The team of Lurgan Credit Union had the pleasure of gathering at the magnificent Gracehall to commemorate a remarkable milestone – 60 years of unwavering support for the community.
The prestigious event was held at the Lurgan venue on Saturday 21st September. As the team reflect on this incredible journey, they extended their heartfelt gratitude to the dedicated volunteers, both past and present, whose hard work has been instrumental in shaping Lurgan Credit Union (LCU) into the success it is today.
The inception of Lurgan Credit Union traces back to a cold December evening in 1963, within the walls of St Anthony’s Hall, where the seeds of a new financial institution were sown.
Recognising the need for a member-owned financial entity, 18 visionary individuals came together to establish Lurgan Credit Union, each contributing £1 to kickstart this innovative venture.
In the following months, Lurgan Credit Union took root, renting two rooms for £5 a year to operate its services. By December 1964, the Credit Union had burgeoned to 170 members, facilitating loans totaling £3,216 and amassing savings of £3,350.
These humble beginnings laid the foundation for a transformative journey that would see remarkable growth and impact within the community.
The evolution of Lurgan Credit Union was swift and impactful, with membership soaring to 1,320 by 1970, accompanied by savings of £55,550 and loans disbursed amounting to £55,300.
Such exponential growth necessitated a relocation to larger premises, leading to the establishment’s move to 12 North Street in February 1970. As the credit union continued to flourish, boasting 5,000 members and savings exceeding £1 million by 1977, the acquisition of 14 North Street became imperative to accommodate this expanding community institution.
Throughout the 1980s, membership, loans issued, and shares lodged steadily increased, culminating in their 25th year with 9,202 members and a total share balance of £3,762,000.
With such rapid membership growth, the decision was made to relocate once again. After considering various locations, 40 Church Place, Lurgan, was chosen. In 1996, LCU returned to the building where it all began in 1963. This time, they acquired the entire building, allowing them to provide top-notch service to our members and solidifying their position in Lurgan as a vital financial institution.
By the end of 2020, the Credit Union boasted almost 27,000 members with savings and shares worth £71 million, while the loan book stood at £21 million.
In June 2015, Lurgan Credit Union proudly received the prestigious Investors in People award, marking a significant achievement in their commitment to excellence and service. With a dedicated team of over 30 professionals, ranging from cashiers to loans officers, foreign exchange specialists, and direct debit handlers, they ensure the smooth operation of the financial services.
Under the guidance of experienced managers, Lurgan Credit Union has embraced a new era of digital service delivery. The launch of a modern website and online loan application platform in early 2021 signifies their dedication to providing convenient and accessible financial solutions for members.
Lurgan Credit Union’s support for the local community remains unwavering, demonstrated through initiatives like school quizzes and sponsorship of local community groups, fostering a strong bond with our immediate surroundings. Beyond the local borders, Lurgan Credit Union leverages its expertise to advocate for the growth of credit unions globally.
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