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Record #:
11438
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Abstract:
The first credit union in the United States began operation in Massachusetts in 1909. Through the efforts of James Sprunt Hill, North Carolina enacted its own credit union law in 1915. Later that year Hill organized the first rural credit union in the South at Lowe's Grove in Durham County. Today there are over sixty institutions spread across the state. Rhodes discusses details of such an organization, its operation, and results accomplished.
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Record #:
20571
Author(s):
Abstract:
The concept of credit unions was a largely European concept, beginning in Germany, which was slow to be accepted throughout the South. John Sprunt Hill and Dr. Clarence Poe were the two men most influential to introducing credit unions to the state; which were not formally organized until the 1915 General Assembly unanimously passed the Credit Union Act. A history of the state's first credit unions is presented along with specific information pertaining to each institution's opening, members, and shares purchased.
Source:
North Carolina Historical Review
(NoCar F251 .N892), Vol. 39 Issue 4, Oct 1962,
p541-548, f
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Record #:
30444
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Abstract:
Credit Unions compete with banks in communities across North Carolina, and there is no practical limitation on who a credit union can serve. The tax-exempt status puts credit unions at a competitive advantage relative to other taxpaying financial institutions providing identical services. This article discusses how credit unions have evolved and affected economic behavior in North Carolina.
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