Press Release
Salford Credit Union is to become Salford Community Bank in a major step forward for local finance
Salford Credit Union is set to rebrand as Salford Community Bank as it continues its sustainable growth, bringing community banking back to Salford in its Centenary year.
The proposal will be voted on by members at the Annual General Meeting on Thursday 23 April, alongside a recommendation to approve a dividend payment for the second year running. If agreed, it would mark the first time in over a decade that members have received a return on their savings.
The organisation, which now supports around 5,000 members across Salford, has undergone a major turnaround in recent years. A decade ago, it was forced to sell its building to avoid closure. Today, it is growing and expanding its reach across the city.
The rebrand to Salford Community Bank aims to make the organisation more accessible, particularly to residents who may not be familiar with credit unions or who are experiencing financial exclusion.
Salford City Council has supported that recovery with £450,000 of investment in recent years, helping to improve IT systems, strengthen marketing, and reduce borrowing costs for local residents.
Councillor Jack Youd, Chair of Salford Credit Union’s Board of Directors, said:
“This is a big moment for Salford Credit Union and for our members.
“Ten years ago we were fighting to survive. Today we are in a position where we are growing, supporting thousands of residents, and recommending a dividend for our members again.
“Rebranding as Salford Community Bank is about reaching more people. Too many residents still do not know what a credit union is or how it can help them. This change makes it clear that we are here for the whole community.
“In Salford’s Centenary year, bringing community banking back to the city is something we can all be proud of.”
Mark Brazendale, CEO of Salford Credit Union, said:
“This is a natural next step for us as an organisation.
“We are proud of our credit union roots and those values will not change. We will always be a member-owned, not-for-profit organisation focused on helping local people.
“But we also recognise that the name ‘credit union’ does not always connect with everyone. By becoming Salford Community Bank, we can reach more people, support more families, and provide a clear, trusted alternative to high-cost lenders.
“Our focus is simple. We want to help people in Salford save securely, borrow affordably, and build financial security.”
Paul Dennett, Salford City Mayor and a member of Salford Credit Union, said:
“I am proud to be a member of Salford Credit Union and to support the work it does for our residents.
“This organisation has come a long way over the past decade. It has shown what can be achieved when we invest in local services that put people before profit.”
Salford Community Bank will continue to operate as a democratic, member-owned co-operative, with all profits reinvested into services for local people.
The organisation says the rebrand will help it expand its reach while staying true to its founding purpose of supporting residents across Salford.
