Credit Unions grow in strength

A credit union based in Tuam has now become the largest of its kind in the country after merging with another stand-alone credit union in the immediate area.

St Jarlath’s Credit Union in Tuam has now more than 42,000 members as well as having eight branches – giving it the firepower to challenge the banks when it comes to mortgages.

Manager Mick Culkeen said that it was another step forward for Tuam Credit Union – and he did not rule out further mergers in the future.

Mr Culkeen said that they had received good communication for their services through their app and were welcoming the fact that they were attracting new customers.

In recent weeks St Jarlath’s Credit Union merged with St Anthony’s and Claddagh Credit Union in Galway city and announced that they are offering mortgages at competitive rates.

Mick Culkeen said that they also want to target the farming community as part of their ambition to develop their services.

He said that they have been in discussions with the IFA and Teagasc with a view towards providing loans for the agricultural industry.

At the moment the two credit unions are promoting education loans and recently held a major promotion in Galway city but this could all be leading to a much bigger picture.

Recently St Jarlath’s Credit Union merged with Mountbellew/Moylough Credit Union as the Tuam-based financial house spread its wings – but now it has even bigger ambitions.

Mick Culkeen told The Connacht Tribune that they were very excited to be associated with St Anthony’s and Claddagh Credit Union for the education initiative that will benefit third level students and masters students.

“We are the two biggest credit unions in the county and we are starting out with education loans in the hope of this leading to something much bigger in the financial market.

“It will lead to better efficiency and better expertise when it comes to our members applying for loans and we intend to be more competitive than the banking institutions”, Mr Culkeen added.

They expect to be offering loans at 5.5%   in most of the mainstream banks they are 2% more expensive.

St. Jarlath’s Credit Union now has over 42,000 members, eight branch locations and total assets of €150 million with over €35 million loaned to members.