The 2009-2010 financial year for Police Credit Union proved a record year across the whole network of seven branches and nowhere was the progress more apparent than in our Bristol branch, which serves Police Force officers, staff and their eligible family members in Gloucestershire as well as Avon & Somerset and Wiltshire.
Bristol branch built on its becoming a full 5 day week branch and its established high level of service to members so much so that it matched the growth achieved by some other bigger branches.
Last year, the growth in membership more than doubled that of the previous year. PCU Bristol helped over 200 members (an increase of 11%) with loans and lent a total of £1.34 million, up 49% compared with the previous year. In fact, in each of June and July 2010, over £170,000 were lent in a single month for the first time ever at Bristol.
Kate Taverner and Beth Kislingbury share duties in the quest to maintain the high level of member service on which the branch has always prided itself. They have been joined by Mick Cartlidge, who is raising the awareness of membership benefits and is carrying the message about PCU throughout the area covered by the branch.
All easy access savers benefited from the great year by receiving an improved dividend of 2.3%, up 0.5% on the previous year and way ahead of similar products on the High Street.
Cash ISA account holders have seen their return rise above the projected minimum of 2.5% with a bonus of 0.2%, taking the annual rate to 2.7%, over 0.5 % over the current average on the High Street.
It’s worth saving with Police Credit Union.
A third of our members also borrow from PCU, thus providing the income to allow a dividend to be paid and keeping PCU a true not for profit mutual, serving just the police family.
Over £20 million was lent last year overall at an average rate of 9% pa, far below the High Street average for unsecured loans.
Last year, PCU was able to add a record amount to reserves and now maintains FSA regulated ratios well above the required minimums. This is an indicator of the stability and professionalism of PCU, especially as we hold over £31 million of savers’ money.
Challenging times may lie ahead for the police family but Police Credit Union will be here to help. It’s important to know that the “once a member, always a member “ principle applies, even if a member leaves his or her job. Please contact Kate or Beth on 0845 241 7502. They are there to help and serve.