• Swindon & Wiltshire Social
• Tuesday March 4 2025
• Author Name: Peter Davison

Community bank appoints first CEO as membership doubles

A regional community bank has appointed its first CEO and has reported a doubling of its membership.

Clive Henly has taken the helm at Acorn Community Bank, which is headquartered in Cavendish Square, Swindon, and has staff based in Salisbury and Milton Keynes.

The bank has seen its membership almost double to nearly 10,000 in the two years since it was formed after a merger between Wiltshire and Swindon Credit Union, Clivey Credit Union in Swindon, and Swan Community Bank in Buckinghamshire, Oxfordshire and Berkshire.

It has loaned £2.3 million to its members.

Clive has been a volunteer manager at the bank for 11 years but has taken up the full-time post after retiring from his job as an IT project manager.

“I’m excited that I’ve now got the opportunity and the time to give to what I believe is an organisation that’s part of the jigsaw of our communities,” he said.

“You look around and you’ve got lots of very important players, from the library and the shops to schools, places of worship and so on and I think we’re part of that jigsaw. You’ve got lots of people who devote themselves to the community and I want to be part of that network, so I’m excited to get out, meet people and play our part there.”

Credit unions, another name for community banks, are owned by their members and run on their behalf.

They provide affordable loans for people who are unable to get credit elsewhere to prevent them from going to payday loan companies or loan sharks.

Members open savings accounts and, provided they meet loan criteria, can take out loans which are repaid monthly.

“A third of the population of this country don’t have full access to a bank,” said Clive. “So it’s very easy for people to go to a high interest lender or at worst a loan shark, and we want to be there for them so they have a reliable financial partner to look to.”

The bank has payroll saving partnerships with organisations including Wiltshire and Swindon Borough councils and NHS Trusts in Salisbury, Oxfordshire and Milton Keynes. Mr Henly said he wants to work with more employers.

The majority of members tend to be young families who need loans of between £500 and £1,000 for emergencies such as replacing appliances or car repairs.

“We would like to broaden our membership, especially in the middle-aged and the retired bracket,” said Clive.

“The difficulties people are facing are hitting everybody at the moment and when children have left home and you’re in middle life, you lose the child benefit.

“But you’ve got other things you want to do in your life and if you are on a very tight income, then you don’t get the opportunities other people might have. To me that’s wrong, why should one person have opportunities and the other person not?”

Two years ago members’ praise for the bank’s customer service won it the Best Credit Union (South) at the Smart Money People’s Consumer Credit Awards.