Merger of two Cork credit unions creates loan book of €105m

Two of Cork's best known credit unions have completed a strategic merger, forming a new entity with a loan book valued at €105m.

Elevate Credit Union and Synergy Credit Union have joined forces, with the combined group to continue under the Elevate Credit Union brand. The collaborative initiative was passed at a special general meeting and has been formally approved by the Central Bank. 

Synergy Credit Union had branches in Fermoy, Watergrasshill, and Lower Glanmire Road. These branches will now join Elevate's existing branches at Douglas, Grange, Glanmire, and Passage West, and brings the total membership of the extended group to 49,000 members. 

“This strategic merger represents a positive and progressive step for both credit unions and for all our members," said Elevate Credit Union chief executive Roy McKnight. 

"By coming together, we can invest more strongly in technology, broaden our lending capability and continue to deliver modern, competitive services while remaining firmly rooted in our local communities. We look forward to working together as one credit union as we build for the future.”

Elevate has a strong morgage offering while Synergy has established agri and business lending expertise. The stronger credit union will offer increased capacity to invest in services, technology, and lending, while the new group plans to continue investment in digital services to improve access, convenience, and efficiency for members.

Elevate is now the largest community credit union in Cork, with St Paul's Garda Credit Union the only one with larger membership.

Members will benefit from an enhanced range of products and services, including Elevate’s strong mortgage offering alongside Synergy’s established agri and business lending expertise. 

Nationally, the overall balance sheet of Irish credit unions continues to grow despite a decline in branch numbers. Total sector assets grew by 5% last year to €22.5bn.