MEMBERS of the Tullamore Credit Union and the Kilcormac Credit Union agreed to a merger of the two credit unions to create a stronger and more efficient credit union to serve the combined members across the catchment area .
The combined credit union will have assets of over 336 million euros and 35,000 members. The Tullamore and Kilcormac offices will remain open to all members.
Kilcormac Credit Union Chairman of the Board Jim Gorman said: âI am confident that the decision to join forces with Tullamore is the right one and will allow us to continue to provide effective and efficient service to all of our customers. members. Experiences from other mergers have shown that members and their local communities benefit, as they can be part of a stronger and more efficient credit union that can provide improved lending and savings facilities throughout the area. of local catchment. Tullamore shares our philosophy and ambition to provide modern financial services to members and this merger will provide a larger membership base for a stronger credit union that can better serve our combined members.
Speaking of the decision, Tullamore Credit Union Board Chairman Ray Spain said: âThis combination is an extremely positive initiative for the members of our credit unions. This makes perfect sense not only from a financial and member services perspective, but also from an administrative perspective in the current regulatory environment. “
Members’ savings and credit accounts will not be affected by the transfer. Kilcormac members will not see any change in the day-to-day operations of the credit union. The merger is expected to be finalized in early June.