The first cooperative credit system in United States was organized in New London, Connecticut as a reliable source of credit for the nation’s farmers dates back in 1732.
Silicon Valley Bank (SVB) collapse caused a rapid loss of confidence and investor skepticism about the stability of the worldwide banking industry.
Yet history of banking began with farmers and traders around 2000 BCE in Assyria, India and Sumeria, later in Greece and during Roman Empire where lenders in temples gave loans. Archeology from ancient China and India period showed evidence of money lending.
Source: Reuters, FCA