Midlands-based Penny Post Credit Union has expanded after joining forces with Manchester-based Voyager Alliance Credit Union.
With a combined membership of 19,500 members, savings of £47.6m and a loan portfolio of £21.4m, the new Penny Post Group will be one of the largest credit unions in the Kingdom -United.
Penny Post has exclusively served members of the Royal Mail family for 26 years and has joined Voyager Alliance with the aim of growing its membership, building its loan portfolio and offering a wider range of products and services.
Both credit unions serve active members through payroll deduction schemes in public transport, DWP and the retail sector.
Matt Goulding, CEO of Penny Post, said, “This is a great opportunity to provide great products and service to our members that we put at the heart of everything we do.”
Over the past 18 months, Penny Post has created a business improvement program that has resulted in 98% of loan applications being processed the day they are received.
The cost of bad debts has been reduced by £250,000 over the past 12 months, so the business can be sure lending decisions are made in the best interests of members.
Voyager Alliance and Retail CU will be the trading names of Penny Post Credit Union Ltd.
The Voyager Alliance team based in the Manchester office will continue to focus on serving Voyager Alliance and Retail CU members, while the Wolverhampton team will serve Penny Post members.