Athlone's credit union agrees new merger with Galway-based partner
Athlone and Castlerea Credit Union has agreed a new merger with Tuam-based St Jarlath's Credit Union, in a move which establishes one of the largest credit unions in the country.
Athlone and Castlerea Credit Union held a vote on the issue at its virtual AGM last night (Wednesday), and both its members and the members of St Jarlath's gave the green light to the merger between the two parties.
This is the second significant merger involving Athlone's credit union in less than two years, after it joined forces with Castlerea Credit Union in February of 2023.
A statement issued on behalf of Athlone and Castlerea Credit Union today (Thursday) said the latest merger would help to "create a stronger and more efficient credit union to serve the combined membership across the wider catchment area."
It said members of both credit unions would "see no change in the day-to-day operations" of their local credit union branches.
The statement added that the new combined credit union would have assets of over €440 million and some 80,000 members.
Founded in 1967, St Jarlath's Credit Union has its head office in Tuam along with additional offices in Headford, Mountbellew, Moylough, Dunmore, Abbeyknockmoy, Corrandulla, Turloughmore, Glenamaddy, Glinsk and Williamstown.
Emma Sammon, chair of the Board of Athlone and Castlerea Credit Union, commented: "I am confident that the decision to join forces with St Jarlath’s Credit Union is the right one and will allow us to continue to provide an efficient and effective service to all our members.
"Experiences of mergers have shown that our members and our local communities benefit, as they can be part of a stronger, more efficient credit union which can provide enhanced loan and saving facilities across the local catchment area.
"St Jarlath’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."
Speaking about the merger, the chairperson of the board of St Jarlath's Credit Union, Peter Fallon said, "This combination is an extremely positive move for members of both of our credit unions.
"It makes perfect sense not only from a financial and member service perspective but also an administrative one in the current regulatory environment."
The statement today said that members’ savings and loan accounts would be unaffected by the two entities joining forces.
It added that the merger would now see both credit unions "working together to grow and meet the increasing demands of members for a wider range and reach of services in their local communities."