MANCHESTER, N.H. -
Yes, and no. Perhaps fittingly in a community that prides itself on democratic underpinnings, there is disagreement over whether 2008 or 2009 marks the Diamond Anniversary of credit unions in the U.S. It might seem credit unions would defer to St. Mary’s Bank, the first credit union in the country, which says 2008 is indeed its 100th anniversary and is preparing a multi-media campaign to celebrate its centennial.
But CUNA has declared that 1909 is actually the 100th anniversary of credit unions, pegging the birthdate of credit unions to the passage that year by the Massachusetts legislature of the first Credit Union Act to be enacted. (The Federal Credit Union Act would not come for another 25 years.) As part of its planned celebration, CUNA plans to hold its America’s Credit Union Conference in nearby Boston, an hour from Manchester, in 2009.
Others are straddling both years. America’s Credit Union Museum, housed in the building that was the first home of St. Mary’s Bank and which has a display of many of that first CU’s furnishings on hand, notes in its mission statement that it was founded to “commemorate the founders and the site of America’s first credit union in Manchester, New Hampshire in 1908…” It is planning to formally launch the 100th anniversary celebration in November of this year with events then scheduled to run into 2009.
A 100th Anniversary Task Force has been formed that includes ACUM Executive Director Peggy Powell, St. Mary’s Bank President Ron Rioux, Service Credit Union (Portsmouth, N.H.) President Gordon Simmons, representatives of the New Hampshire league, and others. A 100th Anniversary video is currently in the works with funding from a number of parties.
Not All Will Agree
For its part, CUNA acknowledges not all may agree with the 1909 date.
“The enabling legislation of 1909 marks the anniversary of CUNA's formal recognition of the establishment of credit unions in the United States,” said a CUNA spokesperson. “CUNA also recognizes that very important events in the history of credit unions preceded the enabling legislation, just as, for example, the Boston Tea Party preceded the signing of the Declaration of Independence. St. Mary’s Bank Credit Union opening its doors is, of course, one such defining moment in the movement’s history.”
St. Mary’s Bank opened those doors on Notre Dame Avenue on Nov. 24 of 1908 as the St. Mary’s Cooperative Credit Association. In late January of this year, it will embark on a year-long media campaign aimed leveraging its 100th anniversary to raise awareness anyone can join.
“We look at the entire year as our opportunity to not just celebrate the 100 years, but also to position the credit union for the future,” said Elizabeth Stodolski, adding the campaign will likely launch around Jan. 21. The advertising will be built around the theme, “This is the place where you belong.” Acknowledging that CUNA is recognizing 2009 as the 100th anniversary, Stodolski said St. Mary’s campaign will actually run through 2009, as well.
In late 2007 St. Mary’s contracted with local ad firm Griffin York & Krause to design an advertising campaign to help celebrate its centennial birthday. The agency is finalizing the TV, radio and print ads that will be part of the effort, Stodolski said. It also plans to host an employee kickoff party in January for the campaign, and will further host events at America’s Credit Union Museum, which has attractive meeting and conference facilities, throughout 2008.
The Goal of Campaign
Stodolski said St. Mary’s goal is to build both membership and awareness and that the advertising will serve as an invitation to urge consumers to find out more about St. Mary’s bank “and the value of membership and belonging.”
St. Mary’s has 60,000 members and Stodolski said membership growth has been in line with industry averages. Previous research, she said, was also in line with what credit unions elsewhere confront when it comes to getting consumers to join: confusion over who is eligible to become a member.
