Bagenalstown Credit Union
The members of St Canice’s Credit Union and Bagenalstown Credit Union have agreed a merger of the two Credit Unions to create a "stronger and more efficient Credit Union to serve the combined membership across the wider catchment area".
The new entity will have combined assets of over €400m and 60,000 members.
It will have offices in High Street, Mc Donagh Junction, Dunnamaggin, Durrow, Ballyragget, Mountrath, Rathdowney, Graignamanagh, Callan, Bagenalstown and Ballingarry.
Chair of the Board of Bagenalstown Credit Union, John Devine, said: "I am confident that the decision to join forces with St Canice’s is the right one and will allow us to continue to provide an efficient and effective service to all our members.
"Experiences of other mergers have shown that members and their local communities’ benefit, as they can be part of a stronger, more efficient credit union which can provide enhanced loan and saving facilities across the local catchment area.
"St Canice's share our ethos and ambition to deliver modern financial services for members and this merger will provide a larger membership base for a stronger credit union which can better serve our combined membership."
Speaking about the move, Chairman of the Board of St Canice’s Credit Union, Eamonn Mc Ardle, said: "This combination is an extremely positive move for members of our Credit Unions.
"It makes perfect sense not only from a financial and member service perspective but also an administrative one in the current regulatory environment."
Members’ savings and loan accounts will be unaffected by the transfer. Members in Bagenalstown will see no change in the day to day operations of the credit union.
There is now a 21-day representation period, after which it is envisaged that the two Credit Unions will become one strong Credit Union.
In the meantime, it will be business as usual for both Credit Unions.