Credit unions are 100 years old this year! I want to say ‘happy anniversary’ and give you a little history about credit unions as a whole and how we fit into the picture.
Here is a little history:
The credit union movement was founded by innovative leaders who strongly believed that the banking industry was not serving the people as it should. Financial services were too costly and the power to influence decisions was kept in the hands of the highest depositors. This spurred an international grassroots movement started by a handful of forward-thinking individuals. Here is a timeline of how credit unions came to be and some highlights of NWGACU when we moved onto the scene.
The result of this movement was credit unions: not-for-profit, member-owned financial cooperatives that are overseen by a volunteer Board of Directors. Because the members are the owners, there are no stockholders to pay, and each member elects the Board of Directors with an equal vote, regardless of the size of his or her account.
Thanks to the pioneering spirit of leaders before us, Northwest Georgia Credit Union is able to offer this fresh, “people helping people” approach to money, with emphasis placed on your financial health, not your potential profitability.
So, happy 100 years credit unions! We are thankful to be a part of such a movement.
And just for fun, here are some interesting things I learned in my research of the history of NWGACU:
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The first Annual Meeting was held the Courthouse Annex in 1962 and the shares balance was $513.80, loans balance was $485.33, and membership was up to 29 people.
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This was our first logo:
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In 1967 the interest rate on a personal loan was 1% and on an automobile was 3/4 of 1% (their words, not mine).
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Between 1961 and 1971 share draft dividends were usually 5%.
Wow, times have changed!
