October 1, 2020
Business News

Kilkenny home to Ireland’s largest community Credit Union as St Canice’s and Bagenalstown merge

KILKENNY will be home to one of the country’s biggest Credit Unions after the St Canice’s and Bagenalstown branches agreed to merge.

Together, St Canice’s on High Street and Bagenalstown Credit Union in Carlow will have combined assets of more than €400 million and 60,000 members when the tie-up is complete.

It will have offices in High Street and MacDonagh Junction in Kilkenny, Dunnamaggin, Durrow, Ballyragget, Mountrath, Rathdowney, Graignamanagh, Callan, Bagenalstown and Ballingarry.

In terms of asset size and membership numbers, the new entity will be the largest community Credit Union in the State.

Members of St Canice’s and Bagenalstown credit unions have now passed special resolutions for a merger.

In a statement, the Chairman of St Canice’s, Eamonn McArdle, 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.”

The statement added: “Members’ savings and loan accounts will be unaffected by the transfer. Members in Bagenalstown will see no change in the day to day operations of the credit union. There is now a 21 day representation period, after which it is envisaged that the two Credit Unions will become one strong Credit Union.”

Following the approval, a formal application has been lodged with the registrar of credit unions, based in the Central Bank.

The merged Credit Union plans to offer a range of new services to its enlarged client base over the coming months.

These include plans to launch a current account with a debit card later this year, along with agri-loans, mortgages, online banking and personal loans to customers.

 

 

 

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *