U.S. credit unions are celebrating their centennial year in the midst of gloomy economic times. Many Americans are hurting, and folks are apprehensive about their economic prospects.

Credit unions wish this weren’t the case, and they are stepping in to help whenever possible. But the current situation is an important reminder that credit unions themselves were founded from adversity such as this, and of their proud history of putting people before profits in order to provide access to affordable financial services to all their members.

The first U.S. credit union was created in Manchester, New Hampshire in 1908 by immigrant textile workers. They worked 10-hour days, seven days a week without benefits or job security. They did not even have access to credit, as many believed workers of modest means to be untrustworthy. For them, economic tension was a way of life.

St. Mary’s Bank Credit Union changed that and made it possible for these immigrants to finally have access to affordable financial services. Workers and families in the community pooled their own resources to provide low-cost loans to one another to purchase and build homes, establish neighborhood businesses, and meet the personal financial needs of the community.

The cooperative business concept, along with an emphasis on public service through a commitment to conservative style of banking has allowed credit unions to be a haven in time of national emergencies for the last 100 years. And even in the midst of the current market crisis, credit unions have been repeatedly heralded as an important source of stability in the financial sector.

Indeed, credit unions remain committed to helping our citizens retrieve the economic power lost during the current crisis, and recover their homes lost because of the mortgage market upheaval. This is not only the reason that credit unions exist – it is also what we do best. And it is this proud, 100-year tradition of being part of the solution rather than the problem that credit unions are celebrating today.