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03 Oct 2022

Offaly credit unions agree to join forces

Offaly credit unions agree to join forces

Tullamore Credit Union

MEMBERS of Tullamore Credit Union and Kilcormac Credit Union have agreed a merger of the two Credit Unions to create a stronger and more efficient Credit Union to serve the combined membership across the wider catchment area.

The combined Credit Union will have assets of over €336 million and 35,000 members. The offices in Tullamore and Kilcormac will remain open for all members.

Chair of the Board of Kilcormac Credit Union, Jim Gorman commented, “I am confident that the decision to join forces with Tullamore is the right one and will allow us to continue to provide an efficient and effective service to all our members. Experiences of other mergers have shown that members and their 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. Tullamore share 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 move, Chair of the Board of Tullamore Credit Union, Ray Spain said, “This combination is an extremely positive move for members 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.”

Members’ savings and loan accounts will be unaffected by the transfer. Members in Kilcormac will see no change in the day to day operations of the credit union. The merger is expected to be completed in early June.

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