A Dublin credit union consolidates its position as one of the largest in the country with the takeover of a neighboring loss-making lender.
rogressive integrates Fairview Credit Union into its operations.
The combined unit will have assets of € 211 million.
Fairview has fewer than 2,000 members and lost $ 3,281 in the year to July. He imposed a savings limit of € 15,000 at the start of the year, limiting deposits in member accounts to € 1,000 per month.
Progressive membership will give Fairview members access to debit cards, insurance services and mortgages, while the larger credit union has two ATMs.
The document produced for the members at the time of the takeover states that Fairview “being a small credit union inevitably restricts the range and access to services” it can offer.
Progressive has 53,400 members through seven existing branches located in Balbriggan, Baldoyle, Clontarf, Donabate, East Wall, Glasnevin, Rush, Skerries and Swords.
Progressive made a profit of 1.6 million euros in July. He said his surplus had fallen 26% to € 825,000 for the year until last September, compared to the previous year.
It also imposed a limit of € 15,000 on members’ savings.
The Commitment Transfer document says the merger will give Fairview members access to an extensive branch network and result in better value for members through cost sharing.
Central bank and government regulators have for years encouraged smaller credit unions to merge with larger ones.
In a joint statement, Fairview President Dymphna Newman and Progressive President Aidan McGuinness said: Opportunities for growth and development.
“We are confident that the transfer of commitments will strengthen our position and help us continue to provide effective and efficient service to all of our members. “
There will be no impact on existing members, they said.
Earlier this year, Progressive blamed a sharp drop in lending due to Covid-19 restrictions on the decision to close two branches and sell the valuable properties there.
It decides to close its branches and put the buildings of Donabate and Clontarf up for sale.