It’s the centennial year of the credit union movement in the United States, a milestone that won’t be lost on local credit unions as they observe International Credit Union Week, an annual celebration highlighted by International Credit Union Day on Thursday.

“I feel like it’s a privilege to carry on the tradition of people helping people,” said Michelle Stricklin, president and chief executive officer of Northwest Georgia Credit Union. “I’m just proud at this moment that it’s lasted 100 years.”

The first credit union cooperative was organized in 1844 by a group of workers in Rochdale, England, according to the Credit Union National Association. The idea spread through Europe, then Canada, then the United States.

Pierre Jay, the Massachusetts banking commissioner, and Edward Filene, a Boston merchant, helped organize public hearings about credit union legislation in Massachusetts, which led to the passage of the first state credit union act in 1909, according to CUNA.

Other states began passing similar legislation. The credit union movement started in Georgia when Filene visited Atlanta in 1922 and persuasively explained the need for credit unions, according to Georgia Credit Union Affiliates. Later that year, Atlanta attorney E. Marvin Underwood drafted a state credit union bill, which was introduced in the Georgia General Assembly that year and each following year until it was passed in 1925.

Educating members ‘what we do best’

Credit unions are nonprofit cooperatives owned by members. They pay dividends to members, rather than shareholders, and offer them lower loan rates, higher savings rates and fewer service fees, according to CUNA.

“We don’t nickel-and-dime our members to death,” Stricklin said. “We are consumer-friendly.”

“International Credit Union Day is a day to remind not only our members how much we appreciate them, but also let nonmembers know that they have an alternative to traditional banks when it comes to their finances,” said Robert Smyth, marketing and business development manager for Coosa Valley Federal Credit Union. “They can actually be an owner of their financial institution when they become a member and be treated as such, each time they walk in the door.”

The National Credit Union Administration is a federal agency that charters and supervises federal credit unions, according to CUNA. It also insures deposits as much as $250,000 in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund.

No federal tax dollars have ever been placed in the fund, and no member has ever lost money insured by the fund, according to GCUA.

“What we do best is educating our members to treat their finances wisely,” Stricklin said. For instance, both her and Smyth’s credit unions have education programs for students.

Members get treated Thursday

The Rome branch of the Georgia Power Credit Union’s members are mostly employees of the utility, but the credit union does have other sponsor members, said Ellen Burnes, chief executive officer.

On Thursday, the credit union will serve lunch to its members from 11 a.m. to 2 p.m.

Coosa Valley Federal Credit Union will serve refreshments to both members and nonmembers Thursday.

“Coosa Valley offers full financial services and is open to anyone who lives, works, worships or attends school in the 10 counties of Northwest Georgia,” Smyth said. “Coosa Valley invites you to come by on (Thursday) to any of our four branches in Rome, Cartersville or Cedartown for refreshments and with any questions you might have about becoming a member and enjoying the credit union difference.”

Northwest Georgia Credit Union is planning a weeklong celebration, starting with a budget makeover day, when members can make a free appointment to make a monthly spending plan. On Wednesday, a field trip for four local school classes will include a tour, lunch and a financial literacy lesson.

Thursday is the annual member appreciation barbecue, served free to members on the lawn of both Rome offices. On Friday, anyone who visits the Rome Area History Museum is admitted free, courtesy of the credit union, which will give away “goodies” from 2 to 4 p.m.

“We’ve been doing the member appreciation barbecue for nearly 10 years now,” Stricklin said. “We’re doing more things this year because it’s also a 100-year celebration.”