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Credit Union History & Philosophy
Credit Union History
The credit union movement began more than 100 years ago in the United States. Missouri's state lawmakers welcomed the not-for-profit financial cooperatives in 1927 by passing legislation that allowed credit unions to organize. That same year, St. Andrew Credit Union was the first Missouri credit union to receive its state charter.
During the Great Depression, when growing numbers of people found themselves without financial resources and without options, credit unions stepped up to help those in need. The number of credit unions in Missouri - and across the country - grew rapidly during this time.
Today, Missouri is home to nearly 150 credit unions serving more than 1.3 million members in all corners of the state. As when credit unions first started, the credit unions of today are focused on helping members achieve their financial dreams.
Click here for more credit union history.
Credit Union Philosophy
The credit union philosophy is "not for profit, not for charity, but for service." Credit unions look out for their members' interests and provide a level of service that is not generally available at other financial institutions. Whether it's providing a loan to help a member cover unexpected medical bills, giving financial counseling to a member whose company closed its doors, or simply offering a better deal on a used car loan, credit unions make a difference for their members and the communities they serve.
