Fr Michael Toner S.M.A, a local priest who had seen the benefits of the credit union movement, is credited with first having proposed the idea of a credit union in Portaferry. This idea gained momentum following a talk in 1964 by John Hume, then President of the Irish League of Credit Unions. It was given in the Cinema, High Street and as a result of interest shown, a meeting was held in the Central Hotel, The Square, Portaferry on 11th January 1965.
On that night, 75 people paid the subscription of 2s-6d to become members of the Portaferry and District Credit Union. The first officers of the Credit Union were Alex McCartney, President, John Lennon, Vice President, Gerard McCallum, Secretary, Walter Moreland, Treasurer, Frances Lyttle, Hugh Lawson, Sheila Hinds, Joe Dorrian, Rosaline Fee, Johnny McCarthy and Liam Lyttle, while the first members of the Supervisory Committee were Peggy Moreland, John Merrick and Dr Duff.