It all began in a hairdressing Salon in Queen Street……John Kearns Barber shop was the place where the seed was planted. A conversation took place between thirteen working men, and the topic under consideration was the formation of a Credit Union. Two of these men were in possession of some of the aims and objects of the Credit Union Ethos. Working independently of each other, Harold Ritchie and Jim Malone were seeking the necessary information and know how to form an organisation with the same spirit of encouraging community co -operation and involvement in such a movement. Happily, they came together with invited friends and formed the first Board of Directors, they pooled their resources to provide the financial basis upon which Magherafelt Credit Union Ltd. was formed and has grown to the organisation it is today.
Here we see the original office opened in 1966, it continued to serve the community until the new state of the art building, we all know today, was built and opened on the site of the original office on the 13th of November 2004.
Here we see the official opening party on Saturday the 13th of November 2004. Pictured from left to right, Founder member of Magherafelt Credit Union Ltd. and at that time, Treasurer Mr George Logue, Mrs Anne O’Hagan Magherafelt Credit Union Ltd. Secretary, Mr John O’Regan President of the Irish League of Credit Unions and Mr Brian O’Neill Chairman of Magherafelt Credit Union Ltd.
Magherafelt Credit Union Ltd. has been built on the principles of self help and community empowerment, and that will always stay the same. What has changed is our modern premises situated on Queen Street, bright and contemporary, spacious and spotless, it’s an outward sign that the Credit Union has moved with the times, while holding strong to its original ethos, owned by the members, for the benefit of the members, while allowing the local community to continue to save and prosper. It is a building to be proud of and shows just how far the Credit Union in Magherafelt has come since its early days when local people with vision and foresight established the branch in 1966.
From humble beginnings, our growth and development worked hand in hand with helping members to grow their savings, build up credit, and become trusted members, making borrowings based on that trust. Where once there was a small office at the end of a dusty corridor, there is now a spacious front office with a full on-street presence. In 2016, we celebrated 50 years of service to the community. Now in our 58th year we continue to grow our membership base within the community and have come a long way since our inauguration in 1966, through sure and steady growth and the belief in SELF HELP THROUGH MUTAL TRUST. We may not be the largest Credit Union but we believe that we continue to offer a valuable, and much appreciated, service to our individual members young and old, and the wider community within our common bond. We currently have five members of staff to serve the needs of our members in a friendly, personal and professional manner, and moving forward together with our members, our Board of Directors and staff are working hard to build on our steadfast foundations to create a stronger and better Credit Union for our community for many more years to come.