Credit unions began in 1844, with a group of weavers in Rochdale, England, who established the Rochdale Society of Equitable Pioneers. They sold shares to members to raise the money to buy goods at lower than retail prices, and then sold the goods at a savings to members. In doing so, they became the first credit union. The movement then spread to the United States in 1908.
In 1960, a group of Amsterdam teachers decided to form a cooperative financial institution to help fellow teachers get loans for large purchases like automobiles. In 1960, teaching was considered a “seasonal” profession and, as such, it was difficult for teachers to obtain financing. Taking matters into their own hands, these pioneers launched a self-empowering financial institution to assist one another with large purchases. Since then MCT has grown to nearly 5,000 member accounts with assets over $40,000,000. The success MCT has enjoyed is due primarily to the continued loyalty of members, and enabled our credit union to celebrate 50 years of service to our community during 2010.