Shannon and St Francis Credit Unions complete merger

St Francis Credit Union chairperson Madeline McCarthy and chief executive Louis Fay,

THE completion of Shannon Credit Union’s merger with the Ennis-based St Francis Credit Union has created a financial institution with total assets of almost €270 million.

The merger received formal approval from the membership of both organisations in August with the Central Bank confirming that both credit unions can proceed to merger stage.

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The completion of the merger sees St Francis Credit Union operating nine offices throughout Clare offering a wide range of services from internal member services to online platforms to rival any other financial institution.

St Francis Credit Union chairperson Madeleine McCarthy said the merger was an extremely positive move for both credit unions, from both a financial and member service perspective in the current regulatory environment.

“As part of our commitment to the members from Shannon Credit Union we will be increasing the range of services available to members and increasing the opening times including opening on Saturday mornings.

“With the merger completed we see St Francis Credit Union membership grow to 43,000 with a loan book value of €62 million and a share balance of €212 million. In terms of employment, St Francis Credit Union now employs over 50 staff making it one of the key financial service providers in Clare,” she said.