<P> Due to their small size and limited exposure to mortgage securitizations, credit unions have weathered the financial meltdown of 2008 reasonably well . However, two of the biggest corporate credit unions in the United States (U.S. Central Credit Union and WesCorp) with combined assets of more than $57 billion were taken over by the federal government National Credit Union Administration on March 20, 2009 . </P> <P> St. Mary's Bank of Manchester, New Hampshire holds the distinction as the first credit union in the United States . Assisted by a personal visit from Canadian credit union pioneer Alphonse Desjardins, St. Mary's Cooperative Credit Association was founded by French - speaking immigrants to Manchester from the Maritime Provinces of Canada on November 24, 1908 . As the leader of St. Marie's church, Monsignor Pierre Hevey was instrumental in establishing this credit union . Attorney Joseph Boivin managed the credit union, as a volunteer, out of his home in the evenings . America's Credit Union Museum now occupies the location of Boivin's home, where St. Mary's Bank first operated . </P> <P> Pierre Jay, a central banker and Edward Filene, a Bostonian merchant and philanthropist, were instrumental in establishing enabling legislation in Massachusetts in 1908 . </P> <P> Filene's philanthropy, combined with the practical implementation efforts of his associate Roy Bergengren were critical to the emergence of credit unions across the United States . Unlike the credit unions of Germany or Quebec, most credit unions in the US emerged from an employer - based bond of association . In addition to the traditional information and enforcement advantages resulting from the fact that members shared the same workplace, the employer - based bond permitted credit unions to use future paychecks as collateral . </P>

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