New Mayo Credit Union merger awaits Central Bank confirmation

The merger of Kiltimagh District Credit Union and First Choice Credit Union, Castlebar, is imminent.

The transfer of engagement was strongly supported by members of the two organisations at their respective annual general meetings.

They have now applied to the Central Bank for its confirmation to proceed with the merger.

When the merger is fully completed, it will create a Credit Union with over €260 million in assets, over 40,000 members and a total of six branches in Mayo, making it one of the largest Credit Unions in the west of Ireland.

The transfer will provide an enhanced range of services for members of Kiltimagh District Credit Union and a wider member base for First Choice Credit Union.

It is yet another example of co-operation among co-operatives.

The chairperson of the board of First Choice Credit Union, Joe Butler, said: “This merger is an extremely positive move for members of both our Credit Unions and we look forward to serving the members of a Credit Union which has similar values and vision.

"It makes perfect sense not only from a financial and member service perspective but also an administrative one in the current regulatory environment.”

First Choice Credit Union has announced the launch of a Community Fund to be used for social, cultural or charitable purposes, including community development, and is designed to support meaningful projects that enhance the local community.

The fund will be rolled out over the coming months and First Choice Credit Union encourages all local groups, clubs and charities to keep an eye out for further information and how to apply.

First Choice Credit Union has welcomed two new directors, Paul Carey and Edel McCool.

Joe Butler, James McLoughlin and Peter Mooney were also re-elected to the board of directors.

Brendan Coyne has been elected to the Board Oversight Committee and Grant Thornton were elected as Auditors for the year ahead.

All members were thanked for their continued loyalty and support, which is the driving force behind First Choice Credit Union’s continued success.

First Choice Credit Union has reported an impressive surplus of over €1.4 million for the past year and a loan book of over €37 million.