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A Fun-Sized History of Marketing in Credit Unions

It all started with a really generous Boston guy and a priest with a plan.

Once Upon a Time in Boston…

Long before fintech and social media campaigns, there was Edward Filene - a wealthy Boston merchant with a big heart and an even bigger idea. Filene believed that regular working folks deserved access to savings and fair credit. So, what did he do? He rolled up his sleeves, donated time, talent and treasure, and helped launch what would become the American credit union movement.

Cue the Immigrant Hustle (and a Very Savvy Priest)

By the early 1900s, Manchester, New Hampshire was booming with mills and workers - many of them recent immigrants chasing the American dream. But there was one big problem: they couldn’t get basic financial services.

Enter Monsignor Pierre Hevey, a forward-thinking pastor at St. Marie’s Church. He saw the need in his parishioners and took action. With his leadership, the very first U.S. credit union opened its doors on November 24, 1908: St. Mary’s Cooperative Credit Association.

A Name Change That Tips Its Hat (En Français)

In 1925, the credit union officially changed their name from St. Mary’s Cooperative Credit Association to: La Caisse Populaire, Sth-Marie - or, if your French is rusty, St. Mary’s Bank.

It’s a beautiful tribute to the founders’ roots and the French-speaking community they served. And here's a thought: imagine if more credit unions did this when they changed names! (Sadly, most don’t. But a few got it right.)

Name Changes That Nailed It

When credit unions merge or grow into broader community charters, name changes are inevitable. But some transformations still give a nod to their heritage. A few we love:

These names still whisper stories of their founders, workers, and roots.

The Little Guy with the Umbrella

Back in 1923, CUNA held a contest to create a universal symbol for credit unions. Boston Globe cartoonist Joe Stern won, and got paid a whopping $5 for his sketch of a humble man standing beneath a protective umbrella.

For decades, “The Little Man Under the Umbrella” became the icon of credit unions. He wasn’t flashy, but he symbolized protection, care, and community. And let’s be honest, that’s marketing gold.

The Race to Become a Full-Service Financial Institution

Fast forward to the 1970s - credit unions were no longer content to just be savings-and-loan shops. Federal legislation opened the doors to new services like share certificates, mortgages, and (drumroll please) checking accounts, thanks to the 1979 Consumer Checking Account Equity Act.

Suddenly, credit unions could compete head-to-head with big banks.
And this is where marketing had to step up its game.

The Interwebs and Credit Union Marketing

In 1994, Stanford Federal Credit Union made history as the first financial institution to offer online banking - beating Wells Fargo and Bank of America to the punch. And honestly, it’s kind of poetic: Stanford University literally helped create the internet, so of course their credit union was first online.

These days, just having a website is table stakes. Think of it as the modern Yellow Pages. Remember that scene in The Jerk when Steve Martin flips out:

“The new phone books are here, the new phone books are here - I’m SOMEBODY now!”

Yeah, that’s what it was like back then. But today? Your website cannot suck. There’s no excuse for outdated graphics, clunky navigation, or tiny fonts that make your members squint.

Modern websites can (and should) be fun, beautiful, personalized, and easy to use.
Shameless plug: talk to the cool kids at YMC.

Word-of-Mouth: The Original Marketing Channel

For the first 80 years, credit unions thrived on good old-fashioned word-of-mouth. Most served a specific group - like an employee base, a church, or a tight-knit community. HR was the marketing department. New hires were walked straight to the credit union and told, “Open your account here.” It was marketing magic, and it worked because it was built on trust.

But as credit unions expanded beyond their original sponsor groups - We lovingly call it “cheating on your sponsor”- and changed names to match, that natural pipeline started to fade.

Still, one thing hasn’t changed:
Word-of-mouth is, was, and always will be the most powerful form of marketing.

A great name, a cool logo, and a slick website? That’s nice.
But your real brand is your reputation. Period.

If your reputation stinks, no amount of marketing can fix that.
But if your reputation rocks? Marketing can turn that spark into a wildfire.

Let’s tell that story the right way - aligned with your mission, voice, and values.

Let’s make history! 

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As our Director of Mission and Impact, Denise Wymore champions our mission to empower credit unions to remain independent, thrive, and deepen their impact in the communities they serve—helping them avoid unnecessary mergers and stay true to their purpose. You can contact Denise at denise@yourmarketingco.com or 503-805-4424.

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