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. " Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. 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. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative.