File pic: Credit Union
A Laois town's credit union has announced its expansion to take on a Kildare branch.
Mountmellick Credit Union Limited will take on the business of Rathangan & District Credit Union Ltd, before the end of August.
The Mountmellick branch which also has a sub office in Clonaslee has eight staff while the Rathangan business has five.
"We are confident that the decision to combine our credit unions will strengthen our position to be the most trusted, respected and preferred financial services provider for our members. All staff members not naturally retiring from Rathangan will transfer to Mountmellick CU Ltd.
"For existing members of Mountmellick Credit Union there will be no noticeable change. The main office at Sarsfield House will remain open for members. For Rathangan and District Credit Union Limited members, the office in New Street will also remain open on completion of the Transfer of Engagements. All members will have the added advantage of being able to transact their business, in both offices," say the Mountmellick business in a booklet sent to members.
They welcome member's views and comments, in both branches.
New account numbers will be issued to Rathangan customers. Existing loans in both credit unions will remain at the same interest rate but new loans will be issued at the Mountmellick loan rate.
In 2020, Mountmellick Credit Union Limited had assets of almost €47 million, and a net income of €610,755. It had €14.463 million loaned out to members.
Rathangan & District Credit Union Limited had assets of just over €17 million and a net income of €142,647, with €3.524 million loaned to its members.
The move adds to the changing landscape for credit unions in Laois. People First includes Portlaoise, Athy, Stradbally and Abbeyleix. St Canices in Kilkenny includes Durrow, Rathdowney and Mountrath while Portarlington continues to stand solo.
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