Credit Union's expansion continues with Lanesboro merger
The Lanesboro Ballyleague Credit Union is to merge with North Midlands Credit Union (NMCU), which has its head quarters in Mullingar.
Formerly known as Mullingar Credit Union before it merged with a number of other credit unions in the region in recent years, NMCU is now the second largest community credit union in the country with a membership of 57,000 and assets of €435m. Lanesboro Ballyleague Credit Union has 3,500 members and total assets of €15m.
Both credit unions issued a joint statement a short time ago:
The Boards of Directors of Lanesboro Ballyleague Credit Union and North Midlands Credit Union have agreed to merge the activities of their two credit unions through a transfer of engagements, and have passed Board resolutions to this effect. This transfer of engagements will take operational effect at the beginning of October 2022, when Lanesboro Ballyleague Credit Union will become a branch of North Midlands Credit Union.
Lanesboro Ballyleague Credit Union has faced various challenges in recent years and these challenges, together with the legitimate expectations of members for an expanded range of services, has led Lanesboro Ballyleague Credit Union to seek a partnership with North Midlands Credit Union.
This partnership with North Midlands Credit Union means that Lanesboro Ballyleague Credit Union can leverage the strengths of a larger partner to deliver an enhanced experience for members in the Lanesboro area, whilst retaining local service in the Lanesboro office.
The benefits of the transfer of engagements include:
The freedom for members to use six branches of North Midlands Credit Union: the main branch office in Mullingar, and the branches in Rochfortbridge, Kinnegad, Castlepollard, Longford and Lanesboro.
Reduced loan interest rates and a wide range of loan products.
Enhanced range of services including Current Account with Mastercard Debit Card, online services, mobile banking App, complete online loan services.
Members of both credit unions will receive formal notice of the transfer of engagements in the coming days, and this notice sets out in detail all aspects of the transfer of engagements.
Speaking on behalf of North Midlands Credit Union, Tom Allen, Manager said: “The Board of Directors of North Midlands Credit Union was pleased to accept the request from the Board of Directors of Lanesboro Ballyleague Credit Union to consider a Transfer of Engagements for their members to join us in North Midlands Credit Union. The Credit Union movement is based on co-operation amongst Credit Unions and there will be many mutual advantages for all our members in the transfer.
“The Credit Union movement at a national level continues to undergo change and consolidation so as to ensure that credit unions have the capacity and capability to meet members’ requirements in terms of new products and the provision of modern financial services. The coming together of North Midlands Credit Union and Lanesboro Ballyleague Credit Union is also motivated by a similar concept of future service to members.
“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 transfer of engagements will enhance the services that members currently enjoy. We look forward to continuing the work that has been done in Lanesboro Ballyleague Credit Union, and to serving our new members in the years ahead.”
North Midlands Credit Union
Current membership 57,000
Total assets €435 Million
Lanesboro Ballyleague Credit Union
Current membership 3,500
Total assets €15 Million