Two Mayo credit unions to merge

First Choice Credit Union, which has branches in Castlebar, Ballyhaunis, Achill Island, Swinford and Balla, reported an impressive surplus of more than €1.4m and a loan book of over €37m when it held its 57th annual general meeting last Tuesday.

However, the big highlight of the evening was the approval of the merger between Kiltimagh District Credit Union and First Choice Credit Union, which was strongly supported by members of both credit unions. An application to confirm the merger has now been submitted to the Central Bank of Ireland. When the merger is completed, it will create a credit union with more than €260 million in assets, over 40,000 members and six branches throughout Mayo, making it one of the largest credit unions in the West of Ireland. The transfer will provide an enhanced range of services for members of Kiltimagh District Credit Union and a wider member base for First Choice Credit Union. 

Chairperson of the board of First Choice Credit Union Joe Butler said: “This merger is an extremely positive move for members of both our credit unions and we look forward to serving the members of a credit union that has similar values and vision. It makes perfect sense, not only from a financial and member service perspective but also an administrative one in the current regulatory environment.” 

The AGM also approved the introduction of a Community Fund, which will be used by First Choice Credit Union for social, cultural or charitable purposes (including community development) and is designed to support meaningful projects that enhance the local community. The fund will launch over the coming months and First Choice Credit Union encourages all local groups, clubs, charities etc, to keep an eye out for further information and how to apply.

First Choice Credit Union welcomed two new directors, Paul Carey and Edel McCool, whiel Joe Butler, James McLoughlin and Peter Mooney were re-elected to the board. Brendan Coyne was elected to the Board Oversight Committee and Grant Thornton was elected as auditor for 2024. All members were thanked for their continued loyalty.