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. " Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity.