30 Nov 2021

Mullingar Credit Union, including 13,000 Longford members, to consider name change at AGM

People must register by 5pm on Friday, February 26

The annual general meeting 2020 of Mullingar Credit Union is being held online on Wednesday, March 3 at 7pm and pre-registration is required in order to attend. 

Please note that the closing date for registration is Friday, February 26 at 5pm. CLICK HERE to register

Mullingar CU had a successful year in their financial year to the end of September 2020 and made a surplus of over €1.5 million. 

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The Central Bank has instructed all credit institutions including Credit Unions that they should not pay a dividend or interest rebate so there will be no pay out to members this year.

In his address, Paul Isdell, Chairperson, explained that at the last AGM, members approved the Transfer of Engagements of Longford Credit Union's almost 13,000 members to Mullingar Credit Union.

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He said, “This was by far the largest transfer we have completed and I am delighted to report that Longford has now been fully integrated into Mullingar Credit Union. We are very pleased with the activity in Longford and feel there is good growth potential in the area. From Longford, we welcomed Charlie O’Rourke and Henry King to the Board of Directors and Cormac McCabe joined the Board Oversight Committee.”

Following the integration of Longford and Castlepollard Credit Unions, Mullingar CU now operates in five different branches covering a large geographical area. 

Mr Isdell is predicting further growth,  “Consolidation within the credit union movement continues and we expect that as time progresses other credit unions will request to join us.”

He explained that there will be a proposal to members at the AGM to change the name of the Credit Union from Mullingar Credit Union to North Midlands Credit Union. 

“This is something that the Board of Directors have been considering for some time and really it just reflects the reality of the position. The geographical area in which Mullingar CU now operates has expanded greatly over the years as credit unions have come together and merged their operations. This started for us when Castlelost Credit Union based in Rochfortbridge joined Mullingar in 2014, since then Kinnegad, Castlepollard and Longford have joined. 

“Longford was a substantial credit union in its own right so obviously it had a significant impact when it transferred in January 2020. There are now about 57,000 members of Mullingar Credit Union spread throughout our common bond area.  The Directors are keen that the credit union name should be inclusive and should reflect the area that the common bond encompasses.” 

The transfer of the former Longford CU to Mullingar CU resulted in a significant increase in balance sheet assets and liabilities.

Savings increased during the year by €80.8 million of which €43.5 million arose from the transfer of savings of members of the former Longford CU.

Loans to members increased during the year by €11.2 million. Loans transferred from the former Longford CU amounted to €12.6 million.

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