Premier Credit Union and Borrisokane Credit Union Merger
Premier Credit Union and Borrisokane Credit Union are currently advancing discussions in relation to combining their resources by merging.
Premier and Borrisokane Credit Union Merger Borrisokane Credit Unions and Premier Credit Union are actively looking at a merger. The decision to merge is a joint one as the two credit unions already share a lot in common: members, location and our positions in regional towns serving rural communities So why would this merger make sense for credit union staff and our members? A new merged entity will protect what the credit union stands for and ensures that the credit union and our values remain an integral part of both communities for generations to come. The merger will allow us to strengthen the range and quality of the services including current accounts, mortgages, as well as the introduction of new loan products. The merger will . Both credit ability to face the emerging challenges in the years ahead. The merger will deliver a shared identity that we can all be proud of. Day-to-day activities for members will not be impacted as a result of the merger in the short term and will be enhanced once the merger is completed.
Premier Credit Union and Borrisokane Credit Union are actively looking at a merger. The decision to merge is a joint one as the two credit unions already share a lot in common: members, location and our positions in regional towns serving rural communities
Following careful planning and an extensive due diligence process, and with the ongoing engagement and oversight of the Central Bank of Ireland, it is now proposed that Borrisokane Credit Union become part of Premier Credit Union. This process has been thorough, detailed, and wide-ranging, reviewing all key aspects of both organisations, including governance, financial controls, lending practices, risk management, and IT systems.
This proposed merger represents a very positive and exciting opportunity for the members of both credit unions. It has the full support of both Boards, the management teams and staff of both organisations, our auditors, the Irish League of Credit Unions, and the Central Bank of Ireland. From a Premier Credit Union perspective, this merger is an important and strategic step in strengthening our business model, building scale, and enhancing our ability to serve members well into the future.
As members will be aware, the credit union sector continues to evolve. In 2011 there were over 400 credit unions in Ireland; today, that number is just under 170, largely due to mergers. Many credit unions including Premier Credit union that have already successfully completed mergers have consistently demonstrated stronger financial performance, greater resilience, and improved capacity to invest in services, technology, and member offerings.
Independent analysis, including studies by the Central Bank, has shown that credit unions involved in mergers typically deliver higher surpluses and stronger returns on assets, and are better positioned to meet the increasing regulatory, technological, and competitive challenges facing the sector.
The benefits of the proposed merger are outlined in detail in the SGM information pack issued to members. Having carefully considered all aspects of the proposal, the Board of Premier Credit Union firmly believes that this merger is in the best long-term interests of our members.
Yes, the merger will reinforce our financial stability and allow us to strengthen the range and quality of services we offer members. The stronger balance sheet and scale as a collective entity will give us the financial power needed to introduce more products and improved services to a wider membership base.
No, all your data, accounts, monies and balances will automatically switch to the merged entity and you will be able to transact as normal on the day of the merger.
Absolutely, collectively we are a strongly capitalised credit union.
Yes, all offices will remain open. Opening hours will remain as they are, in all offices.
The cost of your existing loans will stay the same and we will strive to offer a greater variety of services and rates to suit your needs post-merger.
The merger will strengthen our financial position and give us the ability to develop better services such as current accounts and new loan products for our members. The merger will also allow us to tackle and overcome core challenges facing the sector such as falling loan demand and income, low investment income and increasing bank and non-bank competition. It will also allow us to better meet the rising costs and level of regulatory oversight.
The name after the merger will be Premier Credit Union.
There is no negative effect. You will see more and better offerings and services over time. We will use our collective strength to expand services, access, and ease of doing business with us e.g., current accounts, mortgages and digital services.
No, you will still be able to transact in your local credit union. The merger will also bring the added benefit of members being able to transact in other Premier Credit Union offices. As services expand over time, they will be accessible across all our offices and online
Yes, current staff members jobs are secure.
Staff in your local office will still be there to look after your financial needs post-merger.
Premier and Borrisokane Credit Unions have much in common in terms of their members, location, and position in rural communities serviced by a regional town. Our members and directors value what the credit union provides and can continue to provide both our communities. A myriad of challenges face Credit Unions generally. Together, we can be stronger in facing and overcoming those challenges. These challenges include greater bank and non-bank competition, higher costs of doing business and meeting greater regulatory requirements. There are also challenges relating to the macroeconomic environment including growth, cost of living and uncertainty of the interest rate environment. Together, both credit unions will be stronger in facing and overcoming these challenges.
No, both credit unions are financially sound. However, challenges exist for the sector in terms of increased bank and non-bank competition, rising costs and low investment income. As such, our surpluses have fallen in recent years. Together we feel we can survive and thrive, providing greater services to our respective communities long term. We feel it would be increasingly challenging to do this independently in the years ahead.
Both credit unions came together to explore this possibility. A lot of preparatory work has gone into getting the merger to a stage where we can communicate to our members. The members are ultimately making the decision by voting on the proposed merger at the AGM. We are confident that we are doing the right thing for both credit unions and our communities.
Absolutely not, we differentiate ourselves by knowing our members and operating at the heart of the communities we serve. While we need to complement the services, we offer through our digital and online offerings, we can never lose that personal touch. We are committed to delivering for all our members in whatever way they wish to do business, be that in office, over the phone or online.
Yes, that will not and cannot change.
Absolutely, it is a core pillar of both credit unions. At the heart of the collective entity will be the servicing and support of both communities as one, into the future. Sustaining this service long term is the core rationale for this merger.
It is hoped it will be completed in Q1 2026.
Please email merger@Premiercu.ie with any questions or comments you may have or call into your local office.
