manchester, NH. The inspiration of Monsignor Pierre Hevey, the pastor of Sainte-Marie Parish.
Monsignor Hevey sought to improve the economic stability and independence of the French-speaking mill workers by giving them a safe and welcoming place to save and borrow money. Initially open just evenings and holidays, the credit union grew to become one of the state's most stable financial institutions.
Groups were poised and ready to employ this cooperative model as a means to bring “access to reasonable financial services” to African-American communities. Some of the earliest and most successful efforts were in the State of North Carolina. North Carolina was the first State south of the Mason Dixon Line to pass a credit union statute.
