Buttevant & Doneraile Credit Union, in a move with their counterparts in Dromcollogher and Millstreet, are to merge with Mallow Credit Union – a move that will result in a combined membership of over 28,000 members, making it one of the 20 largest credit unions in the country.
This coming together, known as a ‘Transfer of Engagements’ under the transferee, Mallow Credit Union, will result in a stronger and more vibrant credit union with increased membership, assets of €147 million, savings of €125 million and a combined loan book of €32 million.
Tomás O’Neill, CEO of Mallow Credit Union who was speaking on behalf of the amalgamated credit union, said he is confident that the decision to join forces will help continue to provide enhanced services to all their members, now and into the future.
The four credit unions have been in discussion regarding a possible merger for the last year. As talks have progressed, each credit union undertook a strict examination of each other’s finances, governance, procedures and policies and satisfied themselves as to the strengths and merits of this merger.
Members will see no change in the day-to-day operations at any of the seven credit union branch offices which will continue to operate at their current opening hours with the same staff.
On completion of the transfer however, members will be able to avail of services at any of the branch offices of the credit unions involved, as well as the continuation of services in their own credit union.
