March 23 marks a historic milestone for the financial well-being of Tennesseans. A century ago, Governor Austin Peay signed the Tennessee Credit Union Act, making Tennessee the 14th state to establish state-chartered credit unions.
We honor the credit union pioneers who fought tirelessly for a better way to bank, for those who knew then that credit unions will not only promote thrift and provide access to affordable credit but will also provide financial independence and peace of mind. That message remains true today, especially as Americans face economic hardships and banking turmoil.
For a century, Tennessee credit unions have weathered economic challenges from post-war recessions to the energy crisis in the 1970s to the dot-com and housing bubbles. The not-for-profit financial cooperative structure enables credit unions to act in members’ best interests to better meet member needs.
All are invited to share your favorite photos from today and yesteryear using #100yearsoftncus. These posts will help honor the incredible impact Tennessee credit unions have made during the past century.
On behalf of the Tennessee Credit Union League, we thank you for all you do to serve members! We wish you a Happy 100th Anniversary!
And in honor of the 100th Anniversary of Tennessee Credit Unions, here are four businesses that started in 1923 as well.
Disney
The magic and wonder of Disney started when brothers, Walt and Roy Disney, founded Disney Brothers Cartoon Studio on Oct. 16, 1923.
Golden Flake
The Southern chip and snack food company, Golden Flake, got its start as Magic City Food Products in the basement of a Hill’s Grocery Store in north Birmingham in 1923 thanks to Frank Mosher and Mose Lischkoff.
Hasbro
Known today for brands like Nerf and Play-Doh, Hasbro started when three Polish-Jewish brothers, Herman, Hillel and Henry Hassenfeld, started selling textile remnants in Providence, R.I., in 1923.
Russell Stover Chocolates
In 1923, Russell and Clara Stover created a new company from their home in Denver, Colo., “Mrs. Stover’s Bungalow Candies,” which packaged and sold boxed chocolates.
