Two of the largest credit unions in the West of Ireland, St Anthony’s & Claddagh Credit Union and St Jarlath’s Credit Union are planning to merge.
In an exciting development for the members of both credit unions, the proposed merger would see the creation of one of the largest credit unions in the country with combined assets of almost €500M, 100 staff and almost 100,000 members. Members of both credit unions will be given the opportunity to vote on the proposed merger once the due diligence process has completed. The process will also require confirmation by the Central Bank in line with regulatory and legislative requirements.
Building on an already strong relationship that has seen extensive collaboration on a range of initiatives over the past number of years, the combined credit union would be in a position to expand the products and services available to members across an expanded branch network, provide increased opportunities for staff, continue to support local communities and ensure the long-term provision of credit union services.
Over the last three years, the credit unions have jointly promoted the highly successful Renovate 360° and Educate 360° branded loans designed specifically for the renovation and education needs of members as well as the hugely popular Connect rewards programme.
“A merger is the obvious choice to build the strength and capacity of both organisations,” says Mark Grogan, Chairperson St Anthony’s & Claddagh Credit Union. “Whilst we are both in positions of financial strength, we have collaborated very successfully in a number of areas in recent years and believe a merger will enable us to deliver an enhanced range of services to our members.”
“Credit unions need to respond to the challenges in the financial services marketplace and deliver to members accordingly,” explains Anna O’Donnell Chairperson St Jarlath’s Credit Union. “The merged credit union will be more sustainable in allowing us to provide a long-term commitment to members, staff and the community. We are very excited about the new opportunities the merger will provide.”
It is hoped that members of both credit unions will be asked to approve the proposed merger at their respective AGMs in 2020.
