Merger Announcement

27 November, 2023

Carrickmacross Credit Union and Dundalk Credit Union Announce Ground-breaking Merger

Today marks a historic moment for Carrickmacross Credit Union and Dundalk Credit Union, as we proudly announce a proposed partnership merger, setting a new precedent in the credit union sector for member services, financial wellbeing, and community involvement. This coming together is not just a joining of two organisations but is a unification of values, cultures and visions aimed at redefining the impact your credit union can make in the Northeast.

In a financial landscape that is constantly evolving, staying ahead means not just adapting but leading. This merger is our response to the needs of our members and the communities we serve and is a merger that will be brought forward in a way that is loyal to our local identity and communities. Both Carrickmacross Credit Union and Dundalk Credit Union have enjoyed a rich heritage of success, underpinned by our commitment to member service, community involvement, and financial strength. By coming together, we can harness our combined resources to deliver even more for our members and the communities we serve.

This merger is about the future, it’s about resilience, and it’s about setting a new standard in the Irish credit union sector. It’s about leveraging our joint resources to bring our members the personalised service and community focus of a credit union in a way that benefits from scale and efficiency to meet the challenges and opportunities of an evolving and digital world.

At the heart of this merger lies our steadfast commitment to our members. We understand that our members are the foundation of our credit unions, and every decision we make is guided by your best interests. Member feedback is vital to us, and as we move forward, we will actively engage with you, offering a platform for members to share thoughts and ask questions.

The Members of both Carrickmacross Credit Union and Dundalk Credit Union will be asked to approve this merger in April next year. The merger will also require confirmation by the Central Bank of Ireland in line with regulatory and legislative requirements.

Emma Gilhooly, Chair Carrickmacross Credit Union

Our proposed merged credit union will have assets approaching €500m, reserves of €70m and funds approaching €300m for lending. We will be in a position to broaden our personal, mortgage and business lending offerings to support all of our members and the Northeast community.

Bernadette Farrell, Chair Dundalk Credit Union

While there have been other credit union mergers across the country, the scale of this proposal promises to be truly transformational for the delivery of credit union services in the Northeast. Our number one priority, always, is to serve the best interests of all of our members and the community.

Adele Ward, Head of Finance Carrickmacross Credit Union

The merged credit union will provide greater security and opportunities for staff as we serve a growing and evolving membership. It will also provide the scale and capacity for investments in new products, services, and ICT to meet current and future member needs.

Billy Doyle, CEO Dundalk Credit Union

This proposal is fully supported by the boards, management, and staff in both credit unions, and all are excited at the prospect of this coming together and the opportunity it presents for the credit union community in the Northeast.