Merger to be proposed between St Canice's Credit Union and Piltown

A proposed merger with  Piltown Credit Union is one of the items to be considered at the AGM of St Canice’s Credit Union, which takes place on Tuesday, December 10.

The Kilkenny City-based credit union has been the recipient of a number of similar transfer of engagements from smaller credit unions in recent years, most recently earlier this year in a merger with Bagenalstown Credit Union .

Included in the  meeting pack issued to members ahead of the AGM, the report of the board of directors says that these mergers have all involved ‘very well run credit unions’ who have adopted a merger strategy to ensure the continued supply of enhanced credit union services for their members, in place of developing the  services themselves.

“All mergers to date have been successfully embedded in the culture of St Canice’s and all are contributing to the success of the larger combined entity,” notes the report.

“This year the Board are seeking members approval for a merger  Piltown Credit Union follows the pattern of a well run credit union seeking to ensure the viability of credit union services for its members well into the future.

“The Board of St Canice’s Credit Union can confirm that following an in-depth due diligence examination of the affairs of Piltown Credit Union, the potential exists for this merger to make a very positive contribution to the overall performance of St Canice’s Credit Union.”

The AGM takes place on Tuesday at 7.30pm in Hotel Kilkenny.