Athlone credit union in new merger talks

Athlone and Castlerea Credit Union is in negotiations over a proposed merger with St Jarlath's Credit Union, Tuam.

In a statement to members at its AGM last week, the local credit union announced the proposed merger.

It said it is “advancing our discussions with St Jarlath’s Credit Union in relation to combining our resources to become an even stronger credit union”.

“The Board of Directors are of the view that by combining our credit unions we will build on our proud record to ensure we continue making a distinct and positive contribution to the challenges and opportunities facing our members and our communities.

“This initiative provides assurance on the continuation of services locally and ensures that we will have the combined strength to meet the very challenging times ahead for credit unions.”

The Athlone and Castlerea Credit Union said it made the announcement in the spirit of honesty and transparency with which it intended to move forward with the process and that it would fully engage with members throughout the process.

“As the process evolves each member will be provided with an information pack, which will give details outlining the financial position of our credit unions and the benefits of this initiative.

It stressed that throughout the process if would be business as usual with no impact on day-to-day activities for members.