On Thursday, October 20th, Nymeo will celebrate International Credit Union Day with thousands of fellow credit unions around the globe! As cooperatives, we believe in the spirit of people helping people.
History of Credit Unions
The story of credit unions started with an idea of people pooling money and making loans to each other and people in need within their community. The first credit union was established in 1864 by Friedrich Raiffeisen in rural southern Germany. Then in 1909, the credit union movement reached the United States.
In 1934, President Franklin Delano Roosevelt signed the Federal Credit Union Act into law and then federally chartered credit unions in every state. Credit unions became legally authorized to create a system of not-for-profit cooperatives to promote thrift and sound financial practices.
In 1970, Credit union deposits gained federal insurance that functions much in the way the FDIC insures bank deposits. In 1977, another credit union-friendly regulation was signed into law, empowering credit unions to offer more services and products, most notably mortgage lending and share certificates (CDs).
History of Nymeo
Our roots are deep too! Nymeo was founded in 1933 as the Standards Credit Union, formed in Montgomery County by a small group of Bureau of Standards employees. Then in 1959, Monocacy Federal Credit Union was formed in Frederick County to serve the military and civilian personnel at Ft. Detrick. In 1964, the Standards Credit Union converted to a federal chartered credit union and was named NBS-HDL Federal Credit Union.
About 25 years later, we decided to hold a contest to change the name since NBS-HDL Federal Credit Union was difficult to remember. Lt. Colonel Paul Fardink suggested COMSTAR, which integrates the work done at both sponsor organizations. COMSTAR was an acronym for COMbined Science, Technology And Research. In 2002, COMSTAR merged with Monocacy Federal Credit Union.
Finally, in 2013, we went through a final name change to the name of our credit union today – Nymeo, which is an anagram for money. With a charter in Frederick and Montgomery County, our credit union continues to grow and proudly serve over 22,000 members!
Thank you for being a part of the credit union and the Nymeo story! We appreciate each of our members.
We’re Celebrating International Credit Union Day, Thursday, October 20th
Each year, Nymeo celebrates International Credit Union Day in our communities. We have something special in store on October 20th! Make sure you follow us on social media to find out how and where we are celebrating the philosophy of people helping people. We may be in your neighborhood!
Category: Credit Union Benefits