Castlelost Credit Union announces merger with Mullingar

The Credit Union at Castlelost, in Rochfortbridge, is to merge with Mullingar Credit Union, 43 years after its foundation, and eight years after its move to purpose built premises in 2006.

In a message circulated to members of both Mullingar and Castlelost Credit Unions this week, the chairperson of the Castlelost Union said that that past numebr of years had been "a difficult period" for Castlelost.

"We therefore took the difficult decision of entering into discussions with neighbouring credit unions to consder the possibility of a transfer of engagements," he stated.

He added that "the overriding concern for the board was to retain the presence of the office in Rochfortbridge", and to continue to offer its members the level of local service that had been consistent since its inception.

He was, he continued "happy" to merge with Mullingar.

"Being a member of the larger credit union will benefit members by giving access to additional services and also the possibility of offering a dividend at the end of each year - something which we have not been in a position to do for teh past number of years.

Seamus McLaughlin, chairperson of Mullingar Credit Union said that the volunteers of Castlelsot Credit Union "will continue to give their time in the service of both their existing members and our members who may find it convenient to use the  office in Rochfortbridge."

The Rochfortbridge credit union has approximately 1,600 members and is run by two part-time members of staff and a team of volunteers.

The assets of that credit union will now transfer to Mullingar Credit Union.