The Cornwall and the Isles of Scilly Credit Union has closed for business as it has gone into liquidation. The directors say the failure is a result of bad debts on loans made by the credit union.
It was owned and controlled by 2,100 members with total savings of £550,000. The directors blame bad debts on loans made by the credit union.
The company, which trades as Cornish Community Banking, says that all savings are protected by the Financial Services Compensation Scheme (FSCS).