Predict your next investment

FINANCIAL | Credit & Collections
progressivecu.org

See what CB Insights has to offer

Founded Year

1918

Stage

Acquired | Acquired

About Progressive Credit Union

Progressive Credit Union is a New York City-based credit union.

Progressive Credit Union Headquarter Location

131 West 33rd Street 7th Floor

New York, New York, 10001,

United States

212-695-8900

Latest Progressive Credit Union News

Credit union blames loan collapse for decision to sell branches

Apr 7, 2021

The decision to close the Donabate premises and sell it has generated cross-party anger in the area, which is set to triple in size to a population of 20,000 in the next few years. Asked why it was closing the branches, chief executive of Progressive Sean Staunton said: “The closure decisions were made to address the challenges which Progressive Credit Union faces in bringing its cost base into line with current income sources, mainly loan interest, which has been dramatically impacted by Covid-19 and are likely to remain low for an extended period.” The Donabate premises is in a prime location on large site, while the Clontarf premises is in area renowned for high property prices. The credit union confirmed that the two premises would be sold, rather than handed back to the communities that built them. Progressive was formed from the merger of credit unions in Balbriggan, Skerries, Clontarf, Donabate, Swords and Baldoyle, among others. It has 60,000 members and took over some of the operations of Rush and Lusk, which was forcibly wound up by the High Court. The credit union said that once operations cease in the two branches, the buildings have to be classified as investment properties that it is not permitted to hold under the Credit Union Act 1997. “Therefore, the buildings must be sold.” It said any gains from the sale of the buildings will be re-invested in Progressive Credit Union. “Any funds received from any sale will be reinvested to prevent further financial challenges that we might face as the local economy recovers from the pandemic.” The credit union has reported that its surplus fell by 26pc to €825,000 for the year up to last September, when compared with the previous year. Business Newsletter

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.