SMCU is excited to celebrate International Credit Union Day! Stop by any of our seven branches on Thursday, October 18, to celebrate with us and enjoy refreshments while we take care of your banking needs.
The Origin of Credit Unions
The first financial cooperatives were formed in England and Germany in the 1850s. When times were tough, people decided to help each other rather than take out high-interest loans from for-profit lenders. The credit union model slowly spread throughout Europe and across the Atlantic, finally reaching the United States in 1909.
Credit Unions Today
Today the credit union movement is made up of over 196 million members in 100 countries. Members celebrate ICU day on the third Thursday of October each year. Credit unions help boost local economies, give back to their communities, let members have a voice, and often times offer better rates and lower fees than the big banks. If that isn’t reason enough to celebrate, we don’t know what is.
We look forward to seeing you on ICU Day!