07 February 2023
Thurles Credit Union and Roscrea Credit Union Proposed Merger
Thurles Credit Union and Roscrea Credit Union are currently advancing discussions in relation to combining their resources by merging. Both Boards of Directors believe that combining the Credit Unions will have significant positive effects for all members by:
- Protecting what the credit union stands for and ensuring that the credit union and their values remain an integral part of both communities for generations to come
- Strengthening the range and quality of the service that the combined credit union can provide to their members including current accounts and mortgages as well as the introduction of new loan products.
- Reinforcing their financial stability. Both credit unions are financially sound. The merger will put the combined credit union in an even stronger position to face the emerging challenges in the years ahead.
- Delivering a shared identity we can all be proud of. Day-to-day activities for members will not be impacted as a result of the merger and will be significantly enhanced over time.
The proposed merger will allow the two credit unions to build on their proud record and ensure that they continue to make a distinct and positive contribution to the challenges and opportunities facing their members and the wider local communities.
Speaking about the proposed merger, Brian King, CEO of Thurles Credit Union said, “This initiative provides assurance on the continuation and expansion of services locally and ensures that the enlarged Credit Union will have the combined strength to meet the very challenging times ahead for credit unions. We are very excited about the opportunities that this merger will offer to the people of the combined common bond”.
Roscrea Credit Union’s, Martha Hogan, noted, “Our work to date has shown us that we are a strong fit for each other. Our philosophy of member and community service is strongly aligned in that we are both committed to the core ethos of the Credit Union movement and are progressive in wanting to evolve our products and services for our members to ensure we remain relevant to all our existing and future members in our Thurles and Roscrea communities”.
This merger has gone through a rigorous due diligence process with auditors and the Central Bank. It is expected that the Central Bank will confirm the finalisation of this merger following approval at both AGMs.
As part of the communication programme, each eligible member will be provided with an information pack. The pack will give details outlining the financial position of the participating credit unions and the benefits of this initiative. The management of both credit unions and the Board of Directors will fully engage with members and give members the opportunity to raise queries they may have about the merger. The proposed merger will require the approval of the members of Thurles and Roscrea Credit Unions at their separate AGMs next month.
It is also very important to note that throughout this process, it will be business as usual for both credit unions with no impact on day-to-day activities for members.
As always, we thank our members for their ongoing support and encourage you to support and encourage this very important strategic decision for the Credit Union
Frequently Asked Question
Yes, the merger will reinforce our financial stability and allow us to strengthen the range and quality
of services we offer members. The stronger balance sheet and scale as a collective entity will give us
the financial power needed to introduce current accounts, mortgages and new loan products and
improve services to a wider membership base.
No, all your data, accounts, monies and balances will automatically switch to the merged entity and
you will be able to transact as normal on the day of the merger.
Absolutely, collectively we are a strongly capitalised credit union.
Yes, all offices will remain open. Opening hours will remain as they are, in all offices.
The cost of your existing loans will stay the same and we will strive to offer a greater variety of
services and rates to suit your needs post-merger.
The merger will strengthen our financial position and give us the ability to develop better services
such as current accounts, mortgages and new loan products for our members. The merger will also
allow us to tackle and overcome core challenges facing the sector such as falling loan demand and
income, low investment income and increasing bank and non-bank competition. It will also allow us
to better meet the rising costs and level of regulatory oversight.
Our name after the merger will be Premier Credit Union, signalling both our platform across our
common bond and also our aim to be the premier provider of financial services in our community.
Furthermore, we hope to expand our service offering as we fulfil the benefits of the merger over
time to cater for all segments of our community.
There is no negative effect. You will see more and better offerings and services over time. We will
use our collective strength to expand services, access, and ease of doing business with us e.g.,
current accounts, mortgages and digital services.
No, you will still be able to transact in your local credit union. The merger will also bring the added
benefit of members being able to transact in other Premier Credit Union offices. As services expand
over time, they will be accessible across all our offices and online
Yes, current staff members jobs are secure.
Staff in your local office will still be there to look after your financial needs post-merger.
Thurles and Roscrea Credit Unions have much in common in terms of their members, location, and
position in rural communities serviced by a regional town. Our members and directors value what
the credit union provides and can continue to provide both our communities.
A myriad of challenges face Credit Unions generally. Together, we can be stronger in facing and
overcoming those challenges. These challenges include greater bank and non-bank competition,
higher costs of doing business and meeting greater regulatory requirements. There are also
challenges relating to the macroeconomic environment including growth, cost of living and
uncertainty of the interest rate environment.
Together, both credit unions will be stronger in facing and overcoming these challenges.
Is the credit union in financial difficulty?
Both credit unions came together to explore this possibility. A lot of preparatory work has gone into
getting the merger to a stage where we can communicate to our members. The members are
ultimately making the decision by voting on the proposed merger at the AGM.
We are confident that we are doing the right thing for both credit unions and our communities.
Absolutely not, we differentiate ourselves by knowing our members and operating at the heart of
the communities we serve. While we need to complement the services we offer through our digital
and online offerings, we can never lose that personal touch. We are committed to delivering for all
our members in whatever way they wish to do business, be that in office, over the phone or online.
Yes, that will not and cannot change.
Absolutely, it is a core pillar of both credit unions. At the heart of the collective entity will be the
servicing and support of both communities as one, into the future. Sustaining this service long term
is the core rationale for this merger.
It is hoped it will be completed in Q2 2023.
For Further information,