Pennine Community Credit Union Returns £1.1 Million to Members at AGM

Friday 14 February 2025

Pennine Community Credit Union (PCCU) has reaffirmed its commitment to its members by announcing a substantial financial return at its 43rd Annual General Meeting (AGM). Held on Friday, 7 February 2024, at Burnley Football Club, the hybrid event was attended by over 70 members in person and online, while more than 1,400 account holders watched the AGM via the PCCU app for the first time.

At the AGM, PCCU President Gerard Spain revealed that borrowers would benefit from a generous loan interest rebate of 17%, while savers would receive a 2.75% dividend—an increase from the previous year’s 2.5%. In total, these returns amount to an impressive £1.1 million, underscoring PCCU’s financial strength and dedication to its members.

With membership growing significantly from 14,500 to 16,500, PCCU continues to thrive and expand its impact within the community. The credit union’s financial report highlighted substantial growth, with the loan book increasing by 25% over the past year, from £11.5 million to £14.4 million. PCCU’s total assets have also grown by 9%, rising from £19.2 million to £20.9 million.

Mark Heaton, Auditor from KM Accountants, spoke on the scale of transactions managed by PCCU, stating: “In 2023, there was £24 million coming in and going out in shares and loan repayments. This year, that has increased to £28 million. It’s a significant amount of money and a huge number of transactions that need to be monitored on a day-to-day basis.”

The AGM also provided an opportunity to showcase PCCU’s commitment to financial education, with a £20,000 community donation aimed at improving financial literacy in primary schools across Lancashire and Cumbria. Member Service Officer Claire Dodd, who spearheaded the initiative, shared her motivation: “As a mum, I know how important financial education is. Many children—and even adults—don’t have the financial knowledge they need. This initiative is about giving children a strong foundation to manage their finances in the future.”

Guest speaker Councillor Mark Fryer, Leader of Cumberland Council and a long-time credit union supporter, praised PCCU’s role in the community: “I wanted to come here today to say thank you. The work you do, the hours you put in—often voluntarily—make a real difference to people’s lives. It’s a labour of love, and I’m incredibly grateful for it.”

ABCUL CEO Robert Kelly congratulated PCCU on its achievements, stating: “Pennine Community Credit Union exemplifies the very best of the credit union movement. Their commitment to returning value to members, growing their financial resilience, and investing in the community is truly commendable. The £1.1 million return to account holders, along with their investment in financial education, demonstrates their pivotal role in supporting the financial well-being of the communities they serve. On behalf of ABCUL, I extend my congratulations to the team at PCCU on another outstanding year.”

Read in full about PCCU’s AGM on its website here.