New Mayo Credit Union merger is imminent
Move will create a financial centre with €230m. in assets
Swinford Credit Union is merging with the Castlebar-based First Choice Credit Union.
The transfer of engagement has received formal approval from the membership of both organisations.
The two credit unions have now applied to the Central Bank of Ireland for their confirmation to proceed with the merger which would create a financial centre with over €230 million in assets and include five branches in the county: Achill, Balla, Ballyhaunis, Castlebar and Swinford.
In effect, it would become one of the largest Credit Unions in the region.
The transfer will provide an enhanced range of services for members of Swinford & District Credit Union as well as a wider member base for First Choice Credit Union.
It is regarded as another example of co-operation among co-operatives.
The chairman of the board of First Choice Credit Union, James McLoughlin, said: “This merger is an extremely positive move.
“It makes perfect sense, not only from a financial and member service perspective but also an administrative one in the current regulatory environment.”