MP backs work of Shildon credit union following closure of town's last bank (From The Advertiser Series)

MP backs work of Shildon credit union following closure of town's last bank

8:30am Sunday 24th February 2013 in News By Ian Noble, Reporter (Shildon and Spennymoor)

A MP has helped boost the work of a credit union in a town whose last bank closed four months ago.

Helen Goodman is keen to see residents use the expertise of Shildon Town Credit Union.

HSBC closed its Main Street branch in October leaving residents to face a six mile round trip to the nearest bank in Bishop Auckland.

Many of Shildon’s 10,000 residents fear the lack of a bank will push businesses and shoppers elsewhere.

Bishop Auckland’s Labour MP visited the union this week in a bid to raise local awareness of its services.

She said: “The credit union is a really important asset to the town.

“Following the HSBC closure last year it provides a safe place for people to save and it offers cheap loans, avoiding the loan sharks.”

There are three cash points in Shildon but the credit union is keen to fill the void left by the lack of banks to provide a local service to residents.

Tom Williams, chairman of the union, said: “The credit union is a local facility which we feel can provide help to people.

“We have been operating for 25-years and anyone who lives or works in Shildon can join us.

“We’ve noticed a drop in the number of people using the union and Ms Goodman is going to try to help us increase our membership.”

The credit union is located in Shildon Methodist Church, Main Street, and it can be contacted by calling 01388-814924 or via info@shildontowncu.org.uk.