Figures for 2015 released today by Darlington Credit Union have demonstrated the positive impact a move to prominent modern town centre premises has had on the organisation.
Darlington Credit Union’s 2015 highlights include:
- 1,175 new member accounts opened at an average of about 100 per month.
- 5,749 active members at end of the year.
- More than £1.8m taken in new deposits.
- £900,000 granted in new loans.
- Record breaking months for business in November and December.
The not-for-profit organisation, which comprises seven members of staff and four volunteers, moved from a cramped office in the town’s Church Row to large eye-catching premises wrapping round the corner of Crown Street and Tubwell Row.
The major refurbishment of the former retail showrooms has led to the creation of a bright modern reception area with seating, three cashier points and private consultation rooms on the ground floor and a dedicated board room and administrative space upstairs.
Since the new premises opened for business in September, each month the average number of new members has risen from 82 to 144, the total of loans granted increased from £61,000 to £119,000 and savings deposits gone up from from £144,000 to £195,000.
The Credit Union also has experienced several record breaking months with 166 new members signing up and £202,000 worth of deposits being made in November and £139,000 worth of loans granted in December.
Later this year, the credit union will add current accounts, cash ISAs and online banking to its existing savings and loans products as part of a Government national £38 million investment in the Credit Union movement.
Tony Brockley, Darlington Credit Union Chief Executive, said: “2015, as a whole, was an incredibly successful year for the Credit Union.
“However, these latest annual figures illustrate the significant impact the opening of our new modern headquarters had on transactions and membership in the fourth quarter of the year.
“Our new base provides a modern more customer-friendly and focused environment that has allowed us to offer a more professional, effective and efficient service.
“What we have accomplished in the last year also bodes well for when we are able to offer a bigger range of services under the Government’s ambitions to expand the appeal of credit unions to a wider consumer base.
“The 2015 figures demonstrate that Darlington Credit Union has strong financial foundations and as a result is in a prime position to play a leading role in the Credit Union movement becoming a more mainstream financial institution.”