Following three years of preparation and planning, Longford Credit Union is poised to merge with Mullingar CU.
At the 50th annual general meeting of Longford Credit Union Ltd last Wednesday night in the Longford Arms Hotel, members voted overwhelmingly in favour of the proposed merger plan with neighbouring Mullingar Credit Union.
For the merger to be accepted, 75% of those present at the annual general meeting had to vote in favour of the proposed plan and on the night it received 86% approval.
The wording of the special resolution put to those in attendance at the meeting was;
“The members of Longford Credit Union Limited hereby resolve to transfer their engagements to Mullingar Credit Union Limited in accordance with the relevant provisions of the Credit Union Act 1997 (as amended).”
It is envisaged that the transfer process will be completed within three months, subject to Central Bank approval.
Longford CU Board Chairperson Charlie O’Rourke, in an address to members, said the Board ‘firmly believe that the transfer of engagements will ensure a strong, secure, progressive credit union in Longford for the years ahead’.
The merged credit union will have total assets in excess of €300,000,000 and will be the largest credit union across the midlands and one of the largest in the country serving over 50,000 members from five offices - Mullingar, Longford, Castlepollard, Kinnegad and Rochfortbridge.
Members of Longford Credit Union will continue to benefit from the services they currently enjoy as well as; current accounts with debit card and overdraft (subject to approval); mortgages and farm loans.
Mr O’Rourke commented, “Therefore, for the first time I can promise that Longford credit union will offer our members a genuine alternative to the banking system from the date of the merger.”