Pennyburn Credit Union: Sixty years of people helping people
"The Credit Union has been a godsend to me and my family these last forty odd years. Any thriving area or community needs a Credit Union." - Pat Walsh, Member
Before online banking. Before mobile apps. Before debit cards became part of everyday life. There was Pennyburn Credit Union.
There were passbooks tucked away in drawers. Children sent with a few shillings to lodge into savings. Familiar faces like Nora and Patricia behind the counter. Neighbours meeting neighbours.
For sixty years, those moments have been repeated thousands of times across our community. For generations of families across the city, Pennyburn Credit Union became part of life's routine.
Its story began on 6th June 1966 when a small group of local visionaries came together with a belief in co-operation, self-help and financial independence. Fifty-nine local people joined them at the inaugural meeting in the British Legion Hall, pooling savings of just £142. What began that summer evening would become one of the North West's most enduring community success stories.
Pennyburn Credit Union's first home was a modest annex attached to Robert "Bertie" Downey's shoemaker's shop at The Collon, rented for £13 per quarter. Its beginnings were humble but the ambition behind it was anything but.
Founded during a period of high unemployment and economic uncertainty, Pennyburn Credit Union offered local people something more than financial services. It offered hope, opportunity and the belief that communities could achieve more by working together than they could alone.
Leading the way were President Michael Canavan, Vice President Harry Coyle, Treasurer Patrick J. Doherty, Secretary Jack McElholm and a dedicated team of volunteers. Their names may not be familiar to every member today, but their legacy lives on in every account opened, every loan approved, every dividend paid and every family supported through Pennyburn Credit Union.
As membership grew, so too did Pennyburn Credit Union. What began in a small annex soon outgrew its first premises, moving to New Street in 1969, before relocating twice more as it continued to expand alongside the community it was created to serve.Guiding that journey through the years were a succession of dedicated managers. From the early leadership of Colm McGrellis, through the stewardship of Nora Devine and Patricia McCay, to the present day under CEO Frank Doherty, each has played a role in shaping the organisation and its culture.
First & former manager Colm McGrellis remembers those early years fondly: "Memories of my term in Pennyburn Credit Union are excellent. I had a wonderful period working alongside the Board of Directors, Credit Committee and Supervisory Committee, but especially the members – some would even make me a morning cup of tea."
He also recalls the significance of the move to New Street: "Moving from our first small office to the New Street office was a great move. It increased our membership and enabled us to assist more members and increase our activity for the community."
Over the decades, thousands of people have become part of the Pennyburn story as members, volunteers, neighbours and friends.
One of them is John Brown, who was photographed for the local newspaper in 1969 as one of Pennyburn Credit Union's youngest members.
"I still remember going down to Pennyburn Credit Union all those years ago when it was at New Street. My mum Agnes would send me with 2 shillings and 6 pence to pay towards her loan. I came racing home one day with big news - manager Colm McGrellis wanted me in for a photograph for the newspaper as the youngest member of Pennyburn Credit Union."
Today, more than half a century later, John remains a member.
"The Credit Union was always part of me and my family's life growing up. I loved going then and I still do now."
John’s story is far from unique. Across six decades, countless local children accompanied their parents and grandparents to make repayments and lodge savings. Many of those children would grow up to become adult members themselves, continuing a tradition that has passed from one generation to the next.
For others, Pennyburn Credit Union became an opportunity to serve the community. Former Director Sal Litchfield served on the Board for 26 years and became the Credit Union's first female President.
"On the night I moved to Derry, a Director of Pennyburn Credit Union called to welcome us to our new home. The following Friday he brought me to meet the Directors and I was hooked from that night."The growth of Pennyburn Credit Union over the past sixty years has been remarkable. In its first year, the Credit Union loaned £2,400 to local members.
Today, it serves more than 22,000 members and, as of September 2025, had a loan book exceeding £28 million. In recent years, its common bond expanded which meant that anyone living or working within BT47 and BT48 could become a member of Pennyburn Credit Union.
Yet, perhaps the most important figure isn’t found in the balance sheet at all. It’s the impact those funds have had on local families, homes and our community.
Last year alone, £2.2 million was returned directly to members through Pennyburn Credit Union's biggest ever loan interest rebate (45%) - a powerful reflection of the Credit Union difference and the principle of people helping people, with those benefits flowing back into the local community.
For Chief Executive Frank Doherty, that principle remains at the heart of everything Pennyburn Credit Union does: "The founders created something truly special. The faces may have changed over the years, but the spirit hasn't. We remain committed to supporting our members and community just as those founders intended sixty years ago. The figures tell one story, but the real success lies in the trust generations of members have placed in Pennyburn Credit Union."
As Pennyburn Credit Union celebrates its 60th Anniversary, it does so with gratitude to the founders who began the journey, the volunteers, directors and staff who carried it forward, and the thousands of members whose loyalty and support have helped shape its story.
From £142 in pooled savings, a rented room and a handful of determined pioneers to a thriving organisation serving more than 22,000 members, Pennyburn Credit Union's greatest achievement is not its growth.
It’s the generations of people who walked through its doors, sat across its desks, volunteered their evenings, saved their first pound and borrowed when they needed help most. Their lives, memories and stories have become part of the Pennyburn Credit Union story – and always will be.