Cooperative Activity in Canada

In 1900, Alphonse Desjardins organized a credit union (caisse populaire) in Levis, Quebec. As in Germany 50 years before, people were poor, interest rates were financially crippling, and the credit union offered a way for individuals to advance their financial situation.

That first Canadian credit union was small by modern standards. The first savings deposit was only 10 cents and the first collection from all the members totaled only $26. But soon Desjardins founded additional credit unions, including the first one in the United States, in 1909 in New Hampshire.

Organization of new Canadian credit unions has tapered off since the 1960s, reflecting a trend toward fewer, larger organizations. Membership in Canada now totals more than 4.9 million.