About Us
Our Philosophy
The Lough Credit Union is a financial co-operative owned and controlled by our
members, for the benefit of our members.
The Lough Credit Union is operated by a Board of Directors who are elected by the
members at each Annual General Meeting (AGM). As a member you are invited to become involved in the
operations of your Credit Union. Various committees are appointed each year to
assist in our operation and your contribution would be welcomed.
To find out more about the structure of The Lough Credit Union click
here.
Credit Union Structure
Our Common Bond
By law, in order to join any credit union, you must be part of the common bond of
that credit union.
The common bond of The Lough Credit Union covers anyone resident or employed
within the area of The Lough and Togher parishes.
To become a member of a credit union you must be 16 years of age or over. However The
Lough Credit Union offers juvenile membership for anyone under 16.
If you wish to join our Credit Union print off our online Membership Application
Form. Fill in the details in block capitals, sign the form and forward the completed
application form to our office.
The following must accompany your application:-
 Proof of Identity (e.g. current driving licence, passport, work ID with photo)
Proof of Residence (e.g. copy of household bill) is necessary.
(Note: The online membership form is an Adobe Acrobat document. If you are
unable to read Adobe document you can download Adobe Acrobat free of charge
by visiting www.adobe.com)
Our History
The Lough Credit Union was established in April 1967. Like all Credit Unions its purpose is to provide a safe and secure means of saving for the people in The Lough and Togher areas and as a corollary enables the Credit Union to lend to members for good and provident purposes. The strength of the Credit Union is that those entrusted with its operation and management are drawn from the same community. They know and are aware of the needs of the community. As a mutual co-operative organisation it works not for profit but for the service that it gives to its members and any surplus funds from its operation are distributed as dividends to these members after provision is made for reserves.
A study group was established in October 1966 to study the principles of Credit Unions with a view to establishing a Credit Union in The Lough Area. This study continued for six months. Premises were leased at Father O'Leary Hall, Bandon Road and the Credit Union commenced its operations on the 6th. April 1967.
The first Board of Directors elected was:- Rev. Daniel J. McCarthy, C.C. (Chairman) Denis O'Donovan (Vice Chairman), Desmond Papazian (Secretary) Bill Murphy (Treasurer), Brendan Roche, John Deasy, John O'Riordan, Joe Kelleher and William Lynch.
So great was the immediate influx of members wishing to join, that the fledging Credit Union was almost overwhelmed. However, by building up savings and reserves in the early years and by a prudent lending policy, the Credit Union laid the foundation, which enabled it to grow to its present status as one of the biggest and strongest Credit Unions in the country.
In October 1968 the first Manager was appointed. In 1972 a derelict site 100/103 Bandon Road was acquired and the new premises was officially opened on 30th November 1974. To cater for the rapid expansion of the Credit Union a temporary sub-office was opened at the Muintir na Tire cottage at Togher in May 1969 and then moved to the Community Centre. In 1979 it was decided to build a Credit Union sub-office in Togher and this was opened on the 14th March 1981. Further expansion to both premises was carried out in 1993
The first computer system was installed in May 1979 The second computer system was installed in 1983 and this was enhanced in 1987 giving full counter-top automatic facilities. In 1996 the current computer system was installed and the Board are examining the provision a new computer system that will provide Electronic Fund Transfer (EFT) and Automated Teller Machine (ATM) for the membership.
In 1981 the full-time staff was brought up to four and this was increased to six in 1981. The current Manager was appointed in 1982 and in 1985 the first Credit Controller was appointed. Further staff was appointed in 1994, 1996, 1999 and 2001 to cater for the expansion of the Credit Union. Presently the staff compliment is 17.
The Growth of the Credit Union has been phenomenal but our motto is still the same:
"Not for Profit but for Service"
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