We’re 100% focused on your financial success

A proud history. An inspiring future.

At Arise Financial, formerly Rockland Federal Credit Union, our name has changed, but our purpose has not. As a member-owned credit union, we’re committed to helping our members achieve financial success while strengthening the communities we serve.

Unlike banks, credit unions exist to benefit their members—not outside shareholders. Every member has an equal voice and a shared stake in our success. That allows us to focus on providing competitive rates, low-cost accounts, personalized service, and financial solutions designed with our members’ best interests in mind.

This article explores the history of the credit union movement and what continues to make credit unions different today.

Credit unions and banks both offer a broad range of financial products and services. The difference lies in who they serve. Banks are created to generate profits for shareholders, while credit unions are not-for-profit financial cooperatives owned by their members. Our mission is simple: helping members build stronger financial futures.

The Common Good

Putting people before profits has been the foundation of the credit union movement for more than 160 years.

The first credit union was established in 1864 by Friedrich Raiffeisen in rural southern Germany. Raiffeisen believed communities could improve their quality of life by pooling their resources to help one another during times of financial need. His cooperative model proved successful and became the foundation of the modern credit union movement.

The idea reached the United States in 1909 through the efforts of businessman Edward Filene, who championed the concept of member-owned financial cooperatives. In 1920, Filene partnered with attorney Roy Bergengren, whose advocacy helped establish the legal framework that allowed credit unions to flourish across the country.

Federal recognition came in 1934 when President Franklin D. Roosevelt signed the Federal Credit Union Act into law, creating a federally chartered system of not-for-profit financial cooperatives dedicated to serving their members.

The movement continued to grow, and in 1970 the National Credit Union Share Insurance Fund (NCUSIF) was established to insure member deposits, similar to the FDIC’s protection for bank deposits. Today, deposits at Arise Federal Credit Union are federally insured by the National Credit Union Administration (NCUA) through the NCUSIF and additionally insured by the Massachusetts Credit Union Share Insurance Corporation (MSIC).

A Movement That Continues to Grow

Over the decades, credit unions have continued to expand the products and services they offer while remaining true to their cooperative mission. Legislative changes have enabled credit unions to provide mortgages, business services, investment products, and many of the same conveniences offered by traditional banks—all while maintaining a member-first philosophy.

Today, credit unions proudly serve millions of Americans by helping individuals and families achieve their financial goals through trusted advice, competitive products, and personalized service.

At Arise Financial, we’re proud to continue that tradition. While our name has evolved, our commitment remains the same. We exist to help our members succeed, support our local communities, and provide financial solutions that put people first.

As a member-owned institution, your success is our success. Every decision we make is guided by our mission to help members achieve greater financial well-being and build stronger communities.

Experience the Credit Union Difference

The story of credit unions is still being written—and we’re proud to be part of it.

Whether you’re opening your first account, buying a home, planning for the future, or simply looking for a financial partner that puts your needs first, we’re here to help.

Experience the Arise Financial difference. Visit a branch, explore our products online, or connect with our team today.