Lewisham credit unions set to merge, promising to expand mission of supporting financial resilience in community amid cost-of-living crisis

Monday 03rd Jul, 2023

Press release: FOR IMMEDIATE RELEASE

 

Lewisham credit unions set to merge, promising to expand mission of supporting financial resilience in community amid cost-of-living crisis

[London] - Lewisham Plus Credit Union Limited (which trades as Lewisham + Bromley Credit Union) and Crownsavers Credit Union Limited, are delighted to announce that their members have agreed for Crownsavers to merge with Lewisham Plus.

The merger will create a stronger, more resilient credit union dedicated to serving the communities of the London Boroughs of Bromley and Lewisham, and represents a significant milestone in the promotion of financial wellbeing and inclusion in South East London. The new, combined credit union will have:

-       over 16,500 members, including over 1,400 junior savers and 53 corporate members

-       Five local branches, in Catford, New Cross, South Lewisham, St Paul’s Cray, and Sydenham

-       Total savings of more than £15.8m and total loans of more than £8.2m

-       17 employer payroll partnerships, with organisations including London Borough of Lewisham, and Lewisham and Greenwich NHS Trust

Mark Plummer, President of the merged credit union, says: "It has never been more important that people in Bromley and Lewisham, and across the UK, have access to affordable, ethical credit and a range of other financial services.

“Financial exclusion is a real threat to our communities; the knock-on impact of not being able to access the basic financial services that many of us take for granted can create hardship and prevent people from playing a full role in their community. The expanded, strengthened credit union will enhance our ability to provide affordable financial services, promote financial literacy, and build the financial resilience of our community."

By merging the expertise, resources, and shared values of both organisations, Lewisham Plus Credit Union will provide a range of savings and loan products, while enhancing operational efficiency and expanding its reach within the community. Members will benefit from a stronger and more diversified credit union, with an increased physical presence.

Lewisham Plus Credit Union Limited, established in 1992, provides the residents and workers of Lewisham and Bromley with accessible savings solutions, ethical and affordable loans, and financial education, through its network of four branches, playing a vital role in helping members achieve their financial goals.

Crownsavers Credit Union Limited, founded in 1997, has a strong reputation for its commitment to financial inclusion and fostering financial resilience for residents of Lewisham and the SE postcodes. Crownsavers has specialised in providing payroll deduction lending solutions to employees of Lewisham Council, Lewisham and Greenwich NHS Trust, and other local employers.

The merger is subject to regulatory approval and is expected to be completed by 31 July 2023.

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Notes to Editors

About Lewisham Plus Credit Union Limited:

Lewisham Plus Credit Union Limited is a not-for-profit financial co-operative dedicated to serving the communities of Bromley, Lewisham and the SE19 postcode. Established in 1992, Lewisham Plus Credit Union offers a range of accessible financial services, including savings accounts, loans, and financial education, with a focus on empowering individuals and promoting financial wellbeing.

About Crownsavers Credit Union Limited:

Crownsavers Credit Union Limited is a not-for-profit financial co-operative committed to financial inclusion and economic wellbeing of the community that it serves. Founded in 1997, Crownsavers Credit Union covers the London SE postcodes with a focus on the Borough of Lewisham, providing affordable financial products and services to enhance financial resilience.

For media enquiries or further information, please contact:

Ravi Ravindran, Chief Executive Officer

020 8778 4738

ceo@pluscu.co.uk

 

www.pluscu.co.uk

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