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Churches Mutual extends common bond

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03 Feb 16

Churches Mutual Credit Union is extending its common bond to include the United Reformed Church.

Members of Churches Mutual Credit Union (CMCU) voted unanimously at the credit union's first Annual General Meeting to make the United Reformed Church the sixth Christian denomination served by the credit union. CMCU already serves the clergy, staff and others in recognised positions in the Church of England, the Church of Scotland, the Methodist Church, the Scottish Episcopal Church and the Church in Wales.

The credit union will now seek formal approval from the regulators for the new common bond before going to the General Assembly of the United Reformed Church in July for their final decision about participation.

CMCU Chief Executive Hilary Sams said: "I am delighted not only that we have voted to include the United Reformed Church within our common bond, making it on course to become the sixth national church to join the CMCU, but to announce also that we will be paying a dividend to savers – a significant achievement in our first year of operation.

"We look forward to expanding our membership steadily over the coming year and invite all those eligible – not just those who are ordained – to consider joining us."

CMCU President Rev Antony MacRow-Wood said extending the common bond to include the United Reformed Church represented "another major step forward", saying: "We are also in exploratory discussions with other denominations as CMCU brings together churches across Britain to further the Archbishop of Canterbury's vision of a stronger and more vibrant community finance sector."

CMCU launched just under a year ago, and in its first 12 months has attracted more than 600 members who have deposited over £1.4 million. The credit union offers loans from £250 to £15,000 for a variety of purposes at competitive interest rates.

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