Another successful year for Mayo's First Choice Credit Union

FIRST Choice Credit Union has reported continued growth in the past 12 months and is confidently looking to sustained growth in 2025.

Publishing its year end results at its 58th annual general meeting, First Choice Credit Union reported an impressive surplus exceeding €2.42m, having provided a record €26.1m in loans to the local community over the past year, resulting in an outstanding loan book of €48.2m at year end.

Membership now exceeds 40,000 and with assets of over €267m, First Choice Credit Union looks forward to developing services further in 2025 and meeting the needs of the growing membership in the years ahead.

Anne King, CEO, said: “2024 was a positive year for our credit union as more and more people turn to us to meet their financial needs. We are very pleased to see strong loan growth and development of services.

“Many of our loans have helped members move into their forever home, undertake home renovations, make large scale purchases, buy a new car or pay for education, a wedding or to enjoy holidays at home and abroad.”

First Choice Credit union also provides loans to the local agricultural and business sector.

For a record-breaking 10th consecutive year, First Choice Credit Union, together with credit unions across the country, topped the league table for best customer experience in Ireland in the 2024 Customer Experience Insight (CXi) Report.

Commenting on this achievement, Ms. King said: “Winning the CXi award for the tenth consecutive year is an amazing achievement. We are very proud of the values and ethos we have here at First Choice Credit Union and of the unrivalled service that we offer to our local communities. Our credit union would like to say a heartfelt thanks to all our valued members for their continued loyalty and support.”

The board of directors also announced a dividend of 0.125% on savings and a 10% rebate on personal standard rate loans, with a combined value exceeding €336,000. This, along with the First Choice Credit Union Community Fund, local sponsorships and Brendan Hopkins Bursaries, brings total support for the community and members to almost €460,000 over the year.

Furthermore, it was announced on the night that the First Choice Credit Union Community Fund will increase by 50% from €100,000 in 2024 to €150,000 in 2025.

On the election front, Francis Moore and Marie Quinn were re-elected to the board of directors.

Denis Gallagher was re-elected to the board oversight committee. Grant Thornton were elected as auditors for the year ahead.

Chairman of the board, Joe Butler, welcoming the elected directors, committee member and auditor, remarked: “A sincere welcome to our re-elected directors, Francis and Marie, and re-elected board oversight committee member Denis Gallagher. The calibre and experience of each candidate will be invaluable as we look to the future and the many developments ahead. I would also like to congratulate Grant Thornton on their election as auditor.”

He continued: “We would like to take this opportunity to thank all of our members for their loyalty during the year. We recognise and appreciate your support and with your continued loyalty, we will continue to make a positive difference to our community.”