The first credit union in the United States was founded in 1909. by the group of Franco-American Catholics in Manchester, New Hampshire, and was called "Cooperative Credit Association of St. Mary. " Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations.