St Jarlath’s votes to agree merger of Credit Unions
The members of St Jarlath’s Credit Union and Athlone and Castlerea 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 combined credit union will have assets of over €440 million and 80,000 members, according to a statement from the new entity last week.
The strategic merger was described as a welcome development for both credit unions who will now focus on working together to grow and meet the increasing demands of members for a wider range and reach of services in their local communities.
Members’ savings and loan accounts will be unaffected by the merger – and members in both credit unions will also see no change in the day-to-day operations of their credit union branch.
But what this does mean for members is an increased ability to deliver a wider range of services – as well as additional community support, according to the Chair of the Board of St Jarlath’s Credit Union, Peter Fallon.
"This combination is an extremely positive move for members of both of our credit unions,” he said.
“It makes perfect sense not only from a financial and member service perspective but also an administrative one in the current regulatory environment. Athlone and Castlerea Credit Union is an ideal fit for St Jarlath’s Credit Union," he added.
Chair of the Board of Athlone and Castlerea Credit Union, Emma Sammon said she was confident that the merger was the right move and would ‘allow us to continue to provide an efficient and effective service to all our members’.
“Experiences of mergers have shown that our members and our 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,” she said.
“St Jarlath’s Credit Union 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,” she added.
St Jarlath’s Credit Union has been serving the communities of Tuam, Headford, Mountbellew, Glenamaddy, Dunmore, Williamstown, Glinsk, Abbeyknockmoy, Turloughmore, Corrandulla, and Moylough for over 50 years – offering a range of financial services including current and savings accounts, personal loans, mortgages, car loans, green loans, insurance products, student loans and financial planning.
Pictured: Peter Fallon...positive move.