On October 18, 2018 Valley Credit Union will join with credit union’s around the world to celebrate International Credit Union Day! This year marks the 70th anniversary of International Credit Union Day. A day in which we celebrate all the ways that credit unions have improved communities and the lives of their members.
Credit unions originally started to appear in Europe in the mid 1800’s. The first credit union in the United States opened its doors in 1909. However, credit unions didn’t start to gain in popularity until the 1920s. As the economy thrived, consumers were looking for credit to help them purchase automobiles and washing machines. However, commercial banks and savings institutions at the time had little interest in consumer loans. The Credit Union National Extension Bureau was created during the 20s to help promote credit unions throughout the U.S. Credit Unions continued to grow and by 1930 32 states had adopted credit union laws and there were more than 1,100 credit unions.
Credit Unions continued to grow and in 1934 President Franklin Delano Roosevelt signed the Federal Credit Union Act into law. This created a national system to charter and supervise federal credit unions. By 1960 credit union membership exceed six million people and there were over 10,000 federal credit unions. Since the 60s, credit union membership has continued to grow. There are over 108 million credit union members in the U.S. today.
Credit unions today continue to be focused on their members and the communities they operate in. Credit unions are not-for-profit organizations that operate for the well being of their members. As a member, you become a part owner of the credit union. Any profit generated during the year is put back into the credit union to pay dividends, build reserves and pay operating expenses. Everything is handled locally by your trusted branch associates and the credit union operates like a close-knit family to help you. Community involvement is also an important part of the credit union mission. We focus on causes and events that help our member communities thrive!
Valley Credit Union is founded on the promise to provide accommodating, personalized and local service to our members. We are also focused on our communities. We are proud supporters of Head Start, local Pay-It-Forward events, the Alberta Bair Education Series, ZooMontana, as well as our local schools, nonprofits and more!
Join us in October to celebrate the good that credit unions around the world do for their members and their communities!