Northern Community Bank praised at 37th AGM by Burnley civic leaders

Northern Community Bank praised at 37th Annual General Meeting by Burnley civic leaders for the new branch on St James’s Street.

Account holders recently heard speeches at the AGM, held at Turf Moor, by Burnley Council Leader Mark Townsend and Julie Cooper MP. Both were pleased that the community bank had made a strong commitment to the area by purchasing and renovating the branch on St James’s Street, where residents can discuss their saving or borrowing needs with members of staff.

Julie Cooper MP, complimented Northern Community Bank on opening the new Burnley branch

Congratulations on the new office, what a great advertisement! It is fantastic to have a high profile town centre office of the calibre Northern Community Bank have achieved. Northern Community Bank’s ethical savings and affordable loans are admiral principles

Mark Townsend informed the 90 account holders in attendance that he had visited the new branch on numerous occasions and had been impressed with standard of renovation and ethos of the organisation

Welcome to St James’s Street, you should be proud of your building. The facilities offered by Northern Community Bank are very impressive, you continue to go from strength to strength. Northern Community Bank’s values aren’t just written down, they are being lived every single day!

Northern Community Bank President Gerard Spain presented a good picture of the credit union’s performance over the financial year. Assets rose 9% to £6.8m, with healthy loan growth for the third successive year by 17%. On behalf of the Board of Directors, Mr Spain thanked CEO Kathryn Fogg for 20 years of service and detailed the phenomenal success under her leadership

20 years ago we were based at St George’s Church in Nelson, the savings balance was under £600k and the loan book was under £500k. Fast forward 20 years – Northern Community Bank own two branches, hold collective savings of £5.6m and the loan book currently stand at £3.4m.

The community bank decided a dividend rate of 0.75% on savings, this was pointed out to be well above the UK average instant access savings rate of 0.25%.

Northern Community Bank selected The Rosemere Cancer Foundation for our annual £500 charitable donation. Julie Hesmondhalgh, who represented the Foundation, explained how the money donated would be used to help local families by funding cutting edge equipment, vital research and other cancer services that are beyond limited NHS resources. It does this to bring world class treatment to cancer patients from throughout Lancashire and South Cumbria being treated at Rosemere Cancer Centre, the region’s specialist cancer treatment centre at the Royal Preston Hospital, and at another eight local hospital cancer units across the two counties, including those at Burnley General and the Royal Blackburn Teaching Hospitals.