Membership Increased by 70% Following Merger with Pennine Community Credit Unio

Thursday 25 January 2024

In its first 6 months post-merger with Affinity Credit Union, Pennine Community Credit Union’s (PCCU) expansion into Cumbria has welcomed 1,000 new account holders increasing its Cumbria membership by over 70%.

During these first 6 months, PCCU have loaned its new Cumbria community over £1m in affordable loans. Saving individual’s and their families over £876,000 in interest compared to a high-cost lenders.

With savings levels maintaining £1.6m and a growth of 136% in loans, PCCU feels positive about fulfilling its aim to create a financially stronger and more sustainable credit union for its combined membership.

“We welcome the opportunity to continue growing as a credit union and having a positive impact on the communities we serve with the ethical financial services we provide”, says CEO of PCCU, Kathryn Fogg.

Throughout 2021, ABCUL’s Strategic Merger Taskforce committed to a more strategic approach to mergers/transfer of engagements to develop the sustainability, relevance and purpose of the credit union sector in Great Britain

Commenting on the success of the merger, ABCUL CEO, Robert Kelly said:  “The merger between both credit unions is an excellent example of two organisations collaborating together to achieve greater sustainability and service provision for its combined member base. It goes without saying that massive thanks must be given to  staff and volunteers involved, who have kept their members best interests at the forefront over the years and which is typified with this merger.”