In order to examine resource exchange organizations in local communities, we conducted a case study of rotating savings and credit associations (ROSCAs). In a ROSCA, participants regularly contribute resources to form a fund and distribute it to each participant in a rotation. Based on field research in the Okinawa Islands, the following characteristics were apparent : (1) Selection of participants is based on face-to-face relationships, such that participants know each other, in order to solve the free-rider problem; (2) The materialization of a ROSCA leads, in turn, to the strengthening of face-to-face relationships. We suggest that together, these two characteristics enable participants to maintain and develop a resource exchange. In addition, we describe the life history of one of the participants in order to examine the historical background of ROSCA.