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. " First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit. Unlike banks credit unions limit their activities to a closed circle of people.