President's Message

Part of what makes credit unions unique is that they foster a welcoming environment that supports the people on our staff and the families and businesses in our communities.

Although many people think DEI is a new corporate buzzword, the truth is that DEI (Diversity, Equity and Inclusion) has been around at least since the formation of the first American credit union in Manchester, New Hampshire more than 100 years ago.

This week marks an important milestone for the Credit Union industry: on April 6, 1909, the New Hampshire legislature approved the charter to incorporate under the name of St. Mary’s Cooperative Credit Association, which had opened its doors only five or six months earlier.

Monsignor Pierre Hevey, the Pastor of Sainte-Marie’s parish in Manchester, New Hampshire, saw that his parishioners—primarily Franco-American mill workers—were suffering at the cruel hands of discrimination and marginalization. Their only access to credit was through predatory lenders.

In our industry, it’s important to consider the past as a prologue for the future. Are there still members in our community that are marginalized and in need of our services? Yes. We as credit unions need to open our eyes to see who continues to suffer from discrimination and societal marginalization. And we must actively seek out all opportunities to include and welcome a more broad and deep population into our memberships and within our larger communities.

Thank you to Stephanie Smith, Executive Director of America’s Credit Union Museum, for writing this week’s message in which she shares her perspective on this credit union milestone. She also offers an update on some exciting initiatives at the museum:

On November 24, 1908, we officially opened our doors in Manchester, New Hampshire as “La Caisse Populaire, Ste-Marie” (The People’s Bank) and became the first credit union in the nation.

In April 1909, the New Hampshire Senate and House of Representatives approved a charter to incorporate under the name of St. Mary’s Cooperative Credit Association. Transactions were conducted at the home of Joseph Boivin, the credit union’s first president, on Notre Dame Avenue.

St. Mary’s Bank made it possible for Manchester’s immigrants to achieve the better quality of life they had envisioned. For just $5, the price of one share of capital stock, anyone in the community could become a member. Savings were accepted from workers, families, and children. The accumulated savings were, in turn, lent to members to purchase and build homes, establish neighborhood businesses, and meet the personal financial needs of the community.

Today’s credit union system looks nothing like it did more than 100 years ago when the movement started; today credit unions have embraced new technologies and our industry has evolved at a breakneck pace. While we are evolving, we risk losing some of our historical roots. Like any other business, credit unions must evolve to stay current with today’s member needs. But we must never forget those credit unions that have gone away or the thousands of credit union leaders who have left an indelible mark on the credit union system.

Many credit union veterans have not had a chance to come to Manchester, N.H. to visit America’s Credit Union Museum, the place where the credit union system started and the site of our nation’s first credit union. Visitors might be surprised by what they find. Like the credit union system, the museum has also evolved. While we still have the original desk from St. Mary’s Bank and a replica of that original office, the museum is now a high-tech, 17,200 square-foot facility where visitors can not only learn about St. Mary’s but all facets of credit union history.

 It has been modernized with state-of-the-art video conferencing equipment, modern meeting facilities and more.  Throughout the COVID19 pandemic, the museum has shifted focus to capturing oral and video histories from the credit union leaders of today, and through a generous sponsorship by CUNA Mutual Group, recently launched this series as “Moments in Credit Union History”.

The museum is also a place where each individual credit union can ensure their own history is told. Credit unions have the ability to utilize the museum’s online systems to log their history and no matter how the institution changes, its roots will live on in our archives for future generations. We invite you to share your credit union story with us and explore our shared legacy.

Cooperatively,
Bruce