Northern Community Bank President Gerard Spain announced that borrowers will be rewarded with a 17% loan interest rebate, while savers will receive a 2.75% share of the profits on eligible savings totalling £1.1 million at the 44th Annual General Meeting (AGM).
The hybrid event saw more than 95 people attend in person and online, while 1,596 account holders watched the 44th AGM via the app.
A Year of Major Progress
In his Board Report, President Gerard Spain reflected on three significant developments during the year – the rebrand, the new Manchester Road flagship office, and the introduction of our Bereavement Fund.
Speaking about the rebrand, Gerard explained:
“It wasn’t just a name change; it’s actually a whole new way of operating while maintaining the core values.”
He added that the change has already made a visible difference:
“It elevates our profile in the community… it helps people understand the services that we provide and how we can be of help.”
The new Manchester Road office represents a £2.5 million investment and will become our flagship branch, support overall long-term growth while also retaining our presence in Colne town centre.
As the Community Bank has continued to grow, the Manchester Road office will allow teams to work more closely together, strengthening the support available to account holders. This includes expanding capacity for the Account Support Team, who help more than 17,000 account holders from Burnley and Pendle to Preston, Lancaster and across Cumbria manage their accounts with confidence.
Gerard highlighted the recent introduction of the Bereavement Fund:
“As you all know we’ve always provided a free additional benefit to account holders in a sense of loan protection and life savings insurance.”
He explained that a viability study showed that over the past five years, along with other credit unions, we were overpaying in premiums compare to the value of claims, supported the decision to cancel the policy and set up the Bereavement Fund.
“Not only have we been able to retain the same benefits for account holders, but we’ve also managed to improve them. This is seen as a very, very positive move forward for looking after our account holders.”
Gerard also shared the positive financial performance of the Community Bank:
- Account holders increased to 16,946
- The loan book grew by 15%
- Asset value increased by 17% to £24.4 million
- Surplus rose to £2.5 million
- Reserves increased to £5.9 million
Reflecting on these figures, he described them as:
“Some staggering numbers for a community organisation.”
He closed by thanking account holders, staff, and board members:
“Without your continued support, we would not have been able to continue to build the way we have. This is a whole team effort.”
Share of the Profits & Loan Interest Rebate
Account holders voted to approve:
- A 2.75% Share of the Profits for eligible accounts
- A 17% loan interest rebate
Maintaining last year’s levels, this decision ensures success is shared fairly with those who save and borrow with us. You can find out more about the share of the profits and loan interest rebate here
£20,000 Community Donation Approved
One of the highlights of the evening was the approval of a £20,000 community donation, which will be distributed across community centres in the areas we serve.
Development Officer Lee Banks spoke passionately about the proposal, reflecting on visits to local centres:
“It was really heartwarming to see a group of people together in that situation. It became quite obvious from that the importance of our community centres.”
Lee highlighted how many centres operate with very limited financial backing yet provide vital services, from toddler groups and fitness classes to food banks and employment support.
He concluded:
“These centres have such a wide and varied programme for young and old and all walks of society. I do hope you will support this proposal.”
Account holders voted in favour.
Independent Assurance from the Accountants
Mark Heaton of KM Accountants presented the Auditor’s Report and confirmed:
“We have no concerns as external auditors as to the financing of the credit union, or bank, and also the controls that are operated within it.”
The accounts were formally approved.
Guest Speakers: Celebrating Community Impact
We were honoured to welcome Councillor Paul Reynolds, Mayor of Burnley, who shared his own long-standing connection with the Community Bank.
“I did join the Credit Union about 30 odd years ago and I’m quite glad I did.”
Reflecting on the rebrand, he said:
“The most striking difference is your rebrand which I think looks fantastic. It’s a very difficult and complex decision to change a well-loved brand, but I can see that it was the right decision.”
The Mayor concluded with a personal note:
“Credit Union personally has helped me through thick and thin.”
Although unable to attend in person, Oliver Ryan MP sent a recorded message, praising the Community Bank’s impact:
“Northern Community Bank do so much good work, not just for account holders but across our entire community.”
He added:
“The Community Bank is going from strength to strength. I am really proud to have Northern Community Bank operating in Burnley and surrounding areas.”
A Fitting Close
The 44th AGM concluded with a celebratory raffle, with five lucky attendees each winning a £100 shopping voucher of their choice.
With 1,596 people reviewing the 44th AGM content via the app and strong engagement both in the room and online, it was a powerful reminder of the strength and reach of our Community Bank.
