Northern Community Bank announces a 2.5% dividend and 17% loan interest rebate back to account holders in 2024 and makes £20,000 in charitable donations towards the installation of defibrillators.
Last Friday, on the 8th of March, account holders gathered both in person and virtually for Northern Community Bank’s 42nd Annual General Meeting (AGM). Held at Burnley Football Club’s 1882 lounge, it was a significant occasion looking back on our progress over the past year and celebrating major milestones.
Northern Community Bank President Gerard Spain announced that savers would benefit on a 2.5% dividend on savings, totalling over £900,000 due to another year of incredible growth, and borrowers would be rewarded with a loan interest rebate of 17% which is up from 15% in the previous year.
With a membership base of over 15,000 members, steadily inching towards 16,000, Northern Community Bank continues to thrive and expand its reach within the community. We extend our sincere thanks to each account holder for their support and advocacy, especially during challenging times when our help can make a huge difference in people’s lives.
Our financial report showed robust growth and stability for the community bank. The loan book has expanded from £9.4 million to £11.5 million. Assets have flourished from £17.9 million to £19.2 million. Account holders also managed to save over £500,000 in the Christmas Club “allowing for families to have a healthy and enjoyable festive period.”
Mark, from KM Accountants, provided insights into the financial operations of Northern Community Bank. With £24 million coming in through the bank in shares and loan repayments, and £23 million paid, our organisation manages a large volume of transactions each month. An indicator of how strong a community bank is, is the Capital to assets ratio. Northern Community Bank has seen an increase from 13.5% to 16.7% which is well above the regulatory requirements.
The community bank is strong, and it is getting stronger, and we are looking very positively into the future. Thanks to all the members for supporting us in what we are trying to do and for spreading the good word about community bank. Especially when times are tough, and we can help people.” – President Gerard Spain.
Celebrating milestones
One of the most heartwarming moments of the evening was honouring Kathryn for her incredible 25-years with the community bank. Back in 1999, when Kathryn joined, we had 1,076 members, shares amounting to £530,000, and a loan book of £342,000. The total income in a 12-month period was £53,000. Fast forward to today, this has grown to be over £300,000 in a month. The dividend and loan interest rebate which stood at £19,000 in 1999, has seen substantial growth over the years.
Kathryn has managed to grow with the organisation and thrive with the organisation, and this is a fantastic achievement”. – President Gerard Spain
Those who attended the 42nd AGM also heard how Northern Community Bank have made a £20,000 charitable donation. The donation will go towards the installation of 20 defibrillators across the common bond. Yvette Browne, who is the Community Resuscitation Manager for the Cumbria and Lancashire area explained about her role with the Ambulance service.
My job is to attend at out of hospital cardiac arrests, which is something I am passionate about. 80.2% of cardiac arrests happen at home and we should all know where the nearest defibrillator is. They are such a vital piece of life-saving equipment, and it’s so important to know what to do. It’s a pleasure to know that we are receiving such a substantial donation towards much needed life-saving equipment.”
New board members
Northern Community Bank are delighted to welcome John and Anthony as new additions to our board. They will bring fresh perspectives and expertise to our governance structure.
