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What is a Credit Union?

A Credit Union is a member owned non-profit financial cooperative. The first credit union was formed in 1850 in Germany. In this first Credit Union members deposited their savings with the credit society to provide working capital with dividends paid on these “share” accounts. Loans were extended for “productive purposes” based on the character of the borrower. The concept of Credit unions quickly spread throughout Europe, then to North America in 1900.