FOR THE first time in its 48-year history, Sligo Credit Union member's savings exceed €40 million. And the recent annual general meeting also heard that €10.5 million had been advanced in loans to the local economy in 2012.
It was another successful year for the 13,000 members in Sligo, with an increased dividend of 0.75% on savings.
Outgoing Chairman James Kelly said: "The €10.5 million lent to its members assisted the education of their children, improvements to their homes, the changing of cars and dealing with unexpected financial demands.
"One of the many advantages that a Credit Union brings to a town is that the vast majority of this money is spent in the local economy which protects employment in local businesses and services."
Mr Kelly also outlined plans for increased services to members in the year ahead, including on-line account access for members.
Outgoing Treasurer Seamus Kilgannon, in his report said: "Our loan rates are significantly better than those offered by the banks, we take pride in the service we offer our members and we are interested in engaging with members, something that appears to be sadly lacking in the other financial institutions in our town."
The membership elected a new chairman and treasurer, Peter Tiernan and Martin Cronin, both from Strandhill.
Helen McMorrow from Carney and Peggy Heron from Grange were elected to the Board of Directors and Sheila Gallagher from Rathcormac was elected to the Supervisory Committee.
The Board thanked Tina Brennan who served as a Director for the last 13 years.