Northern Community Bank commits support to local charities and businesses whilst celebrating growth in a challenging year
On Friday, 5th March 2021 the 39th Annual General Meeting (AGM) took place for the first time virtually. Account holders logged on to hear news of a brilliant financial year for Northern Community Bank and its developments in providing ethical savings and affordable loans for the local community.
Ten donations totalling £8,500 were made to an array of local charities including: Pendleside Hospice, Colne Open Door Centre, Nelson Churches in Covenant, Burnley Community Kitchen, Georgia Fourie Butterfly Fund, Age UK Burnley and Pendle, Colne Citadel, Depher CIC and Pendle Forest Hawks Junior Football Club. President Gerard Spain explained to account holders why the board proposed £8,500 of charitable donations to support both crucial charities and young people playing sport in the area
In line with Northern Community Bank’s commitment to the local community, the Northern Community Bank Board are proposing an increase in the charitable donations from £1,000 to £8,500 to assist local charities who have particularly struggled during the current pandemic.
These organisations in turn expressed their sincere gratefulness for the donations through short videos played at the virtual AGM. They explained what they do in the community and how this donation would benefit them, especially at such a difficult time where fundraising is restricted (Click on the individual Charity to hear their short video).
Our President Gerard Spain reported 2020 as being a record year in many ways despite a challenging year. Loan growth rose by 30% to £5.6m and savings had increased by 54% to £10.3m. He explained as a community based not-for-profit community bank these impressive figures show the commitment the community bank has in helping local people and the local economy. Further evidence of this being Northern Community Bank’s decision to continually support the highstreet in Colne with a plan to take over a new office space within the town centre that’s twice the size of our Shackleton Hall branch.
Mr. Spain continued to champion the ongoing success of the Family Loan and Saving Scheme
Family loans have been phenomenally successful for Northern Community Bank. The particularly pleasing aspect of this product is that has enabled us to help a much greater number of our community”
Firstly by providing affordable loans for the community whilst encouraging better saving habits, highlighted by the amazing fact that 34% of Northern Community Bank’s Christmas Savings Account is now saved by account holders from the Family Loan & Saving Scheme. The community bank has grown whilst increasing the financial capability of the community.
The Community Bank membership agreed to retain the dividend on savings at 1% for both adult and junior accounts, this was recognised to be well above the national average of 0.06% on easy access savings accounts. It was also agreed that the adult loan interest rebates would rise to 6% from 2%. As a result Northern Community Bank was delighted to return £195,000 to account holders within the community in the form of savings dividend and loan interest rebate compared to £72,000 last year.
Account holders heard a speech by Antony Higginbotham, Member of Parliament for Burnley and Padiham. Whereby he shared his gratitude for Northern Community Bank helping local people in a time where family finances are struggling. Andrew Stephenson, Member of Parliament for Pendle, echoed Antony’s appreciation for Northern Community Bank’s financial services at this time and gave encouragement to “keep up the good work!”
Following this account holders heard keynote speeches from Robert Kelly, CEO of ABCUL the governing body of community banks. Whereby he advocated Northern Community Bank’s
Tremendous efforts in building financial resilience and supporting members in their hours of need.
Karen Bennet CBE, CEO of Enterprise Community Bank & President of ABCUL reflected on our achievements this year. She shared that Northern Community Bank was
Without doubt one of the best community credit unions I’ve come across. Their passion and belief in what they’re doing and the fair but excellent services they are providing are amazing.
The evening came to a close with a virtual raffle whereby Northern Community Bank awarded gift vouchers to winning account holders purchased from local businesses totalling £600!
