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International Credit Union Day, Thursday October 20, 2016

International Credit Union Day, Thursday October 20, 2016

International Credit Union Day is Thursday October 20, 2016. Every credit union has a unique story of origin. The entire credit union story begins in Germany and a major crop failure in 1846-1847.  To help the locals, two gentleman, Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen, started a mill and bakery cooperative.  The simple idea was to a sell bread to its members at substantial savings.

After founding the mill and bakery, Schulze-Delitzsch, in 1852, expanded the idea and formed what was known as the first “people’s bank” and provided credit to local business people.

At its core, a cooperative is nothing more than a group of people working toward a common goal.  For credit unions it is about people who pool their money and make loans to each other.

The beginning of Atlantic Federal Credit Union was in1941, when Pastor Fr. William Dauphin assembled 37 members from the St. Johns the Baptist Parish in Brunswick to introduce the “Credit Union idea.”  They each invested a dollar and a new credit union was born.  It was not for charity, not for profit, but for service.

Bill Cheney, president/CEO of the Credit Union National Association, recently wrote about the advantage that credit union members have over other consumers saying, “They experience firsthand, the benefits of receiving financial services from member-owned, cooperative financial institutions—which practice a philosophy of putting people before profits.”

It was 1948 when the Credit Union National Association selected the third Thursday of every October as the national day of observance.  The goal of the day is to remember our history, reflect on our reason for being and thank our members who make this cooperative work.

icu-day-logoCredit Unions are different and there is a definite authenticity to this difference. In a world of Big Banks, FINTECH and the growing Global Economy, credit unions are local, and the seven cooperative principles are focused on you.

  1. Voluntary Membership
  2. Democratic Member Control
  3. Members’ Economic Participation
  4. Autonomy and Independence
  5. Education, Training and Information
  6. Cooperation among Cooperatives
  7. Concern for Community

This is our authentic difference as a financial institution.

To all members of Atlantic Federal Credit Union, thank you for being a part of our cooperative.  Because we are member owned, we are truly a local business—  savings stay right here in our communities.  It is you, the member, who allows Atlantic to help others improve their financial quality of life.  We are here to help people like us do better.

Happy International Credit Union Day!

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