Hi-Scot Credit Union Annual General Meeting - Extension Meeting In Wick
10th December 2018
Hi-Scot Credit Union has its Annual General Meeting on Wednesday 12th December 2018 at 4.00pm.
The office of the credit union is based in Stornoway and due to the geography of Highland and Islands has moved more and more online.
This year for the first time the AGM wlll be connected to Wick to allow any local members to attend. In Wick the meeting will join from Pulteney Centre.
AGM's do not usually last long and it is anticipated to last around 15 minutes. It is also chance to come along and ask questions or to find out more about joining.
Growth over the last financial year has been strong by any measure — record member numbers, record deposits and record lending. This has only been possible thanks to our staff, and the support of the volunteers who assist the work of the credit union. What the credit union does — savings and loans — looks fairly straightforward. However, to make this happen and to maintain business viability takes a dedicated team and I would like to thank each one of them for their commitment and professionalism over the last 12 months.
Membership has increased to around 3000 members.
Hi-Scot now has £3.7m of members savings with £1.9m of this on loan to fellow members.
Hi-Scot has merged with Shetland Islands Credit Union a few months ago.
Last 12 months
• £1.4 million in loan applications
• £1.1 million in loan approvals
• £2.2 million in member deposits
• 34,000 member transactions
Hi-Scot Credit Union covers the Highland and Islands and is membership organisation covered by the Financlal Services Authority Directors are elected each year and are unpaid volunteers with professional staff running the day to day business. Online banking has recently become available for members.
Hi-Scot Credit Union is a membership organisation covered by the Financial Services Authority who guarantee savings in credit unions. It makes sense to save with us Everyone benefits from regular saving, as it allows us to work towards our financial goals and gives peace-of-mind should an emergency arise.
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"As we enter our fourteenth year of business, we'll be spreading the word about the benefits of saving with the credit union," said HI-Scot's General Manager, David Mackay. "HI-Scot is member led and member run and we offer a range of services." HI-Scot is well established in the Western Isles, where the credit union is based.
In 2020, HI-Scot credit union's focus is on making saving and borrowing easier for our members, particularly through the use of payroll deduction with businesses across the Highlands and Islands. Thousands of employees already have access to payroll deduction with HI-Scot, something the credit union wants to build on in the coming year, promoting the service to employees who work with existing partners and showing other businesses the benefits of offering payroll deduction to their staff.
HI-Scot, the credit union for the Highlands and Islands, has vowed to make 2020 the year when saving and borrowing are even more accessible. With a focus on payroll deduction, allowing people to save directly from their pay packet every month via their employer, the credit union offers a viable alternative to high street banking in 2020.
As 2019 draws to an end, the staff and volunteers at HI-Scot credit union are reflecting on a successful year for the organisation. "We are pleased to report that 2019 was another twelve months of growth for HI-Scot," said Margaret Ann MacLeod, Chair of the Board of Directors, "This is good news not only for the credit union, but for our members and the communities we serve across the Highlands and Islands." At the recent HI-Scot AGM, the members attending approved a 0.5% dividend.
Christmas came early across the Highlands and Islands for members of HI-Scot credit union. Canny savers received their Christmas savings in November, leaving plenty of time to get their Christmas shopping done.
The number thirteen might be unlucky for some, but not HI-Scot credit union who are celebrating thirteen years of serving their members across the Highlands and Islands of Scotland. From humble beginnings as an idea conceived by hard-working volunteers determined to bring an ethical, community-minded option for saving and borrowing to the islands, Western Isles credit union (HI-Scot's original incarnation) opened its doors in 2006.
Employers can help their staff to save very easily by offering payroll deductions each month with a credit union. Credit unions are financial co-operatives owned and controlled by their members.