The Boards of Glenamaddy Credit Union and St Jarlath’s Credit Union will amalgamate their operations from the 17th of next month.
The process will involve the transfer of Glenamaddy Credit Union into St Jarlath’s Credit Union during the month of August subject to the approval of the Central Bank of Ireland.
Both boards say that they are fully satisfied that the merger is in the best interests of the members of both Credit Unions and will enable the provision of a wider suite of products and services across an expanded branch network. The Credit Unions have combined assets of almost €260m and a combined membership base of 55,000.
Glenamaddy Credit Union has three branches at present -Glenamaddy, Glinsk & Williamstown with 5,000 members. It has €27m in assets and employs 8 staff.
St Jarlath’s Credit Union has eight branches across North County Galway with 50,000 members. It employs 55 people with €233m in assets.
John Doyle of St Jarlath’s Credit Union told Midwest News today that neither jobs nor branches are threatened in any way by the amalgamation.