Credit union serving Laois announces merger

A credit union with a big Laois membership has announced a merger to strengthen its network.

St. Canice’s Credit Union, which covers Durrow, Mountrath and Rathdowney and surrounding catchment areas, is merging with Tullow Credit Union.

The Boards of Directors of the two credit unions have agreed a merger, subject to the approval of the Central Bank and completion of the legal and transfer steps.

Together the credit union network will serve over 82,000 members across the South-East and Leinster.

They said the agreement combines “Tullow’s deep-rooted community presence with the scale, technology and extensive lending capacity of St. Canice’s, one of Ireland’s largest community-based credit unions.” They said the partnership ensures long-term security, and expands the physical branch network available to the combined membership across Carlow, Kilkenny, Laois and Tipperary.

All existing branch offices will remain open, with day-to-day operations continuing as normal, every staff and management position retained, and members’ savings and loans entirely unaffected.

Carmel Butler, CEO of St. Canice’s Credit Union, said: “Joining forces is a very positive move for both Tullow and St. Canice’s Credit Unions. From a financial and services point of view, there are benefits to members of both credit unions that will greatly enhance our offering in our respective areas.”

Members of Tullow Credit Union will gain access to an expanded service offering, including current accounts, mortgages, personal and farming loans, insurance options, digital and mobile banking, and support through a dedicated Member Service Centre, whilst St. Canice’s Credit Union members will benefit from an increased network of borrowers, that will help finance the wider organisation.

With a proud record of supporting local clubs, voluntary organisations and community groups, both credit unions have reaffirmed their shared commitment to sponsorship across their respective areas.

A spokesperson from Tullow Credit Union, said: “We are confident that the decision to join forces with St. Canice’s Credit Union is the right one and will allow us to continue to provide an efficient and effective service to all our members. St. Canice’s Credit Union shares 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. In summary, this initiative will protect our staff and maintain Credit Union services in Tullow and bring additional services to the area.”

Both credit unions are working closely together through the standard regulatory process and will share further information directly with members in the coming weeks.