Merger on table for North Midlands Credit Union

Following a period of public consultation the board of directors of North Midlands Credit Union (NMCU) have received a request from the board of North Longford and Arva Credit Union to consider a merger between the two financial institutions.

Conor Isdell, NMCU chairperson, says the proposed merger will present “many mutual advantages” for the combined membership.

“The members of North Longford and Arva will benefit from the full north midlands branch network and from the more comprehensive product and service range that a larger credit union can provide,” Mr Isdell told the Examiner.

He said under the Transfer of Engagements members of NMCU, whose HQ is in Mullingar, will have access to an additional branch, as well as benefiting from the skills, enthusiasm and dedication that the volunteers and staff of North Longford and Arva will bring to the new, larger credit union.

“This proposed merger would see NMCU continue to serve members with the same excellent service,” Mr Isdell said.

The credit unions are required to have a special general meeting of members to approve the merger, and that is being held online on Wednesday May 15.

“We has successfully completed five Transfers of Engagements since 2014 and in all cases, the members of both credit unions have benefited in demonstrable ways. The scale provided by the transfers has allowed us expand our service offering to include a full-service current account, a competitive mortgage product and cultivate farming loans,” Mr Isdell said.

He added that combining the credit unions will strengthen both: “The board and management of Isdell expect the legal requirements relating to the Transfer of Engagements will be completed within the next three months. The transfer is ultimately subject to Central Bank approval, and we will keep all members informed of the next steps in the process.”

Mr Isdell believes the Transfers of Engagements presents opportunities: “We have the highest regard for the hard work and dedication the volunteers and staff of North Longford and Arva Credit Union have invested in their credit union over the last 38 years.

“We look forward to working with them and hope that they will continue to give their time and expertise in the service of both their current members and our members who may find it convenient to use the office in Arva,” he concluded.