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Credit Union was first mentioned in late 1967 in Ballinascreen. The Parish Priest at that time, the late Fr. Michael Collins saw Credit Union as fulfilling a social need, and providing credit with dignity, besides other unmeasurable benefits. In January he called a meeting to form a study group to promote credit union in the parish. Following lengthy discussions and research, a committee was formed to organise a Credit Union. The inaugural meeting was held on February 19th 1968 and was addressed by Mr John Hume, the then President of the Irish League of Credit Unions.

The first collection for members was on March 2nd in an office in St Patrick’s St above Regan’s butcher shop. The collection sheet for that night records the names of 28 members with a total savings of £47 14s 6d. The money was collected in an ashtray. How things have changed since then. By the end of three months membership had grown to 74 and the share capital had reached £1,480 with the first loans granted totalling £95.

Three years later on February 28th 1971, Ballinascreen Credit Union was registered as a limited company under the Industrial and Provident Societies Act (Northern Ireland) 1969 and became Ballinascreen Credit Union Limited. On March 27th of the same year the Credit Union moved to a larger office at High Street in order to accommodate the growing demand for this essential service.

The years that followed showed a marked increase in growth of shares, loans and membership. By February 1978 savings had reached £100,000. Five years later in December 1982 this figure had doubled to £200,000. At the moment the Credit Union has over £8 million in shares and is advancing over £2 million in loans annually to members. The Membership is in excess of 3,600*. There are also over 1000 junior members with savings approaching £1 million. These figures alone show that the co-operative ethos has benefited both members and the community. Individual members are the principal component of any Credit Union and it is this feature that distinguishes credit unions from other financial institutions.

Eventually in February 1981 Ballinascreen Credit Union found a permanent home with the purchase of a dwelling at No. 5 High Street. The building was converted into an office which was central and ideal. The official opening took place on January 21st 1983 thereby marking another milestone in Ballinascreen Credit Union history.

However in 1995 a more prominent building in St Patrick’s Street came on the market and once again the Credit Union was on the move. Incidentally No. 17 St Patrick’s Street is just a few doors away from the very first office of the Credit Union. This new office was officially opened on October 17th 1996.

At the beginning of 2009, further structural improvements were made incorporating 17/19 St. Patrick’s Street and on the 9th July 2009, Ballinascreen Credit Union officially re-opened these premises after refurbishment.

Operating under the motto not for profit, not for charity, but for service, Ballinascreen Credit Union Limited has successfully provided for its members a source of low cost credit and other financial benefits and services.

Through the loyalty and dedication of its membership, Ballinascreen Credit Union Limited has flourished to become the unqualified success it is today.

* At 30th September 2010, membership stood at 3,635 plus 1,094 junior accounts. Total shares stood at £8,304,549 and junior deposits were £875,031.