Our HistoryHow it all began
History of Bruff Credit Union
The idea of Bruff Credit Union began in 1971 when Fr. James Neville C.C. brought it up at a Muintir na Tire Meeting. This idea was brought to a joint meeting Muintir Na Tire and Development. A study group was set up which met weekly. To formalise the funding of Credit Union, the study group received guidance from the members of Chapter 13 and Jim South and Kit McDonald who came out and put them through their paces and gave them homework and Michael O’Doherty, Field Officer from the Irish League of Credit Unions oversaw the process.
The first step to the process was to set up a savings club to allow the group to familiarise themselves with book-keeping, accounting and banking of cash procedures. First lodgement of £13 was lodged into the AIB Bank on 15th April 1971 which thirteen members of the study paid in £1 each. They made weekly lodgements and took out loans of£10 and £20 to familiarise themselves with calculating interest.
The first landmark was the registration in September 1971 with the Register of Friendly Societies. Following this a common bond of the parish of Bruff, Grange and Meanus and surrounding areas of Fedamore, Rathmore, Mainister, Dromin and Knockainey was granted and is still in existence.
An organisation meeting was held to elect a Board of Directors, Supervisors and an auditor and to put in place a management structure for the credit union. The founding members were Fr. James Neville, John O’Connor, P.J. Ryan, Angela Clancy, John Horan, Adge Bulfin, John Browne, Nora Walsh, Pat Dennehy. Supervisory Committee: Thomas Coleman, Jerry Murphy, Pat Coen. Auditor: Thomas Long and Co.
First election of officers, Bruff Credit Union;
|Vice Chairman:||John Horan|
Credit Union operated in Lower Main Street. Members shares, 31st December 1971 £702.11. Loan out £367.50. Operated Friday Night, Bruff Office 7pm-10pm. Meanus Old School House Sunday Morning 10 am -11am.
In 1976 the Board made the decision to move to larger premises in Main Street which came available. Credit Union assets had reached £27,000 and growing steady. In 1983 the Board made the decision to establish its own premises in Sycamore Drive. It approached Limerick County Council who had some land and was building fifty houses and got a site for our own premises. In 1983 we moved into it and continue to grow from strength to strength.
The Credit Union experienced steady growth in members and in 1993 our previous premises in Main Street came on the market which was prime location and the Credit Union purchased and demolished the old building, which we moved into in 1995. To facilitate the further growth, the Credit Union introduced Percom technology to serve the members more efficiently and manage its members’ services.
In 1997 we reached one million Irish pounds in shares which was a milestone in the Credit Union which with a small common bond captured the heart of the community. In 1999 Credit Union employed two part-time employees and opened its offices Monday, Tuesday, Wednesday, Thursday 9.30am-11am, Friday 9.30am-5pm, evening opening Thursday 7pm-9pm, Friday 7pm-9pm.
Currently the Credit Union has 2,582 members with seven million in members’ shares and a loan book of 2.36 million and continues to provide a service to our members as our main objective where we see closure of banks and post offices in rural society today.