New name in store as Athlone Credit Union agrees major merger
Athlone and Castlerea Credit Union last week agreed a new merger with Tuam-based St Jarlath's Credit Union in a move which will establish one of the largest credit unions in the country.
A name has been agreed for the new entity, which will no longer have Athlone in its title. Instead it will be called West Midlands Credit Union.
Athlone and Castlerea Credit Union held a vote on the merger at its virtual AGM this month, and both its members and the members of St Jarlath's gave the green light to the union between the two institutions.
This is the second significant merger involving the credit union in Athlone in less than two years, after it joined forces with Castlerea Credit Union in February 2023.
A statement issued on behalf of Athlone and Castlerea Credit Union 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.
A total of 27 staff are currently employed in the Athlone area by Athlone and Castlerea Credit Union. When asked if the merger would have any implications for staff locally, a spokesperson said the new merger "will offer greater opportunities for staff in a larger organisation".
It's understood that the West Midlands Credit Union will have assets of over €440 million, and some 80,000 members. The name of the new combined institution is due to be registered in the coming months.
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.
Athlone and Castlerea Credit Union, meanwhile, has offices in Northgate Street, Golden Island and Monksland in Athlone, as well as in Castlerea.
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."