Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). 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. " Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Members of credit unions place in credit unions usually free fund balances, ie those that remain after expenses devoted to education of children, the acquisition of new properties, additional pension benefits, etc. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.