About the Credit Union .......


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 for ten years 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 time.

 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 organisation. 

 Once each year the management Board of the Credit Union calls an Annual General Meeting (AGM) 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 or indeed to air any grievances.

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 2011? After all, it is YOUR Credit Union. You deserve to see how your money and property is being managed . . .

 

Ayn Rand

Money is the barometer of society’s virtue.

 A creative man is motivated by his desire to achieve,

not by his desire to beat others…..