Sam retires after 34 years with Mid-Tyrone Credit Union

MID-Tyrone Credit Union Ltd held their 33rd AGM on November 26. It was an opportunity to review the 2024/25 financial year that ended September 30.

In her address, Twyla McGrath, chairperson, welcomed all members who attended. Thanks was given to the volunteers and board members who continue to provide the credit union service on a weekly basis.

Both senior and junior membership continue to steadily increase. After a favourable audit report from the external auditor, a dividend of 1.9% on members’ shares and 35% loan interest rebate, along with a dividend of 3.25% on junior shares, was proposed and unanimously ratified at the meeting.

This rebate on loan interest makes credit union loans competitive compared to banks and much more cost-effective than credit cards. The recent report identifying the prevalence of poverty in Northern Ireland found that Fermanagh and Omagh council areas had 22% of residents in relative poverty, compared to 17% regional average.

The ongoing cost-of-living increases put pressure on family finances, and credit unions are well placed to support members of the community with financial and budgeting advice and the provision of affordable loans. Members are encouraged to discuss their loan requirements with the loans committee or directors.

Founder member and former chairperson, Sam Hammond, stepped down from the Board, and Twyla paid tribute to Sam for his 34 years of commitment to Mid-Tyrone Credit Union, highlighting his knowledge, balanced view and opinion, which will be missed from the Board.

The Board presented Sam with a token to thank him for his service to Mid-Tyrone Credit Union.