Illinois Community Credit Union

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Starting in 1908, credit unions were sprouting up in the United States. The first such one formed in Manchester, New Hampshire. In 1909, the first state credit union law was passed--allowing credit unions to form within Massachusetts. In the United States, early growth was slow. After formation of several credit union support organizations, the movement began to accelerate in the 1920's. With additional credit union organizations being formed, more and more citizens realized the benefits of credit unions and joined the cooperatives. With the stock market crash of 1929 and throughout the Great Depression, many Americans were stung painfully by banks as they attempted to keep from defaulting. Along with those attempts came outrageous interest rates on loans. Credit Unions, being member-focused institutions swayed away from these methods and stood by their members. In fact, while approximately 5,000 banks defaulted between 1930 and 1932, most credit unions managed to survive the Depression--26 of every 27 credit unions in operation in 1929 were still in business in 1936. While the Depression was of great pain to many people, the credit union movement was of great relief. In fact, additional credit unions opened doors even at the heart of the Great Depression. Illinois Community Credit Union (formerly Sycamore Community Credit Union) was one of those. Please see "A Dream Come True" for a first-hand account at the founding of Illinois Community Credit Union, by S.S. ...

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