The Central Bank has given its initial approval for the merger of Castlerea and Athlone credit unions.
Discussions have been ongoing between the two institutions over the past two years and it's thought members will be asked to vote on the plan in January 2023.
Martin Lonergan is manager of the Castlerea and Districts credit union, he believes the merger would allow the branch to offer additional services such as current accounts, mortgages and farm lending.
He believes it's a positive step for the institution.
''Athlone Credit Union has assets of around 100 million and we have assets around 30 million. So you know, the combined entity will have assets of 130 million, so it'll be quite a sizable Credit Union. The members of Castlerea will be able to avail of all the services that are currently available in Athlone Credit Union, for example, the current accounts, Castlerea on its own, doesn't have the scale to provide current account.''
