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28 Nov 2021

Members to vote on Credit Union merger

Derry and Claudy branches could combine if proposal gets green light at November agm

Derry Credit Union

The Derry Credit Union could merge with its counterparts in Claudy. The proposal will be voted on by members of both branches in the beginning of November.

A proposal to merge both the Derry and Claudy Credit Unions will be voted on by members at the start of next month.

In a letter sent to members of Derry's Credit Union, the branch's President, Sean Hegarty, outlined the proposed merger and his reasons as to why this would benefit both unions

Earlier this year, the Directors of the Derry Credit Union were approached by their Claudy counterparts requesting a “transfer of engagements” to merge the two unions where the latter would switch its business to Derry.

The proposal to members, which will be made at Derry Credit Union's agm on November 1, will be to vote on rubber-stamping the merger. Claudy's members will be asked to do likewise at their own agm 24 hours later – a majority of members is needed to pass the proposal through.

In the letter to his members, Mr Hegarty, wrote: “The merger with Claudy Credit Union will create a larger, well-resourced Derry Credit Union that will serve our combined common bond and reinforce our position as the leading credit union in Northern Ireland and in this region.

“We are excited by the opportunities that this merger will bring to our combined membership.

“In coming together, we will broaden and enhance the range of services that we can offer to all our members, including additional online facilities and a wider-range of loan products.

“It is you, our members, who will make the ultimate decision regarding this merger. Please take this opportunity to cast your vote and have your say in the future development of the credit union movement in the wider BT47 and BT48 postcode areas.

“We firmly believe we are stronger together.”

Meanwhile, Alliance Party Councillors, Rachael Ferguson (Faughan ward) and Philip McKinney (Waterside ward) have sent good wishes to the members of Derry and Claudy Credit Unions.

“The two credit unions are considering merging together”, the Councillors said in a joint-statement.

“Both Boards of Directors have approved a merger and they are recommending it to their members. And Derry Credit Union has already done its due diligence checks. So it looks like this merger will take place.”

Cllr Ferguson added: “Derry Credit Union, once claimed to be the largest community-based credit union in the world, is an amazing success story.

“It was founded only 61 years ago by 6 local people, with combined savings of £8.50p – and now has over 35,000 members and over £92 million of members' savings.”

Cllr McKinney said: “The whole Credit Union movement is a brilliant self-help story.

“It has a proven track record across the world – 217 million members in over 105 countries. We wish well the members of Derry and Claudy credit unions in their coming decision.”

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