British Credit Union Historical Society

Magherafelt & District No 3 Credit Union Ltd

Magherafelt & District No 3 Credit Union was founded in 1988 and is a not-for-profit financial organisation.  The Credit Union was formed by a group of local residents who felt that the time was right to offer savings schemes and low-cost loans facilities to the local community. In the early days the Credit Union volunteers operated in Magherafelt Orange Hall (kindly loaned) but, as the years passed, and the organisation grew to a more secure financial footing, purpose-built facilities were erected onto the back of the existing Orange Hall. 2008 was an exciting year for the Credit Union as they under took a major overhaul and expansion programme.  The intention was to offer existing members even more services and encourage new membership from the local area and it paid off. In 2010 the Credit Union took the difficult decision to leave their existing premises in the Orange Hall and move to purpose-built premises in Kirk Avenue, Magherafelt. These premises are more accessible to the public, have the advantage of a "shop front" and provide more facilities for the Staff, Directors and ultimately the members.

Mid Tyrone Credit Union Ltd

Brethren held a meeting in Omagh Orange hall from Omagh District on the 30th September 1991 with a view to setting up a credit union. On the 1st July 1992 we were registered with the Department of Economic Development as a credit union. A meeting of shareholders was then held on 3rd July 1992 for the purpose of electing a Board of Directors. In September 2004 the Tyrone Federation of Credit Unions was formed. MTCU decided to sever their links with the Ulster Federation to join the new Tyrone Federation. After many years of good service as principal office-bearers Mr. Sam Hammond and Mr. L. Moore stood down from their positions of Chairman and Secretary at the 2012 AGM.


Newry Credit Union Ltd

Newry Credit Union was established in 1963. The Newry of the time was a very different place to the city we all know today. Many local people were unable to obtain finance from banks and so had no alternative but to use the money lenders and pawn shops who were operating in the town at the time. This resulted in them becoming trapped into a cycle of debt that they couldn’t get out of.  Newry Credit Union was formed in response to this. A number of men living and working in the town at the time had had heard of the Credit Union movement across Ireland and thought that establishing a Credit Union in Newry would help people to gain financial independence and out of the grasp of the moneylenders. And so, Newry Credit Union first opened its doors in June 1963 in two leased rooms in Merchants Quay and on the first night there was £21 in savings. 

Of course, we’ve had a number of homes since moving to our state of the art premises in 2000, but although the premises have changed our aim to provide the people of Newry with financial services at fair rate of interest has remained constant.Newry CU is a member of the Irish League.


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18.08 | 14:55

I am very proud to be a part of the credit union and the ethos of people helping people.

Congratulations to No1 CopperPot.

14.07 | 04:57

A very inspiring and educational experience. It awaken my interest to serve the community.

01.07 | 13:06

As schools Development Worker for Unify Credit Union, I found the schools project resources very useful.... some really good ideas, Thank you x

23.11 | 16:41
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