About Tynedale Community Bank
Who We Are - What We Do.
Tynedale Community Bank provides a community based alternative with our range of affordable loans and secure savings. Our services are open to all those living or working across Northumberland. The Bank is for everyone but is particularly valuable for those who have difficulty borrowing at affordable rates of interest from mainstream financial providers and who might otherwise turn to loan sharks or other doorstep lenders. Since celebrating our official launch at Hexham Abbey with Dr John Sentamu the Archbishop of York in November 2015 our membership has grown quickly with people joining us from around the region wishing to support our ethos and values, by either saving with us, borrowing from us, or a mixture of the two.
'our mission is to provide affordable loans and secure savings
to all people living or working in Northumberland'
The inspiration for creating a bank in Tynedale came about due to many factors including, the decline in traditional bank branches, the inability of bank customers to deal with a person, appetite for a different way of banking, increase in indebtedness, increasing number of people turning to pay day/doorstep lenders and loan sharks, lack of savings culture and the high number of people in fuel poverty.
After identifying a gap in the market, a local steering committee was formed to explore the possibilities of how to establish a locally led, ethically based banking business model whose main aim was to provide a service to local people and not built around the need to make a vast profit.
The group consisted of Guy Opperman MP, Mark I’Anson, Rev Dagmar Winter, Peter Cockerill, Sir Michael Darrington, Alistair Jenkins and Lauren Langton. The group meets regularly to oversee the bank’s development. Mark I’Anson, Alistair Jenkins and Lauren Langton are also on the main board of Prince Bishops to provide an established link and mutual support.
Various options of how to establish such a community focused, ethically run financial alternative were considered. The options fell broadly into two models, running independently (costly and time-consuming) and partnering with existing like-minded organisation.
'we are a fully regulated, professional, friendly and
Prince Bishops Credit Union (PBCU) who trade as Prince Bishops Community Bank in County Durham agreed to provide us with the infrastructure and regulatory support to set up and trade immediately under their “umbrella”.
Tynedale Community Bank (TCB) was created as a trading arm of PBCU and launched in November 2015 to provide a real, community based alternative for loans and savings in Northumberland..