On This is Money‘s website, Jeff Prestridge announced the launch of an alternative (and far friendlier) lender as the ‘already sullied reputation of payday lenders slide to even darker depths’.
The Tynedale Community Bank is the trading name of Prince Bishops Credit Union. This new community bank in Hexham, launched by Dr John Sentamu, the Archbishop of York, will offer savings and loans to the 55,000 residents that fall inside its catchment area. It’s designed to provide an alternative to payday lenders and will focus on the needs of local businesses and families. All profits will go back into the local community.
Local supporters include Hexham’s Conservative MP Guy Opperman. He was shocked by the near collapse eight years ago of Northern Rock, ‘the bank’ of the North East and became determined to counter the domination of the ‘casino’ banks and to breathe new competition into the banking industry.
This is the second bank of its type in the North East and has been inspired by the Church of England’s call for a return to community-based banking.
Guy Opperman said: “People want a community lender based in their community. I am absolutely certain once we are properly up and running that large numbers of people will make the decision that some or all of their money should be in our organisation rather than a large multinational bank based far away. Why would you want to bank with a casino bank in Frankfurt or Shanghai or London when you could trust your money to a community bank?”