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Tel: 01902 572340 Email: contactus@wccul.co.uk

NewsStrong performance by WCCU yields annual dividend of 2% for savers
Print
22-March-2016
Strong performance by WCCU yields annual dividend of 2% for savers

Wolverhampton and South Staffordshire’s biggest credit union has reported record levels of savings and loans and 25 per cent growth in new members.

At their annual general meeting (Monday March 21, 2016), members of Wolverhampton City Credit Union heard that they would receive a dividend of two per cent on their savings for the year ending September 30, 2015 following a strong performance by the Worcester Street-based community bank.


The chair of the not-for-profit bank, Alfred Williams, said:

“Wolverhampton City Credit Union is one of the city’s truly outstanding success stories. Started by a small group of enthusiastic volunteers nearly 15 years ago, it is today a substantial not-for-profit business with £2.2 million in savings and £1.2 million in loans. And since we are owned and controlled by our members, it is they - not shareholders - who will benefit from our strong performance.”


Mr Williams added that as an ethical provider of flexible savings and affordable loans, the credit union was in the first line of defence against the high interest payday lenders and worse, loan sharks. He said: “Though the Financial Conduct Authority’s price caps on payday loans have tamed the worst excesses of this sector, these lenders are still very active in Wolverhampton and South Staffordshire. In contrast, we don’t charge more than 2.5% per month on our loans. As a result, the credit union has increased the number of loans offered from 2,486 to 3,843 and has grown by over 25 per cent in 2014/2015. Word is getting out that we’re not only an ethical bank, we’re also a very competitive one.”


Among the credit union’s achievements in 2015:

  • Membership increased to 6,500
  • Income generated increased by 83 per cent to £318,500
  • Cost of bad debt was reduced to £27,000
  • Successful merger of the N.E.W. Friends Credit Union.

The Annual Report is published here: ClickDownload Annual Report (4161.6kb).

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  • Wolverhampton City Credit Union
  • Tel: 01902 572340
  • Email: contactus@wccul.co.uk