A new partnership for Castlepollard and Mullingar Credit Unions
It was with a sense of sadness that Castlepollard Credit Union closed its doors as a standalone credit union on the evening of Wednesday July 31 after 50 years of loyal service to the local community.
However this sense of loss was replaced a few days later with a feeling of joy and excitement as the credit union opened as a branch of Mullingar Credit Union.
The background to the new partnership was that over an extended period of time the board of directors of Castlepollard considered how it could best safeguard the interest and future of the Credit Union in the local area in these challenging times.
The board decided their interests would be best served by merging with a larger credit union that could provide more resources and services to their members.
Discussion and negotiations followed with Mullingar Credit Union and agreements were reached and approved by the Central Bank.
Finally meetings of members of both credit unions was held to consider the merits of the proposed merger. Both meetings overwhelmingly approved the proposals.
With all parties agreeing to the merger, an actual opening date for the new venture was set as Tuesday August 6, 2019.
Speaking at the opening of the new branch, the chairperson of Mullingar Credit Union, Paul Isdell, paid tribute to the outstanding work and dedication of the staff and volunteers of Castlepollard Credit Union over the years, continually building it up to be the remarkable business it is today.
“In these changing times credit unions offer a very different service to the other financial institutions.
“Credit unions were set up with one aim in mind – to be of service to their members, never to profit from them.
“We are confident that this merger will enhance the services that members currently enjoy. We look forward to serving all of our members in the years ahead.”
The manager of Mullingar Credit Union, Tom Allen, said “that it is the intention of Mullingar Credit Union that our new branch in Castlepollard will thrive and prosper”.
“All the existing staff in Castlepollard will remain working with us and former Castlepollard director, John Higgins, will join the board of Mullingar and will, no doubt, ensure that the interest and views of members from the locality are heard at the board table.
Extended opening hours
Mr Allen said: “We are extending the opening hours and expanding the range of services to members.”
From August 1, former Castlepollard members have been able to benefit from a reduction in the interest rate charged on their loans, down from 9.3% to 7.9%.
In addition they have access to online banking and other electronic services.
It is expected that in the near future Mullingar Credit Union will be in a position to offer a fully functioning debit card with current account facilities.
Following the opening of the Castlepollard branch, Mullingar Credit Union now operates out of four branches – located in Mullingar, Rochfortbridge, Kinnegad and now Castlepollard.
The branch in Mullingar is open six days a week, plus late opening on a Thursday evening, a total of 47 hours per week. All branches are open to transact business for all existing members and potential new members.
They are all fully staffed with well trained staff who provide a personal, professional and caring service which is unmatched in any other financial institution.