| Founded | 2001 (Gainsborough and District 1999) |
|---|---|
| Type | Industrial and Provident Society |
| Location |
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| Website | lincscreditunion.org.uk |
The Lincolnshire Credit Union Limited is a not-for-profit member-owned financialco-operative, based inLincoln and operating throughout the county in theEnglish Midlands. In 2011, thecredit union had approximately 2,000 adult savers, nearly 500 borrowers and 350 junior savers. LincUp, Alford and District Community Bank and Louth Community Bank are previous trading names of Lincolnshire Credit Union.
As of March 2020, A proposed merger between Lincolnshire Credit Union and Nottingham Credit Union was unveiled, with the proposed merge happening in June 2020.
The North Kesteven Credit Union was formed in 2001, adopting its current name in 2004, when the thenFinancial Services Authority agreed to an expansion of thecommon bond allowing the credit union to operate within the administrative county of Lincolnshire.[1] Gainsborough and District Credit Union, which had been founded in 1999, transferred engagements in 2007.
In 2009, the board met with the directors ofLincoln Credit Union, which had been serving members in the city of Lincoln since 2001, and agreed that the best interests of the whole Lincolnshire community would be better served by merging the operations of both organisations.[1]
In 2017, the credit union was awarded a seed grant of £18,804 by theLloyds Banking Group Credit Union Development Fund.[2]
The members of a credit union are required to share a common bond. In the case of Lincolnshire Credit Union, membership is restricted to people living or working in the county ofLincolnshire in theEast Midlands.[3]
A member of theAssociation of British Credit Unions Limited,[4] registered under the Industrial and Provident Societies Acts, The Lincolnshire Credit Union is authorised by thePrudential Regulation Authority and regulated by theFinancial Conduct Authority and PRA. Ultimately, like the banks and building societies, members' savings are protected againstbusiness failure by theFinancial Services Compensation Scheme.[5]