In this Money Matters report, Time Warner Cable News' Tara Lynn Wagner visits the oldest credit union in New York State as it gets ready to celebrate its 100th anniversary.

Walk into the Municipal Credit Union branch near City Hall right around lunchtime, and you'll find it bustling with activity. Members, many of them city employees, stand at windows talking to tellers, just as they did when the institution first opened its doors 100 years ago. The century has brought many changes and the institution has weathered them all.

"It survived the Depression, some noteworthy wars, 9/11 of course, Sandy; all of the things for the last 100 years that materially affected and shaped America and New York City," says James Converse Durrah, Board Chair at Municipal Credit Union.

The oldest credit union in the state, MCU was founded to give municipal workers a way to borrow money without resorting to loan sharks.  Since then, their services have expanded, but the focus hasn't changed.

"Offer low cost savings, low interest rate loans. So we are trying to help the city employees to be able to sustain their financial growth," says Kam Wong, CEO of Municipal Credit Union.

Membership at MCU has certainly grown over the years. At the end of 1916, the credit union had 19 members. Today that number is over 400,000.

In addition to welcoming employees of several industries outside of civil service, MCU recently opened membership to students throughout the CUNY system. 

"We noticed that the young people, they need financial literacy training, they need low cost banking services and that led us into looking into CUNY students," Wong says.

One of the major differences between banks and credit unions in general is that banks are for-profit and have to answer to shareholders.  Credit Unions are non-profit and the shareholders are the members themselves. Board Chair James Durrah says that dynamic changes the whole relationship.

"It's more personal," Durrah says. "I think the feeling of ownership actually creates and fosters a sense of pride."