Mayo Credit Union to expand with new merger

First Choice Credit Union is set to become one of the biggest Credit Unions in the west of Ireland with the merger with Kiltimagh District Credit Union expected to go ahead.

The recent AGM of the Castlebar-based First Choice Credit Union announced the proposal to merge with the Kiltimagh District Credit Union and this was subsequently approved by Kiltimagh members.

The Credit Unions have now applied to the Central Bank of Ireland for their confirmation to proceed with the merger. When the merger completes, it will create a Credit Union with over €260 million in assets, over 40,000 members and six branches in Co Mayo. The other First Choice branches are located in Castlebar, Achill, Ballyhaunis, Balla and Swinford.

Speaking on behalf of First Choice Credit Union, Chairperson of the Board of First Choice Credit Union, Joe Butler said: “This merger is an extremely positive move for members of both our Credit Unions and we look forward to serving the members of a Credit Union which has similar values and vision. It makes perfect sense not only from a financial and member service perspective but also an administrative one in the current regulatory environment.”

Members also approved the introduction of a Community Fund which will be used by the Credit Union for social, cultural or charitable purposes and is designed to support meaningful projects that enhance the local community. The Fund will launch over the coming months and First Choice Credit Union encourages all local groups, clubs, charities etc throughout their Common Bond to keep an eye out for further information and how to apply.

First Choice Credit Union welcomed two new directors, Paul Carey and Edel McCool while Joe Butler, James McLoughlin and Peter Mooney were also re-elected to the Board of Directors. Brendan Coyne was elected to the Board Oversight Committee and Grant Thornton were elected as Auditors for the year ahead.