The Members of Cara Credit Union and Clanmaurice 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 €270 million and 58,000 members. The offices at Tralee, Killorglin, Castleisland, Ballyduff and Causeway will remain open for members.
Chair of the Board of Clanmaurice Credit Union, Martina Flynn commented, “I am confident that the decision to join forces with Cara 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 community. Cara Credit Union 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 Cara Credit Union, Caroline Sugrue 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 both credit unions 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. In the meantime, it will be business as usual.