1844 – The Rochdale Society of Equitable Pioneers
Our story naturally begins in the BC era, that is, Before Credit Unions.
In Rochdale, England, a small group of textile weavers and tradesmen established the first cooperative store to combat poor working conditions and low wages that limited the goods they could afford.
Each of the 28 original store members pooled their resources, investing 1 pound (two weeks’ wages at the time) for one share. The idea was that if they shared resources, they could share profits. This led to a humble store opening, selling flour, oatmeal, sugar, butter, and candles, at affordable prices amongst the group.
Its core business structure, known as the Rochdale Principles, is the foundation that paved the way for the first financial cooperatives, later to be known as credit unions:
- Voluntary and open membership
- Democratic member control
- Member economic participation
- Autonomy and independence
- Education, training, and information
- Co-operation among co-operatives
- Concern for community
1852
The Rochdale Principles began to spread across Europe. Following a famine that impacted his home country of Germany, politician and economist Hermann Schulze-Delitzsch, formed cooperative mills and bakeries to benefit local citizens.
From there, he established a credit society, also known as a people’s bank, designed to help urban workers, traders, entrepreneurs, artisans, and shopkeepers avoid loan sharks (unregulated lenders who charged exorbitant rates).
1864
In rural southern Germany, wealth was well known to landowners, industrialists, and elites, but foreign to common people, particularly rural farmers, who struggled to obtain credit.
A local mayor named Friedrich Raiffeisen believed he could improve farmers’ quality of life if they pooled their money to lend to one another, reducing their dependence on predatory loan sharks.
Delitzsch and Raiffeisen are credited with establishing the first urban and rural financial cooperatives, respectively.
1901
Fast forward four decades, and North America jumped onto the cooperative bandwagon in Levis, Quebec. Here, money-hungry lenders sought to exploit the common man who lacked access to traditional banks, just as Raiffeisen’s community in Germany did.
In response, French-Canadian and journalist Alphonse Desjardins established La Caisse Populaire de Levis, which translates to “The People’s Bank in Levis.” The first deposit was 10 cents, which is about $4.40 today.
1908
Desjardins expanded his efforts into the United States of America, specifically New Hampshire, where French-Canadian immigrant mill workers were denied access to traditional banks. To help, Desjardins created St. Mary’s Cooperative Credit Association, widely considered the first U.S. credit union.
1909
1920s
Massachusetts attorney Roy F. Bergengren worked with Filene to create the Credit Union National Extension Bureau, which advocated for the creation of new credit unions in the U.S.
By 1930, the Bureau had helped 32 states pass credit union legislation and had organized 1,100 credit unions in the U.S. The credit union movement was rapidly expanding.
1934
1936
1166 Federal Credit Union is founded to support the financial needs of Mobil research employees. This is the start of a now 90-year legacy of serving communities and families in southern New Jersey, Southeastern Pennsylvania, and Northern Delaware.
1946
1967
1970
1998
In other words, this is the reason why 1166 FCU can have multiple Select Employer Groups.
2000
According to the NCUA, there were more than 10,316 federally insured credit unions, nearly $438 billion in assets, and more than 77 million members in the early 2000s.
2023
2024
The National Association of Federally-Insured Credit Unions (NAFCU) merged with the Credit Union National Association (CUNA) to form America’s Credit Unions, empowering and advocating for federal credit unions nationwide.
