25 years of Lanarkshire Credit Union
10 Nov 16
Lanarkshire Credit Union is celebrating 25 years serving the local community.
Founded as Blantyre Credit Union in November 1991, the credit union had 178 members with deposits worth £10,452 and loans worth £8,010 by the end of its first financial year.
Today, the credit union serves anyone who lives or works in Lanarkshire and has over 22,000 members – including almost 8,000 junior savers – who are saving more than £14 million with the credit union and borrowing over £6.2 million.
The credit union began its life in the Blantyre Community Centre, a temporary home while it established itself. A year later it moved into temporary premises known as Safe Blantyre before securing funding to lease and refurbish a flat next door, where it was based for 5 years. By 1999, the credit union was growing fast and looking for larger premises, and successfully negotiated the purchase of a vacant ex rent office in a prime high street location in Blantyre, which remains the credit union’s head office to this day.
Initially only serving people who live in Blantyre, the credit union first extended its common bond to cover neighbouring Bothwell and part of Uddingston in 2006, before extending to also include anyone who works in those areas in 2007. In 2009, the common bond was extended to the whole of South Lanarkshire and ML9 Credit Union in Larkhall merged into the renamed Blantyre and South Lanarkshire Credit Union.
2013 saw Rutherglen Credit Union merge in, and in 2014 the credit union extended its common bond again to also serve anyone who lives or works in North Lanarkshire.
So to better reflect the area it had grown to serve, the credit union rebranded as Lanarkshire Credit Union in early 2016. From its humble roots in Blantyre 25 years ago, Lanarkshire Credit Union is now one of the largest credit unions in Britain, with branches in Blantyre, Rutherglen and Larkhall. And it is one of the most successful credit unions in the country to have started with a community common bond rather than a partner employer.
The credit union will celebrate its birthday with a special awards night on 11 November where politicians and supporters will join longstanding members to mark the credit union’s contribution to communities across Lanarkshire.