About Credit Unions

Credit Unions are a member owned not-for-profit financial cooperatives.  Since credit unions are member owned, each member has the right to vote on decisions affecting the credit union.   

History of Credit Unions
The first credit union was formed in the mid 1840s in Germany.  It was formed as a result of traditional banks’ unwillingness to offer loans to farmers.  The farmers then pooled their financial recourses, and created a self-serving financial institution.  In 1908 the first credit union in the United States was formed. 

Credit Unions in Utah

Utah’s first credit union, Cyprus Credit Union was formed in 1928.  Shortly after, in 1929, Firefighters Credit Unions was chartered.  Today, Utah has 131 credit unions with over 1.2 millions members.