NEFirst Credit Union and Prince Bishop’s Credit Union agreement to merge
23 Feb 18
The Directors of NEFirst Credit Union and Prince Bishops Community Bank have been in discussions for the past few months, to examine the potential benefits to Members of merging both Credit Unions together. After undertaking a thorough review of each organisation, they would like to announce that they have agreed to merge. This decision has also been approved by the membership of Prince Bishops Community Bank.
This merger will consolidate and strengthen the Credit Union movement in the North East as a whole, and especially in County Durham. The directors are working hard to ensure a smooth transition; there is nothing for member to do as a consequence of this announcement, its business as usual. Members should continue to access all services in the usual way. Existing members’ savings and loans will not be affected by the merger in any way.
The merger will result in a larger Credit Union called NEFirst Credit Union; it will have over 16,000 members, shares of more than £4.5M and a loan book in excess of £3.5M. It will operate throughout the North East and provide a range of products for savers and borrowers.
Peter Mackie, chairman of NEFirst Credit Union, said that the merger would result in a stronger, larger and more resilient organisation that will deliver the same high level of service for the organisation’s customers across the North East.
He said: “We are delighted that, after a detailed due diligence process, we will be merging with our colleagues at Prince Bishops Community Bank.
“Together, we are committed to our members and the community, and by merging the two unions we will have an even greater capacity to support those who need responsible financial support. The merger will result in a larger credit union, which will operate throughout the North East, providing a range of products for savers and borrowers.
“Our two organisations have much in common, so it is a very natural move for both, and one that we know will allow us to better support the communities in which we operate.”
Members of both Credit Unions will be unaffected by the merger, with all accounts migrating to the new organisation.
Keith Tallintire, chairman of Prince Bishops Community Bank, said: “We are working together to ensure a smooth transition process. It’s important for members to know that there’s nothing to do as a consequence of this announcement – they can continue to access all services in the usual way and savings and loans will not be affected.
“Ultimately, the two credit unions are far stronger together and it’s an exciting time for all those involved. It will consolidate and strengthen the Credit Union movement in the North East as a whole, and especially in Country Durham.”
The merger will become effective from 1 April 2018.