The boards of Lanesboro Ballyleague Credit Union and North Midlands Credit Union have agreed to merge the operations of their two credit unions through a transfer of undertakings and have passed board resolutions to that effect.
This transfer of commitments will come into effect in early October 2022, when Lanesboro Ballyleague CU becomes a branch of North Midlands CU.
Lanesboro Ballyleague CU, founded in 1967, has faced various challenges in recent years and these challenges, along with members’ legitimate expectations for an expanded range of services, have led Lanesboro Ballyleague Credit Union to seek a partnership with North Midlands Credit Union .
The current membership of the North Midlands Credit Union stands at 57,000, with total assets of 435 million. Lanesboro Ballyleague Credit Union has 3,500 members and total assets of 15 million.
This partnership with the North Midlands Credit Union means that Lanesboro Ballyleague Credit Union can leverage the strengths of a larger partner to provide an enhanced experience for members in the Lanesboro area, while maintaining a local service at the Lanesboro office.
The benefits of transferring commitments include:
l Freedom for members to use six North Midlands Credit Union branches: the main branch in Mullingar and branches in Rochfortbridge, Kinnegad, Castlepollard, Longford and Lanesboro.
l Low interest rates and a wide range of loan products.
l Improved range of services, including current account with Mastercard debit card, online services, mobile banking application, comprehensive online loan services.
Members of both credit unions will receive formal notice of the transfer of commitments in the coming days, and this notice details all aspects of the transfer of commitments.
Speaking on behalf of North Midlands Credit Union, Tom Allen, Director, said: “The Board of North Midlands Credit Union have been delighted to accept the request of the Board of Lanesboro Ballyleague Credit Union to consider a transfer of commitments for their members. to join us at the North Midlands Credit Union.
“The credit union movement is based on cooperation between credit unions and there will be many mutual benefits for all of our members in the transfer.”
Mr. Allen continued: “The credit union movement at the national level continues to undergo change and consolidation to ensure that credit unions have the capacity and capability to meet member demands for new products. and provision of modern financial services. The combination of North Midlands Credit Union and Lanesboro Ballyleague Credit Union is also driven by a similar concept of future service to members.
“In these changing times, credit unions offer a very different service from other financial institutions. Credit unions were created for one purpose: to serve their members, never to profit from them.
“We are convinced that this transfer of commitments will improve the services currently enjoyed by members. We look forward to continuing the work done at Lanesboro Ballyleague Credit Union and serving our new members in the years to come.
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