About the Credit
This credit union was
originally formed as a savings group in August 1988 at a meeting of Kilrea District LOL No.5. Those
present decided on what the 'Common Bond' would be. It operated out of the local Orange Hall until 1999
when the business moved across to the present office.
The credit union exists to provide a place for its
members to save money to create their own source of credit. Members invest their savings by buying
shares in the Credit Union and in turn, they become eligible for a cheap and flexible source of credit.
The loan size is determined by the available funds and sometimes by government legislation. Loans can be
granted for all the usual purchases that responsible people need to make from time to
All members have a share ownership of all the assets
of the credit union, including the buildings and equipment, and are encouraged to actively use the
facilities provided. Members accounts will always be held in the strictest confidence (only the Treasurer
has full access to accounts!) and will never be disclosed to any other member or business
Once each year the management
board of the credit union calls an Annual General Meeting (AGM) (Wednesday 28th March 2018 at 8:00pm in the offices) where a
professional firm of accountants delivers a summary report of the previous year’s financial transactions.
The latest financial report is always available for any member to read. It is pinned to the notice board in
the waiting area and also on this web-site (click
here). All of the members are invited to attend the AGM to hear this report first-hand - and to
make comments, ask questions or indeed air any
Board members are expected to stand-down every three years
by law. This creates excellent opportunities for other members to be elected to serve on the Board and to
learn new financial management skills.
Why not make the effort to
attend your next AGM in March 2012? After all, it is YOUR credit union.
You do need to give up at least this little amount of your time to help manage the