Banbridge Credit Union Ltd – how it all began
During the 1960’s St Patrick’s Men’s discussion Group met regularly in St. Patrick’s Hall, to listen to guest speakers and to discuss issues that were current at the time. Credit Unions were already up and running in neighbouring towns like Armagh, Newry and Lurgan and interest was growing.
Who We Are
The discussion group invited Jack O’Hare the President of Armagh Credit Union to speak at a meeting on 3rd March 1969 and from that meeting a working group was established to study the feasibility of setting up and running a Credit Union in Banbridge, bearing in mind that there would be no paid staff and that all the work would be done by volunteers.
On the 24th May 1969 a public meeting was held and it was agreed unanimously that a Credit Union be formed. Election to the Board of Directors was by secret ballot and the first board of directors were elected.
The Credit Union opened for business on 6th June 1969 in offices at 43 Newry Street. As Banbridge Credit Union grew new premises were acquired in Scarva Street and with continued expansion over the years offices were subsequently acquired in two different locations in Rathfriland Street. With continued growth even these proved to be inadequate and so it was decided to purchase a green field site in Townsend Street and build premises fit for purpose which will hopefully serve Credit union members for generations to come.
Banbridge Credit Union Limited is a local, not for profit financial institution. We specialise in providing a safe place for savings and loans in our community.
What Is A Credit Union?
What is a credit union.... A credit union is a group of people who save together and lend to each other at a fair and reasonable rate of interest. We offer members the chance to have control over their own finances by making their own savings work for them.
Banbridge Credit Union Limited is owned by the members — the people who save and borrow with it — people like you.
When you become a member and start saving with Banbridge Credit Union Limited you will have access to fair and reasonable rates on savings and loans.
Your savings contribute to your credit union’s loan fund. So your savings are helping other members- members like you.
Banbridge Credit Union Limited exists only to serve its members — not to profit from their needs. Surplus income generated is returned to the members by way of a dividend and/or is directed to improved or additional services required by the members.