Llandrindod Wells’ revitalised Credit Union is moving into its new home in a refurbished, accessible premises in the heart of the town. 

The town’s long-standing CU Red Kite merged with Welsh Community Bank Smart Money Cymru last year.

The ground floor, modern office in Middleton Street replaces the previous upper-storey location, and will put the Credit Union at the centre of the town and the community at a time when the need for local banking has never been greater, as traditional banks are closing their doors.

Red Kite joined Brecon & District Credit Union under the umbrella of Smart Money Cymru Community Bank, in a partnership bringing much-improved financial services to Mid Wales.

The Powys institutions are now part of the Smart Money Cymru network with branches in Caerphilly, Blackwood, Tredegar, Aberdare, Brecon and Llandrindod Wells, making it one of the fastest-growing financial institutions in Wales with just under 12,000 members. 

Smart Money Cymru CEO Mark White explained that the benefits of a larger, more efficient organisation, run for the benefit of members not shareholders, were considerable.

“This means that members in Powys will have sophisticated banking services on their doorstep at a time when communities across Wales are losing theirs,” he said.

“They now have better, more accessible premises in the centre of the town as well as upgraded IT and banking services, and we have ambitious plans to develop services and facilities across Powys.”

Smart Money Cymru, with the help of the Welsh Government, is making substantial investments in Powys. Andrew Davies has been appointed Manager for the County to spread the word that Community Banking is growing in importance, and he is encouraging individuals and organisations to take advantage of the services on offer. Banking services for the Voluntary Sector is another important and growing area for which demand is strong.

Another important initiative is Smart Goods, which Smart Money Cymru launched a year ago and is now available to Llandrindod members. The scheme allows members to obtain loans which they then use to buy from a catalogue of 5,000 homeware goods such as fridges, freezers and televisions.