Common Bond Area Now Largest in Ireland
Tuesday 21st June marked the first official day of operations for Bandon Credit Union under Skibbereen Credit Union. The merger, which was the culmination of many months of planning and negotiation sees Bandon members become part of Skibbereen CU which now has the largest common bond area of any other Credit Union in Ireland, spanning from the Mizen peninsula to Innishannon.
The new enlarged Skibbereen Credit Union is now one of the 50 largest credit unions in the country, with assets of over €110m and 25,000 members. The merger brings together a shared vision of both Credit Unions to deliver enhanced services and become a real alternative to traditional banking. The amalgamation also ensures that members needs will be met and enables a greater emphasis to be placed on member service, technology and business development.
Skibbereen Credit Union will lead the way in the provision of loans, savings and payments services, while maintaining its unique community ethos where members have an important voice. This, combined with a more modern approach will ensure that Skibbereen CU will not only continue to play a vital role in the development and growth of the community it serves but also offer members a real alternative to their traditional banks.
Commenting on the merger, Donal O'Driscoll, Manager, Skibbereen Credit Union said “The merger of Skibbereen and Bandon Credit Unions copper fastens the role of the Credit Union in both communities and ensures that the present and future financial needs of all our members will be met. With regulatory requirements becoming more stringent, larger Credit Unions have the ability to grow and offer stability and security to members whose requirements are evolving on a constant basis. By increasing our scope and scale, we have the capacity to better service those demands, with a wider range of products and services, such as larger loans, online banking and other financial products. We are looking ahead at becoming one of the foremost Credit Unions in the country and really competing with the banks to offer a more efficient and personal service to our members."
Also commenting on the merger, John O'Neill, Chairman, Skibbereen Credit Union said, "Both Credit Unions appreciate the loyalty and support of their members and look forward to serving them as a stronger entity. Over the past number of weeks we have been working closely to ensure that all operations are aligned to provide a seamless integration for all members. New systems have been introduced to the Bandon branch which will ensure that all members can avail of a faster, more efficient service and allows them to conduct their transactions as normal. We are now ideally positioned to focus on innovations that will enhance the overall member experience and we are confident that the future is very bright for Skibbereen Credit Union and its current and future members".