THE opening of a community bank’s refurbished premises in Llandrindod Wells has been hailed as a “banking milestone” as the town fights back against bank closures.
Smart Money Cymru merged with Llandrindod Wells credit union Red Kite last year and has now officially opened its refurbished and accessible office in the town centre, complete with enhanced banking facilities.
Llandrindod Wells deputy mayor Paul Smith said he was delighted at the new premises and services.
“While it may be small compared to national banks, it is big enough to be important to the local area,” he said.
“Smart Money Cymru has a loan book of £5.2 million and £6.8 million in assets. There are huge benefits to it being here and we will be supporting it in every way.”
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Smart Money Cymru has over 14,000 members across Mid and South Wales who save with or borrow from the mutual organisation across a network of branches, including Llandrindod and Brecon in Powys.
HSBC in the only major name left in town following the recent departures of Lloyds, Barclays and Santander, making the community bank a significant addition.
“It is genuinely a banking milestone for the town and is bucking the trend of banking services in local communities,” said Jake Berriman, one of Llandrindod’s county councillors.
The opening of the new branch is seen as helping to address the lack of banking facilities as the mainstream banks continue mass closure programmes.
Andrew Davies is Smart Money Cymru development manager for Powys and says there has been an excellent response to the new branch. “The merger with Red Kite is proving a great success and has been welcomed by the town,” he said.
The opening of the new branch is seen as helping to address the lack of banking facilities as the mainstream banks continue mass closure programmes.
The ground-floor branch in Middleton Street has staff on hand to explain the services on offer. The refurbishment was part-funded by Welsh Government.
Mr Davies added: “The credit union movement has developed over the years and is now much more sophisticated, mainly thanks to improved technology available.
“It is now for everyone not just the ‘poorer’ sectors of society.
“As a mutual society we are owned entirely by the members and do not have any shareholders, so all profits are reinvested to improve local services.”
He also praised volunteers as the "life-blood of the bank".
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Community accounts for clubs and organisations are becoming more popular and Mr Davies hopes to double the number of these in Powys as traditional services through high street banks become harder to access.
“I would urge these local clubs to come forward and see what we can offer,” he said.
“Very often we have the accounts they need and can cater for their requirements.”
Smart Money Cymru also works with employers setting up payroll savings schemes for their staff.
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