Bagenalstown Credit Union and St. Canice’s Credit Union in merger discussions.
The boards of Bagenalstown and St. Canice’s Credit Unions are pleased to confirm that we are currently advancing discussions in relation to combining resources of both credit unions with a view to becoming an even stronger credit union. Both credit unions are of the view that such an enlarged credit union will build on both our proud records to ensure we continue making a distinct and positive contribution to all members and our community.
Should the initiative between Bagenalstown and St. Canice’s proceed, it will strengthen both credit unions, leading to additional services for the combined membership and assurance on the continuation of local services. This has been the case for the six other credit unions who have successfully completed the transfers of engagement with St. Canice’s since 2015. All of the staff of Bagenalstown Credit Union have been assured that their jobs are secure and their terms of employment will not change.
The boards of both credit unions are making this announcement in order to ensure that the members are fully informed as the discussions advance. As the process evolves each member will be provided with an information pack, which will give details outlining the financial position of the participating credit unions and the benefits of this initiative. Please be assured that the members of Bagenalstown and St. Canice’s will vote on the approval of the merger at their respective AGMs, subject to the prior approval of the Central Bank of Ireland.
Throughout this proposed process, it will be business as usual with no impact on day to day activities for members and their Credit Union.