Cara Credit Union, with branches in Tralee, Castleisland and Killorglin, and Clanmaurice Credit Union, with branches in Ballyduff and Causeway, are asking their members to vote on a proposed merger.
Both credit unions have collaborated on several initiatives in recent years and say a merger is the obvious way to enhance the strength and capacity of both organisations.
The purpose of the proposed merger is to secure the future of the Credit Union movement in County Kerry and to strengthen the credit union presence in the community for future generations of members.
Due Diligence Check
“We have engaged with the Central Bank as our regulator and both credit unions have undergone a very detailed due diligence check,” said Pa Laide, CEO of Cara Credit Union.
“Indeed, the Central Bank has stated that both credit unions are an ‘ideal fit’ for each other.
“Together with our board of directors, I am asking our members to vote in favour of the merger at our upcoming virtual AGM on Monday 22nd of February.
“If you are a member of Cara Credit Union please visit our website to register to attend the AGM, the closing date is 5pm on February 18th.
“Your voice is important to us, so please attend and have your say on the future of our credit union,” said Mr. Laide.
Both Financially Sound
Donal Scannell, CEO of Clanmaurice Credit Union added that both Credit Unions have been engaged in positive discussions.
“We wish to assure you that these discussions are entirely voluntary. Both credit unions are financially sound, well-managed and are complying with all current legislative requirements.
“The Credit Union movement throughout Ireland has seen many mergers in recent years. The overriding purpose of these mergers is to provide assurance on the continuation of financial services locally in communities by making credit unions stronger,” he continued.
“A merger with Cara Credit Union will allow us extend our offerings to members. Together, with our combined strength we will meet the very challenging times ahead for the credit union sector.
“I too am asking the members of Clanmaurice Credit Union to vote in favour of this merger on Tuesday, February 23rd.
“Members can register to attend our virtual AGM before Thursday, February 18th. It is important that all members have a say in the future of our Credit Union,” Mr. Scannell concluded.
For More Information…….
For more information on the merger of Clanmaurice Credit Union and Cara Credit Union please see their websites: www.caracreditunion.ie and www.clanmauricecu.ie
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