Mullingar and Castlelost Credit Unions have merged to form a combined entity holding €180m in total assets and with over 32,000 members.
Combining with the strengths, expertise, and experience of Mullingar Credit Union, the long standing tradition of Castlelost Credit Union will be better placed to deliver a structured, operating model and range of services that will ensure a stable and viable future for its members. Now as part of Mullingar Credit Union members of Castlelost will be provided with enhanced services including access to online account information.
This merger was facilitated by the credit union restructuring board (ReBo ) and is one of a number currently being planned as part of the overall credit union restructuring process.
ReBo’s chief executive Donal Coghlan, who was present at the re-opening of Castlelost Credit Union this week, as part of the new enlarged Mullingar Credit Union entity, commented, “ReBo was delighted to play a part in bringing this merger to completion. Our mission as an organisation is to facilitate and oversee the restructuring of credit unions in order to help ensure the financial stability and long term sustainability of the movement. Castlelost joining forces with Mullingar delivers enhanced and sustainable services into the future and is tangible proof that restructuring not only works but works well for everyone involved.”
Tom Allen, manager of Castlelost Credit Union, said: “This is a major landmark for both of our branches. We have a long history of service to our communities individually. Now we look forward to retaining all that’s best from that local knowledge, and combining it with the strength that being part of a larger entity brings us, to provide all of our members with an enhanced and sustainable quality of service into the future.”
Frances Gillespie, manager of Castlelost Credit Union, continued: “After 43 years of operating as an independent entity we are proud of the service that we have given to the local community. We now look forward to continuing this service as part of Mullingar Credit Union.”