More than a dozen credit unions merge as they scale up to expand mortgage offerings

"The coming together of Core Credit Union and Greystones and District Credit Union will create an entity with 53,000 members and combined assets of €230m. At the start of the year, members of Athlone and Castlerea Credit Union and those of St Jarlath's Credit Union in Tuam, Co Galway, agreed to merge. That entity will be called West Midlands Credit Union, and have assets of over €440m and 80,000 members, making it one of the biggest in the country."

""Our members have sent a clear message that they want a stronger, united credit union that keeps community banking at its heart. "This merger ensures we can continue to deliver personal service locally while drawing on the strength of a larger organisation." Core CEO Michael Byrne said the merger will mean the new entity will be in a position to invest in new services, enhance its digital offering and continue to support the local communities it serves."

Multiple credit union mergers are occurring as lenders scale up to expand mortgage and business lending. Core Credit Union and Greystones and District Credit Union will merge to form a combined entity with 53,000 members and €230m in assets, operating eight local branches. Earlier mergers include Athlone and Castlerea with St Jarlath's to form West Midlands Credit Union with over €440m in assets and 80,000 members. Members overwhelmingly backed the Core–Greystones merger. Final regulatory approval from the Central Bank is expected in the coming weeks, with completion slated by the end of next month.

Read at Irish Independent