It’s been confirmed that the Sligo and Boyle Credit Unions are to amalgamate.
It’s expect that the move will happen later this month once approved by members of the respective branches.
The Credit Unions will be rebranded as ‘North West Credit Union”.
The amalgamation is expected to will provide members in the north Roscommon branch with a wider range of services including the provision of Debit Cards and Current Accounts.
It’s expected the new amalgamation will have combined, assets in the region of €120m.
There will be no job losses as a result of the merger.
Orla Lee, CEO of Sligo Credit Union, has issued the following statement:
Sligo Credit Union and Boyle Credit Union are bringing a special resolution to their AGM’s on the 16th of December. The special resolution for Sligo Credit Union members is as follows:
“The members of Sligo Credit Union Limited resolve that the credit union accepts the Transfer of Engagements of Boyle Credit Union Limited in accordance with the relevant provisions of the Credit Union Act 1997 (as amended).”
Both Credit Unions have been working tirelessly on the project for the past 18 months and Sligo Credit Union is asking members to give the utmost consideration to the transfer request and the subsequent rule amendment.
The Board and Management team of Sligo Credit Union are excited about the potential that this has for members of both credit unions. Orla Lee, CEO of Sligo Credit Union, said the merger will improve services for members, provide for greater operational resilience, ensure viability and compliance in both credit unions and keeps Credit Union offices open and more importantly keeps things local. She further stated the combined asset base of approx. €120M allows the combined Credit Union to achieve the scale necessary to continue the necessary investment in the technologies required for the future and it allows to credit union to adapt to member’s needs.
Orla stated that this is a very positive next step and assures members that all offices will remain open, all staff in both locations will be protected by the merger, and members can continue to do business in the office that suits them best. Ms Lee said that Boards and Management teams of both credit unions believe this will result in a stronger, safer, more secure credit union.
Ms Lee then spoke about the name change and reason behind it, she outlined that if the Merger is approved then Sligo Credit Union will be operating in 3 counties and the name North West Credit Union would be more appropriate, as it is more reflective of the extended common bond and provides inclusivity for all members but Ms Lee assures members the each branch location will still hold the original name, for example Sligo Credit Union will become, North West Credit Union, Sligo Branch.
This is an exciting time and a great opportunity for Sligo Credit Union to embrace the change necessary to stay relevant in an ever-changing environment. Sligo Credit Union has completed 3 previous mergers namely North Sligo, Collooney and Drumkeerin and Orla believes there is no reason that Boyle would not be successful and that both Credit Unions are working toward a very positive future for members.
