The Official Newsletter of the Troy Chamber of Commerce
CHAMBER NEWS Issue 10
Spotlight: Abbey Credit Union Our first spotlight is Abbey Credit Union. The Troy branch of Abbey Credit Union is located at 891 W Market St, Troy.
Q. What is the history of the credit union movement and when was Abbey Credit Union founded? In the United States, the credit union movement took root with the establishment of St. Mary's Bank Credit Union in Manchester, New Hampshire, in 1908, often considered the nation's first credit union. However, the credit union movement traces its roots back to the mid-19th century when Friedrich Wilhelm Raiffeisen, a mayor in Germany, founded the first cooperative lending institution in 1850. Abbey Credit Union emerged as a part of this movement, officially incorporating on November 17, 1937. Initially known as "The Inland Employees Credit Union," it was chartered to serve the employees, families, and retirees of Inland Division of General Motors, later known as Delphi Chassis and Delphi Interior & Lighting Systems. Abbey Credit Union played a crucial role in providing savings and loans to its members, contributing to the economic stability and growth of its community in Ohio. Abbey Credit Union is proud to be part of the credit union movement, emphasizing its dedication to fostering financial inclusion, cooperation, and community empowerment. Q. When did Abbey Credit Union get its start in the Miami County area? Abbey Credit Union made its debut in the Miami County area on January 20, 1956. During the Annual Meeting held on that date, members of the GM Inland Credit Union, which later became Abbey Credit Union, voted on a new name for the institution. Since then, Abbey Credit Union has been an integral part of the Miami County community for 87 years, committed to its mission of helping members improve their economic well-being and quality of life by remaining competitive, convenient, and cutting-edge.