Mayo's First Choice Credit Union approves €17.4m. in loans to community
Mayo's First Choice Credit Union Limited has maintained its capital strength with reserves of over 17%, the organisation's 2022 year-end results have revealed.
Assets now total over €230 million which makes it one of the largest community-based Credit Unions in the Republic of Ireland.
The Credit Union provided over €17.4 million in loans to the local community over the past year, continuing to grow its suite of loan offerings to borrowers.
In addition to loan growth, membership also grew and now stands at over 35,400.
First Choice Credit Union is now very much focused on the future, and continues to work hard to ensure its valued membership receive the best service possible, both digitally and face to face.
Speaking at the 56th annual general meeting, Joe Butler, chairperson of the board of directors, said: “First Choice Credit Union continued to be there for its members during 2022, albeit in a very challenging economic environment.
"It is important that the Credit Union continues to make responsible and prudent decisions to further strengthen the Credit Union for the benefit of our membership and the communities we serve.
"At First Choice Credit Union, we recognise and appreciate our members’ support and thank them for their continued loyalty.
Mr. Butler also noted the great work and dedication of volunteers, past and present.
He stated: "I take this opportunity to pay tribute to the many volunteers and directors, past and present, for all their efforts and great work in helping to make First Choice Credit Union the fine and valuable institution it has now become.
"At the heart of every Credit Union is its volunteers. At First Choice Credit Union, we are continuously seeking volunteers and urge individuals with a diverse range of skills, competencies and experiences to contact us."
The annual general meeting also served as the perfect platform to reflect on the past year.
Highlights included:
*The development of an environmental and social policy which sets out the Credit Union’s responsibility in terms of environment and climate change.
*The launch of the Switcher Loan which enables members to switch personal loans from banks, or credit card debt, to one loan with First Choice Credit Union at a very attractive, low variable rate of 7.50%* (7.78% APR).
The Switcher Loan is available for amounts of €5,000 to €50,000. Switching is seamless and may help make financial repayments more manageable while saving members money.
Furthermore, as banks exit the Irish market, First Choice Credit Union has seen a significant number of members switch their accounts to the Credit Union, particularly the current account, which offers fully functioning debit card, Apple Pay, Google Pay and Fitbit Pay with very competitive fees, being one of the cheapest on the market.
Over 2,500 members now have a current account with First Choice Credit Union.
In continuing to enhance its member services, First Choice Credit Union continues to embrace technology and will launch the Personal Lending Automation (PLA) System, early in the new year.
It is expected to increase Credit Union efficiencies, enhance member experience and facilitate business growth.
The PLA service is bespoke and unique to the Credit Union sector.
It will transform the personal lending process, providing faster and more effective decisions to Credit Union members.
Personal, face to face service continues to be key to First Choice Credit Union’s service delivery across its network of offices but it was also noted that First Choice Credit Union’s online services are quick, convenient, user friendly and are fast becoming the transacting method of choice for a significant percentage of their membership.
Elections were also held on the night and First Choice Credit Union welcomed one new director, Michael Smyth.
Additionally, Maura McGuinness and Michael Howley were re-elected to their positions on the board of directors.
Denis Gallagher and Martin McDonagh were elected to the Board Oversight Committee and Grant Thornton were elected as Auditors for the year ahead.
All members were thanked for their continued loyalty and support which is the driving force behind First Choice Credit Union’s continued success.
For more information, call 094 9022 969, email info@fccu.ie or visit any of their offices in Achill, Balla, Ballyhaunis, Castlebar or Swinford.