British Credit Union Historical Society

Boom Credit Union Ltd

Is the name of the credit union, run by West  Sussex and Surrey Credit UnionThe merger has created a larger, financially stronger organisation that will ensure the long-term sustainability of the credit union movement in both Surrey and West Sussex. The financial strength will ensure they can continue to look after all potential members across West Sussex, Surrey and Kingston upon Thames. Guildford Borough Council’s community wardens have been particularly supportive of work and efforts to engage with Guildford residents. They have over 6,000 members. Local people and organisations have invested £4.2 million with in the credit union. The credit union works with many local schools and have set up Junior Savers schemes to encourage children to be responsible with their money from a young age. Since the launch, affordable loans totalling more than £6 million to our members has been achieved.

Steam A Head

In 1993 a meeting for local groups to see if there was interest in setting up a credit union by then then vicar of Saint John’s Church. The meeting was held in an upstairs room at George Hall Court. About 20 people attended, many from the church, and most volunteered to take part. Later that year Parks and Walcot Credit Union (CU) set up and approved (originally a savings club). The credit union operated from the Community Shop and was restricted to people who lived in Parks and Walcot. By January 1996 346 members had joined. In first three years’ members, had saved £96,000 and over £100,000 was lent to members. In 2002 – The credit union was taking up too much space in the Community Shop, so moved into a shop next to the chemist in Cavendish Square. Parks and Walcot CU together with Calne Community CU, Gainsborough CU, West Wiltshire CU Steering Group and North Wilts CAB got together to produce a video to explain what credit unions are all about. In 2004 People were being turned away so Parks and Walcot decided to change the common bond and the name to Steam Ahead Credit Union was born. The new common bond approved in 2005 was now all people living in Swindon south of the railway line and as far as Bishopstone.
 Extra costs of running credit unions (eg. regulatory fees and introduction of Capital Gains Tax on investment income) led to a pressure on finances and a move within Wiltshire to merge credit unions was in discussion. Some integration has resulted the issue of having one credit union for the whole of Wiltshire remains unresolved.  Grants were received of £3,000 to Steam Ahead to purchase office equipment and the credit union moved into brand new offices provided by Swindon Borough Council as part of the Cavendish Square Development.

Prince Bishops Credit Union was created when East Derwentside Credit Union in Stanley successfully merged with West Derwentside Credit Union in Consett in 2009. It is supported by Derwentside Homes, Derwentside Council for Voluntary Services, County Durham NHS, the County Durham Foundation and Sherburn Hospice. The decision to rename the Prince Bishops Credit Union the Prince Bishops Community Bank was to let people know that they are a community bank that are helping the community to save money.

The thinking was that a community bank is a more user-friendly term as the word ‘credit’ can put people off, particularly in the current economic climate. Prince Bishops Community Bank / Tynedale Community Bank, is a 'not for profit' Credit Union. They have branches in Stanley and Bishop Auckland, and information points in Hexham and Allendale. Common Bond is Live or Work in County Durham. 

. During 2017 the Directors of Prince Bishops Community Bank were in discussions to examine the potential benefits to Members of merging with of NEFirst Credit Union.  After undertaking a thorough review of each organisation, they announced that they have agreed to merge in 2018. 

www.princebishopscommunitybank.org.uk

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Latest comments

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.

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14.07 | 04:57

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

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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

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18.01 | 11:26
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