CREDIT UNION CELEBRATES 10th ANNIVERSARY
with 119 new members and 41% increase in income
AGM Keynote Speaker is Jamie Harzell of
local Oxford-based company Ethex
Growth and financial stability
As Oxfordshire Credit Union prepares to hold its AGM on April 16th at the Quaker Meeting House in Oxford, it is also celebrating an exceptional year of growth and increased financial stability. In the last year 119 people living or working anywhere in Oxfordshire have become members of Oxfordshire Credit Union, meaning that they are saving regularly, and borrowing where required, through an ethical financial cooperative.
10 years of community saving and borrowing
Oxfordshire Credit Union (OCU) was formed in 2006 – originally as just Oxford Credit Union. In 2012 their territory (or ‘common bond’) was extended from the city to the whole county, and several large employers – the latest being Oxford Bus Company – are helping their staff to save through OCU by enabling direct payroll deduction on monthly basis. The credit union model is one where local people pool their savings and enable others in the same community to borrow on affordable and fair terms.
Cutting costs but improving the service
Since 2014 the administration is shared with several other credit unions and handled by Credit Union Solutions, also a cooperative. This means telephone enquiries can be taken 5 days a week, marketing can be done centrally and running costs are pooled. With 80 new members just in the last six months, and a 64% annual increase in loans to members, OCU can boast an increase in income of 41% - as will be reported by the Treasurer at the AGM on Saturday.
Mark Luntley, outgoing chair of the voluntary board of directors, said:
“Our membership numbers have risen to over 800, with more people saving with us through payroll deduction. Member savings now total almost half a million pounds.”
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‘Make money do good’
The 10th anniversary AGM will be host to guest speaker Jamie Hartzell, chair of Ethex, the ethical stock exchange – a local company based at the Old Music Hall in Cowley Road, and with the strapline ‘make money do good’. Jamie will present an expert industry view of ethical saving and investment in our county and beyond.
Ends
(360 words)
Notes to Editors:
· The Annual General Meeting will take place at 11.30am on Saturday, April 16th, at the Oxford Quaker Meeting House, 43 St Giles, Oxford OX1 3LW
· For OCU’s full history, board members, current news and products, go to www.oxfordshirecreditunion.co.uk
· Member savings are protected up to £75,000 by the Financial Services Compensation Scheme.
· More information from or from .
· Find us on Facebook.com/oxfordcreditunion and Twitter @oxfordcredunion
· Ethex is a registered company, of which full details can be found at www.ethex.org.uk
Distributed by David Soward, Vice Chair of Oxfordshire Credit Union and Board member with responsibility for marketing, 07857 469548.
April 6th 2016