Portadown Credit Union is a not-for-profit financial organisation- owned by its members. Each member own shares in the organisation and each year after running cost are accounted for, any ‘profit’ is returned to its members in improved services and/or in dividends on savings and in interest rebates on loans. In addition to helping local community projects over the year and creating local jobs.
In 2021, 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 dividend return of 0.50% on savings and an interest rebate of 20% 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
In 1960, a group of local people were aware of the poverty people were experiencing in the local community. As they grew up in the 1930s/40s and lived through the Great Depression, they were determined to make the world a better place. They had heard of the benefits of Credit Unions and understood that that if a financial co-operative could be formed then working people could pool their resources for the benefit of all.
It was two men called Jack McCabe and Thomas Lee who were asked to examine this possibility. Thomas and Jack spent 6–9-months investigating how credit unions worked; with Thomas recalling one meeting continuing onto 6am.
It was in 1962, that 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 and 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, please email email@example.com to know more
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.
Volunteering is a fantastic opportunity to help your local community and make a change for the better, in addition to adding experience to your CV. As Credit Unions are owned by their members, we encourage member feedback and such will adapt to what our members needs in order to provide the best service possible. Dedicating a small part of your time to volunteer allows you make new friends, expand your network, and boost your social skills.
If you or someone you know have a few hours a month to spare and would love to get involved in the local community, please contact us on firstname.lastname@example.org.
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