Proposed Merger Announcement
9 December, 2024Bishopstown Credit Union and Cobh Credit Union
We are delighted to inform you that we have commenced discussions with Cobh Credit Union in relation to combining our resources to become an even stronger credit union. The Board of Directors are fully committed to this strategic merger, which is based on a strong collaborative approach between our credit unions. The Board of Directors is of the view that by combining our credit unions we will build on our proud record to ensure we continue making a distinct and positive contribution to the challenges and opportunities facing our members and our communities.
In summary, this initiative not only provides assurance on the continuation of services locally, but also provides the scope for the growth and development of products and services, and ensures that we will have the combined scale and strength to not only meet the challenging times ahead for credit unions, but to proposer and evolve to ensure the long term sustainability and success of the credit union for members.
This announcement is made in the spirit in which our credit unions intend to move forward with this process – honesty and transparency so that you the member, can be sure that at all times you are fully informed. As the process evolves each member will be provided with an information pack, which will give details outlining the financial position of our credit unions and the benefits of this initiative. Please be assured that the Board of Directors wish to fully engage with members throughout this process. The proposed merger will require the approval of our regulator, the Central Bank.
It is also very important to note that throughout this proposed process, it will be business as usual with no impact on day-to-day activities for members.
Gerry Ryan, Chair.
Philip Hosford, Chief Executive Officer.
