Darlington Credit Union has surpassed two significant milestones as it looks to build on its positive start to the year with continued growth.
The not-for-profit organisation, which is based on Tubwell Row in the town, has hit the £2m mark on its deposits and its membership has exceeded 6,000 people.
It plans to reach deposits totalling £2.36m by the end of the year as well as hit the £1.81m mark on its loan book, with the long-term aim of reaching 9,000 adult members by the end of 2017.
In recognition of the organisation’s success, including a surplus of £26,000, a dividend of 1% was agreed to be given to its adult and junior members, at its AGM earlier this year.
Tony Brockley, Chief Executive of Darlington Credit Union, said: “We have enjoyed great success in the previous financial year, which has continued into 2016, and I am delighted that we are on course to meet a number of our short and long-term targets. The future is looking promising for Darlington Credit Union as we continue to invest in our services to support our growth and above all, provide our existing and new members with an increased offering, following our strong financial performance.”
Darlington Credit Union moved to new, fully-refurbished and modern head office last September, having previously operated out of a smaller office on Church row in the town.
Since its establishment in 2009, the credit union has also encouraged more than 1,381 young people to save through its Young Savers’ Scheme and supports 15 schools in the area, including, most recently, Red Hall Primary School and West Park Academy.
Mr Brockley added: “The move to Tubwell Row was a major step forward in the long-term success of Darlington Credit Union and has increased our presence in the town, as well as provided an easily accessible service for our membership. In addition to investing in our services and infrastructure, we have continued to give back to the community through our work with schools in Darlington, which has helped teach youngsters the importance of saving and money management.
“Hopefully we can now build on reaching these two milestones and enjoy further success this year, as the credit union continues to serve Darlington and welcome even more members.”