It was over 50 years ago that a group of forward-thinking individuals from the Portglenone and Bellaghy areas got together to attend a talk given by John Hume and Pat Quinn (founder of Armagh Credit Union) about Credit Unions and the benefits they offer the community.
A week later, on Wednesday 13th November 1963, they reassembled and decided that our community would benefit greatly from just such a service. Present at that meeting, amongst others were: President, Eoin McErlean, Secretary, Seamus Mackle, Treasurer, Colm O’Brien. Mike Clarke, Mickey Henry, Matt McAteer, Henry McErlean, Hugh McIlvenna, John Young and Dan McErlean.
Each person there present, contributed half a crown, it was then and there that the Credit Union was born. The name “Bannvale Credit Union” was chosen and the rest as they say is quite literally ‘History.’
From humble beginnings, they now have members of 4972 with shares of £11.7 million and loans of £5.69 million. The credit union also have 1261 minor (under 16) savers with savings of £960k. Services Loans, Savings, Minor Savings Accounts, (under 16), School Savings, Subsidiary Accounts, Life Savings Insurance, Loan Protection Insurance, Death Benefit, Euro and US Dollar Exchange, Oil Club.
Since the early 2000s, they have paid a rebate on the loans to members. This rebate (although varies year to year) for 2017 was 35%. That means members with loans got 35% of the interest they have paid on their loan back into their account.
Want to find out more?
Visit the Bannvale Credit Union website, or get in touch with their team:
Telephone – 028 2582 1001 (Portglenone), 028 2587 1374 (Ahoghill), 028 7938 7065 (Bellaghy)
Email – info@bannvalecreditunion.com
Copyright British Credit Union Historical Society 2018 – All rights reserved
British Credit Union Historical Society 