Members of both Ballyshannon Credit Union and Killybegs Credit Union have voted overwhelmingly in favour of the merger of their Credit Unions.
The decision was made at Special General Meetings which were held recently.
The merged credit union will have over 12,000 members and total assets of €43 million.
The enlarged entity will have the financial and administrative capability to comply with the growing level of regulatory requirements and will also be able to develop the wider range of products and services that their members are looking for now and into the future.
The new name of the credit union will be Ballyshannon and Killybegs Credit Union Limited.
The merger should be completed over the next two months.
The Credit Union Restructuring Board (ReBo) estimates that by the end of this year, almost 60% of all credit unions nationally (which represents 55% of total sector assets) will have restructured in some way.
(Source – Donegal Now – 06/04/2016)