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SJFCU celebrates International Credit Union Day October 18th

Deptford, NJ – (October 16, 2007) -- Thursday, October 18 is International Credit Union Day. Credit unions throughout the country – and the world –celebrate the credit union movement every year on the third Thursday in October. This year's International Credit Union Day theme is “ Credit Unions: Together We're Better.”™

All branches of South Jersey Federal Credit Union (SJFCU) are marking the occasion with special gifts for members, as well as a drawing for a gift basket. It's a way to share with members the credit union difference, marked by

• non-profit status, and
• member ownership of the credit union, a financial cooperative.

A Brief History of Credit Unions: In the 1840s in Germany, Herman Schulze-Delitzsch and Freidrich Raiffeisen created the first credit unions, for farmers. Farmers could pool their money to buy supplies in large quantities at lower prices. The principles of cooperative ownership by members and a member-elected board are still credit union hallmarks.

In the early 1900s, credit unions were first established in North America in Quebec, Canada. The idea spread to the United States, and in 1909 the first U.S. credit union – St. Mary's Cooperative Credit Association – was established in Manchester, N.H.

A Boston, Massachusetts, merchant, Edward Filene, helped popularize credit unions in the early 20 th century; the Credit Union League of that state held the first holiday to honor credit unions in 1927. The date, January 17, was chosen as it was the birthday of America's “Apostle of Thrift,” Benjamin Franklin.

After a hiatus during the years of the Depression and World War II, in 1948 the Credit Union National Association (CUNA) set October's third Thursday as the celebratory date.

South Jersey Federal Credit Union (SJFCU), headquartered in Deptford, New Jersey, is a not-for-profit financial cooperative owned and governed by 40,000 members. SJFCU has six conveniently located branches in Deptford, Camden, Voorhees, Vineland, Egg Harbor Township and Pleasantville. For more information, visit www.SouthJerseyFCU.com.

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