Merger will bring together 17,000 members and €85m in assets, delivering enhanced services to members.
The members of Kingscourt Credit Union, Bailieborough Credit Union and St. Mary’s Moynalty Credit Union, with offices in Cavan and Meath have voted for the amalgamation of the three Credit Unions, which will be renamed Link Credit Union Limited.
The enlarged Credit Union becomes one of the 50 largest credit unions in the country, with assets of over €85m. It has a combined membership of almost 17,000 who will benefit from four office locations where they can conduct their business face to face, as well as by telephone 6 days per week, and online 24/7 each day of the year.
The newly merged Credit Unions will also continue to lead the way in the provision of loans, savings and payments services with accounts now being BIC and IBAN enabled, meaning members can now receive payments such as salaries, pensions, social welfare payments, grants, etc. through their Credit Union account. Members can also make payments electronically to bank accounts in Ireland, UK or any one of 30+ SEPA countries. Work is ongoing to provide further additional products and services in the near future.
Commenting on the merger, Seamus Newcombe, Chief Executive Officer said: “This merger is about serving the present and future financial needs of members. The ongoing costs of delivering an infrastructure which meets increased regulatory requirements, means only those Credit Unions with larger asset bases and solid financial strength are likely to be able to provide the stability, security and range of services which customers demand. There have been bank closures over the past number of years and this has lead to more people relying on credit unions. So by increasing our scale, we in turn will have the capacity to better service those demands, with a wider suite of products and services; such as faster decisions on loans, larger loans, current accounts and other financial products.”
According to Chairman, Frank Corbally: “All three Credit Unions recognise and appreciate the loyalty and support of their members and look forward to continuing to serve them as a larger, stronger combined entity whose key focus remains on delivering the community based personal service which is the cornerstone of the Credit Union ethos.”
The Link Credit Union merger will be the 48th successfully completed merger since the enactment of the revised regulatory requirements for credit unions in 2012. There are currently a further 121 credit unions in active discussions regarding amalgamations, according to The Credit Union Restructuring Board, which assists Credit Unions with voluntary mergers.