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NewsImportant Statement from Alfred Williams, Chair of the Board of Directors
Important Statement from Alfred Williams, Chair of the Board of Directors

As some of you may be aware from local press coverage, it was announced on Monday March 21, 2016 that Whitmore Reans Credit Union is going into voluntary liquidation. All the savers of this organisation have been paid in full by the Financial Services Compensation Scheme (FSCS). Insolvency Practitioner Cork Gully has been appointed to wind up the business and has written to all members.

On behalf of the Board, I would like to express my great sadness at this turn of events. Whitmore Reans Credit Union served its community for around 25 years through the hard work and dedication of its volunteers.

The loss of a credit union for the local neighbourhood is distressing especially for residents who have come to rely on the service for savings and loans.


So as the biggest and fastest-growing credit union in the city, Wolverhampton City Credit Union has stepped into the breach, inviting former Whitmore Reans CU members to join us. A number have done so already. We have based staff at the Whitmore Reans CU’s former premises on collection days to offer help, advice and support.

We are also engaging with volunteers, community leaders, elected members of the city council and parliament, to spread the word that Wolverhampton City Credit Union welcomes people from Whitmore Reans to join us.

It is probably timely to remind members of Wolverhampton City Credit Union that we are in very good financial shape with record savings and loans and healthy reserves. And we’re determined to maintain and grow a strong credit union presence in the city and South Staffordshire for everyone who can benefit from our ethical financial services.

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