Irish CU Completes Fifth Merger in 12 Months

U.S.-based credit unions aren't the only ones engaged in a slew of mergers — the trend is also underway across the pond.

This week, St. Canice's Credit Union in Kilkenny, Ireland underwent its fifth merger in less than a year, according to reports from local media outlets, absorbing Graignamanagh CU. Within the last twelve months the credit union has also absorbed Durrow CU, Ballyragget CU, Mountrah CU and Rathdowney CU.

Former Graignamanagh Credit Union members are now members of St. Canice's, and will have access to increased products and services, along with low interest rates on loans and an enhanced array of online services. The CU's offices are all expected to remain open and continue operations as St. Canice's Credit Union. The merger increases SCCU's footprint to eight branches.

St. Canice's CU CEO Claire Lawton will continue to lead the institution. She called the merger "a positive move for both credit unions and it provides St. Canice's with the ability to grow and at the same time offers stability and security."