1850 Herman Schulze-Delitzsch set up the first credit society for farmers in Germany struggling to pay exorbitant rates to moneylenders. Members pooled resources to lend to each other, and the rates were fair. By 1859 there were 183 of these credit societies.
1864 The first credit union was founded by Friedrich Raiffeisen in Bavaria. Under his guidance credit unions grew in numbers and influence.
1901 Alphonse Desjardins was outraged when hearing about unfair interest rates. He organized Canada’s first credit union.
1909 St. Mary's Bank was chartered in Manchester, NH becoming the first credit union to be established in the United States. It still exists today.