Monaghan man Michael Scallon, after living in America for a number of years, moved back to Ireland and set up home in Downpatrick. A keen enthusiast of the Credit Union movement, he made enquiries and found there was no such group in the town. He decided to change this and began by speaking to various members of the community and informing them of the benefits of a credit union.
A few study groups were held in his own home and after several meetings, a public meeting was called on 12th March 1969 in Rea’s Hotel. Following the meeting, premises were found in Market Street above Magorrians Jewellers and within one month, fifty-four members had joined.
Michael was relentless in his efforts to spread the credit union message and continued to visit numerous people whom he feared were going into serious debt by giving large amounts of money to money lenders. He encouraged them to join the Credit Union and from this beginning we have what you see today.
The 2nd premises of Downpatrick Credit Union was opened in May 1970 at 30 Irish Street. The third was opened in February 1972 at 11 English Street, and refurbished in December 1994. The Credit Union moved to their current premises at 68-70 Market Street on 9th May 2002, and the building was officially opened on the 19th October 2002.
The first Board of Directors and Supervisors 1969-1970
President – Peter Grainger
Treasurer – Jim Cahalane
Secretary – Michael Scallon