LETTERKENNY Credit Union has announced a merger with Swilly Mulroy Credit Union – describing it as an exciting opportunity for both credit unions.
In a message to members, Letterkenny Credit Union Chairperson Paul Hume said the board this week passed a resolution to accept the transfer of engagements from Swilly Mulroy Credit Union.
“As you will know, a clear pattern has emerged over the past few years of two credit unions coming together to form a larger entity in order to provide greater opportunities for growth, a wider range of services to the overall membership, to secure the future of their offices and to reduce their cost base,” Mr Hume said.
“After 64 years in operation as a stand alone independent Credit Union, the Board of Letterkenny Credit Union has decided to follow a similar path following an approach from a neighbour credit union.
“For a number of months, we have been in negotiations with Swilly Mulroy Credit Union in relation to a possible merger. This is an exciting opportunity for both credit unions. Both the Central Bank of Ireland and the Irish League of Credit Unions are in favour of such a move.”
Mr Hume said the Board of Letterkenny Credit Union passed a resolution to accept the transfer of engagements from Swilly Mulroy Credit Union on Wednesday, March 18.
“The Board believes that this decision is in the best interests of all members and will result in a credit union that will be stronger and in a better position to meet the considerable challenges of the future.
“The combined organisation will have improved efficiencies and a wider range of services that members rightly expect from a modern credit union.”