Athboy and Oldcastle credit union merger to be proposed to members this week

Athboy and Oldcastle credit unions have announced that they propose to merge. under a new name - Le Chéile Credit Union.

The new entity will have some 12,000 members with combined savings of around €60 million and loans to members of almost €26 million.

The boards of both credit unions say they see the merger as a very positive move that will help overcome current limitations arising from smaller asset size by combining two strong operation and governance teams and reducing the costs of regulation.

Kieran Moore, CEO of Oldcastle Credit Union commented that with that need for a certain scale, in order to meet all the regulatory requirements, and to be sustainable, both credit unions wanted to find a partner that was both a strong entity and also closely resembled each other’s culture and values.

“We identified these qualities in each other and commenced discussions in early 2023 which have progressed to this point where both boards are now recommending the merger to their members.”

Athboy Credit Union’s CEO, Nick Murphy went on to say that the new credit union will be known as Le Chéile, meaning ‘Together.’

“It will offer new and enhanced services including greater access to mortgages, increased insurances, improved online services and, in time, current accounts and debit cards.”

Member meetings, known officially as Special General Meetings or SGMs will be held this week, on 19th June at 7pm. For Athboy members the SGM will take place in the Darnley Hotel and for Oldcastle members, the venue is the Gilson National School, Oldcastle.

At these meetings, members can ask any questions or receive additional information about the proposed merger and will have the opportunity to vote on the matter. An information booklet with details of the proposed merger and forthcoming SGMs has been issued to all members this week. In the meantime, questions can be directed to either credit union.