Carlow District Credit Union Limited has just expanded again to take in the common bond areas of Rathvilly Parish and Mayo Doonane. These two offices will transfer into Carlow District Credit Union Ltd. through a ‘transfer of engagement’ that will see its assets increase from €98.5 million to over €111.8 million and its membership increase from 26,645 to 29,840.
“Following the successful transfer of Ballon Rathoe Credit Union in 2015, Rathvilly Parish & Mayo Doonane Credit Unions are now transferring into Carlow District Credit Union Limited” said Eugene Kearns CEO.
“Upon completion of the transfers, Carlow District Credit Union Limited will assume responsibility for the administrative functions of these offices. This means an amalgamation of our assets, loan book, shares etc., bringing greater strength and security to our combined Credit Union. Members will now be able to transact business in any of our 4 offices and have access to the full range of services. In addition, people who live or work in the membership areas of both these credit unions are now eligible to join Carlow District Credit Union Ltd. as part of the extended common bond. This common bond extends from Timahoe to Donard and Myshall to The Swan.”
The move is part of a restructuring of Credit Unions nationally, and was undertaken by board resolution and approved by the Central Bank. The completion date for the transfer is 15th June. Mr. Kearns went on to say that a lot of planning and organisation has gone into the mergers.
“We are delighted to welcome everyone from Rathvilly Parish and Mayo Doonane area into Carlow Credit Union”, said Michael Lyons, President, “the Board of Directors look forward to exploring further expansion in the future. By merging these sub offices, members are assured of sustainability and viability of the business and they can now avail of a lot more services like Death Benefit Insurance, online banking, mobile app, foreign exchange, bill-pay and access to our ATM in the Carlow office” he added.