Swilly Muroy Credit Union (SMCU) was founded in April, 1985. The idea was first muted at a meeting of the Fanad development association. As a result, the Irish league of credit unions was contacted and after a number of public meetings a study group was established. This group undertook in-depth analysis of the credit union philosophy, its operating principles and its business model.
Registration of the new credit union was then applied for, accepted, and on the 18th April 1985 Swilly-Mulroy Credit Union held its first organisational meeting in the community centre at Tria-lough. This was a public meeting, however only SMCU members could partake in the voting process for the first board of directors.
Elected to the first board of Directors were John McGowan (deceased), Mick ‘Neddy’ Gibbons (deceased), Peter Doherty, John G Friel, James Coll, James Farrell, Pat Murphy, Martin Mc Vey, & Jimmy Begley (deceased). Elected as Supervisors were Lawrence Blaney Snr, Anne Martin, & Martin Mc Bride.
Today, SMCU can report some astonishing figures. It has a membership of 4,200 + people with total assets of €16 million and a loan book of over €5million. Due to the hard work and dedication of the volunteers since the beginning, the staff under the management of James Coll and the commitment/loyalty of you the members it is hoped SMCU will continue to grow and flourish well into the future.