Portadown Credit Union is a not-for-profit financial organisation. Portadown Credit Union is owned by its members who each possess shares in the organisation. Each year after running cost are accounted for, any ‘profit’ is returned to it’s members in improved services and/or in dividends on savings and in interest rebates on loans.
In 2017, members agreed at the Annual General Meeting (AGM) on the dividend and interest rebate to be paid out. To individual members this equated to a return of 1% on savings and an interest rebate of 40% on loans.
Portadown Credit Union will remain member-focused to enable members to own and control their future.
Portadown Credit Union will ensure everything we do is sustainable, accessible and relevant.
Our Core Values
Service: facilitate the financial well-being of our members
Integrity: mutual trust
Fairness: to every member and in all our business transactions
Community: rooted in our community
Communication: open, honest and effective
Accountability: to our members and regulators
People: support and develop members, staff and volunteers
The people who started Portadown Credit Union were people who had grown up in the 1930s and 40s. They didn’t think of the great depression as a bit of history; rather because they lived through it, they were even more determined to make the world a better place.
In 1960 a group of local people were aware of the poverty in Portadown and had heard of the benefits of Credit Unions. They were aware that if a financial co-operative could be formed then working people could pool their resources for the benefit of all. Two men Jack McCabe and Thomas Lee were asked to examine this possibility. Thomas and Jack met over a six to nine months’ period to investigate how credit unions worked. Thomas recalls one meeting which went on to 6am.
In 1962, these two men were joined by Peter Mulligan, Aidan McCormack, John Goodwin, Harry McNamee, Aiden Cullen, Dr. G McAnallan, James Hendron, Gerry McNally, Dr. L Byrne, Jim McCullagh, James Greenwood, Edward Gillen, Paddy McAnallan and Vincent Meehan to form a working party to get this venture off the ground.
The inaugural meeting of Portadown Credit Union took place on 4th April 1963. The opening share capital was £1.10.00 (£1.50) which was made up of 2/6 (12.5 pence) paid by each of the 12 founder members. From this humble beginning, Portadown Credit Union has now over 12,000 members.
Portadown Credit Union has successfully provided a source of low cost credit and other financial benefits and services for its members. Through the loyalty and dedication of its membership, Portadown Credit Union has flourished to become the tremendous success that it is today. Go to www.creditunion.ie to find out more about the Irish League of Credit Unions, the body we are affiliated to.
Although the day to day management and administration of Portadown Credit Union is undertaken by paid staff, Portadown Credit Union, in common with other Credit Unions, is dependent on local volunteers who are elected every year at the Annual General Meeting in December.
We are currently seeking volunteers to act as Board Members or take part in sub-committees in a number of areas such as:
New Membership Recruitment
The Board of Directors of Portadown Credit Union, the Supervisory Committee and the Credit Committee are all volunteers who generously give their time, skills and experience to ensure that Portadown Credit Union maintains its high regard, not just in the local community, but amongst other Credit Unions.
We at the Credit Union cannot achieve our objectives in the community without the commitment and support of our staff, members and volunteers.
So Why Volunteer?
It will help our community
It will enhance your Credit Union
It will improve your communication skills
It will add experience to your CV
If you feel you (or a friend) have the relevant experience to take part and you have a few hours a month to spare, please contact us.
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