On Tuesday, December 7, at their 55th Annual General Meeting, First Choice Credit Union Ltd reported its 2021 year-end results, which remain steady despite the continued economic challenges posed by the Covid-19 pandemic.
The credit union has provided almost €17m in loans to the local community over the past year and membership now stands at circa 34,500. First Choice Credit Union is now very much focused on the year ahead and beyond, and continues to work hard in order to ensure that its valued members are receiving both the best service possible along with a broader range of products.
James McLoughlin, Chairperson of the Board of Directors stated that: "Despite the unprecedented challenges faced, First Choice Credit Union has continued to serve its members throughout the pandemic and our focus throughout has been to continue to work in a way that best works for our members. We know our members value the continued service we provide.
"At First Choice Credit Union, we can assure our members that we will continue to be a reliable source for their financial needs. We also want to take this opportunity to thank all of our members for their loyalty. Working together with our members, we will remain a cornerstone of the local community, and weather the current challenges we all face.
"It is important that the credit union continues to make responsible and prudent decisions. As a designated essential service, we are prioritising strengthening the credit union and we will continue to be there for our members.”
"At First Choice Credit Union, we recognize and appreciate your support. For this, we thank you and assure you that, together, and with your continued loyalty, we will continue to make a positive difference to our community."
The AGM also served as the perfect platform to inform members of recent developments of products and services. In 2021, First Choice Credit Union launched a new 5.90% (6.06% APR ) Large Personal Loan which offers members greater value when borrowing for larger amounts, specifically between €50,001 to €80,000 and a 6.50% (6.70% APR ) Business/Agri Unsecured Loan for amounts of €1,000 to €80,000, providing greater choice for the business and agricultural community. During the year, First Choice Credit Union teamed up with Irish Life in providing a free financial review service for members, opening doors to a comprehensive and competitive set of protection and investment options.
More welcome news came in the form of an extension to the Strategic Banking Corporation Covid-19 Credit Guarantee Scheme to June 2022, a scheme in which First Choice Credit Union is an approved lender. This is a government supported scheme to assist SME Businesses and Primary Producers that have been adversely impacted by COVID-19, to access loan facilities to support the continued viability of their business during and after the pandemic.
In addition, to meet the needs of the people of Ballyhaunis and its environs, who now have no bank branch, First Choice Credit Union confirmed it will provide the only 24/7 on street ATM service available in the town. Once necessary preparation work has been completed, it is anticipated that the ATM will be in service by end December or early January in what is undoubtedly a fine example of the credit union putting community and member needs to the fore.
First Choice Credit Union welcomed three new directors: Pat Boyle, Francis Moore and Marie Quinn. Margaret Corkell was elected to the Board Oversight Committee and Grant Thornton were elected as Auditors for the year ahead.
While personal engagement with members remains a core part of the credit union’s service delivery across its network of branches, First Choice Credit Union’s online services are quick, convenient, user friendly and are fast becoming the transacting method of choice for a large percentage of the membership. First Choice Credit Union has seen great interest in its current account and debit card offering since launch last year, with almost 1,000 members now using the current account for their daily banking needs.
All members were thanked for their continued loyalty and support which is the driving force behind First Choice Credit Union’s continued success
