Ferbane and Banagher Credit Unions to merge with Clara CU

Ferbane and Banagher credit unions are to merge with St Brigid's Credit Union in Clara after the members of all three bodies gave their approval at their AGMs on Monday night.

When the merger, or “transfer of engagements”, is complete, St Brigid's will have over 15,500 members and assests worth €83m. Ferbane and Banagher credit unions will retain their existing offices and will be branches of St Brigid's.

Speaking to the Offaly Independent, the former chairman of Ferbane Credit Union Paddy Egan said that merger is positive for all three credit unions and their members.

“It's the biggest move made [by the credit unions] in a long time. The total effect is that it strengthens the position of each of the three of them. The whole movement is going that way. While there are still no guarantees, you stand a far better chance if you are that little bit stronger.”

When the merger is complete, the St Brigid's will be able to offer enchanced services to its customers due to the size of assest base, including the introduction of a debit card, death benefit insurance and foreign exchange as well as longer opening hours and increased savings limits. Credit unions will also soon be entering the mortgage market if plans by the Irish League of Credit Unions are given the green light by regulators.

Mr Egan says that the introduction of new services and longer opening hours will be particularly welcomed in Ferbane, which has been without a bank since the Ulster Bank closed in 2015.
“When you take the perspective of Ferbane what we are trying to do is effectively provide all of the services of a bank will still retaining the ethos and openness of the credit union.”