£1.1million returned to account holders at Northern Community Bank’s 43rd AGM in 2025

Northern Community Bank President Gerard Spain announced that borrowers would be rewarded with a loan interest rebate of 17%, and savers would benefit on a 2.75% dividend on all savings up from 2.5% the previous year totalling £1.1million at Annual General Meeting (AGM).

You can find out more about the dividend here and a simple explainer on the loan rebate here.

On Friday 7th February, account holders gathered for Northern Community Bank’s 43rd AGM, which was held at Burnley Football Club’s 1882 lounge. The hybrid event saw over 70 people attend in person and online, and for the first time, over 1400 account holders watched the AGM via the app.

With a significant growth in account holders from 14,500 to 16,500, Northern Community Bank continues to thrive and expand its reach within the community

Out of the 2000 growth in account holders that we’ve had over the last year, there are 833 from Cumbria, and 329 from Lancaster and Morecambe. The growth in that area has been phenomenal

Our financial report showed robust growth and stability for the Community Bank. The loan book over the last 12 months has grown 25% from £11.5 million to £14.4million. The assets of the Community Banks have grown 9%, which seems such a phenomenal figure, from £19.2 million up to £20.9 million.

Mark Heaton, Auditor from KM Accountants, provided insights into the financial operations of Northern Community Bank

In 2023 there was £24 million coming in and going out in shares and loan repayments, and that has increased to £28 million this year. It’s a significant amount of money, and a huge number of transactions that need to be monitored on a day-to-day basis.

Those who attended the AGM also heard how Northern Community Bank have made a £20,000 community donation towards children’s financial education within primary schools across the Lancashire and Cumbria. Member Service Officer, Claire Dodd explained more about the project

I had an idea that is fairly close to my heart with being a mum, something to do with children and financial education, as I feel children and some adults’ financial knowledge isn’t where it should be. I really wanted to help children from a young age have a real understanding of finance to set them up on their journey of life.

Claire continued to outline the project

I am presenting my idea to help primary school children have a start on financial education. Each week a different child is selected to take home the book suitcase to read with their parents. This is separate to the normal weekly books. In the suitcase we have a book all about financial education for the appropriate age, that has been written by the Dragons Den Star Deborah Meaden, a cuddly squirrel named Sammy, as we all need to squirrel those pennies away, an instruction sheet, a book for the children to record what they have learnt and some chocolate coins, which are obviously linked to finances.

Northern Community Bank were also saddened to announce the retirement of a long-standing Board member Mag Hillary. Speaking fondly of Mag’s involvement and dedication to the Community Bank, President Gerard Spain said of Mag

Her mother and father, Lou and Mary Gildea, were obviously the founders of the Community Bank, whose brainchild it was right from the start. Over the years, Mag has held various positions. She was a long-term volunteer right at the start, then had a little bit of a gap and came back as a director and served on the Board for a number of years. And her involvement has always been really valued because of the history and the knowledge that she has got of the Community Bank over the years

Northern Community Bank were also pleased to welcome guest speaker Councillor Mark Fryer, who is the leader of Cumberland Council to the AGM. Councillor Fryer, who is an account holder and advocate for Community Banks, spoke about his experience of joining a Community Bank when it was first set up in Workington in Cumbria

When the Community Bank was set up in Workington, I was one of the first to become a member. We knew right from the outset it was about people having confidence in in the organisation. As staff members, you should understand the confidence that the people out there have in you.

Speaking of the Northern Community Bank merger with Affinity credit union back in 2021, Councillor Fryer said

It is phenomenal what what’s happened. We went right across the whole of the county of Cumbria. Even then, we knew that we had to be in with a bigger organisation. We were devoid of real quality staff. That was a real issue for us before merging with Northern Community Bank.

Councillor Fryer continued

I don’t think anybody should underestimate the power of the Community Bank. When you see the figures and the numbers that this organisation is producing on its balance sheet, it’s nothing short of incredible – millions and millions of pounds from a community of ordinary people who have got that idea of mutuality ingrained in their hearts is something quite special

Mark described why he felt it was important to represent his community at Northern Community Bank’s 43rd AGM

I really looked forward to coming here today, I wanted to tell you how grateful I am, as a leader of the Council, that you’d help and guide the people in my community, do things in a way that that there wouldn’t they haven’t been able to do previously. All that work that you do, all those hours that you’re putting in for nothing. The labour of love – It’s a massive thanks, a massive thanks from me