Fourth of July Tribute to the 'Founding Fathers' of U.S. Credit Unions

Check out the twenty oldest chartered credit unions with over $50 million in current assets and see where each has come in the last 80+ years.

 
 


In the beginning of the 20th century, a small group of individuals who wanted cooperative financial institutions in the U.S. set the wheels of the American credit union movement in motion. Their initiative 93 years ago has resulted in a nationwide community of member-focused institutions that today serves 80 million members' financial services needs.

Just as the credit union movement as a whole continues to grow, first quarter results indicate that the founding institutions continue to thrive as well. Examining the twenty oldest credit unions with over $50 million in assets reveals that five of them are over $500 million in assets and two, Municipal and Brockton, are included in the prestigious group of the 100 largest credit unions. With an average Return on Assets of 1.2% and a Net Worth to Assets ratio of 14.1%, it's no wonder these credit unions have safely lasted for nearly a century.

 

 

 

July 1, 2002


Comments

 
 
 
  • Amazing that over the years none found it, at sometime, convenient to convert to federal charter.
    Anonymous
     
     
     
  • Way to go Casey Connelly. It is refreshing to read a positive article about corporate America these days. Forth of July or not, it is always important to be reminded of our past. Being a Boston resident, I especially enjoyed the bit about the Boston "Duck Tour."
    Anonymous