SECTION 130 PACK
Message from Altura Credit Union Ltd and Baltinglass Credit Union Ltd We would like to inform you that the Board of Directors of Altura Credit Union Limited and Baltinglass Credit Union Limited are in a position to ask our members to approve the Transfer of Engagements of Baltinglass Credit Union Limited to Altura Credit Union Limited. The Special Resolution to approve the Transfer of Engagements will be voted on at this evening’s Annual General Meetings. This proposal, if approved by the membership, will combine the two Credit Unions into one entity with over 53,000 members and assets exceeding €248 million. The merger is based on the belief of the Directors that our members can be better served together, providing an opportunity to grow and develop our services in local communities from a position of increased strength. This strategic T ransfer of E ngagements aims to better position the combined Credit Union to meet increasing regulatory requirements. The Boards of Directors of both Credit Unions believe that the enlarged Credit Union will enhance its status as a trusted and preferred financial institution for all our members. Initial discussions highlighted the geographical, cultural, HR, and technological alignment between the credit unions, which share a common focus on improving & increasing services while maintaining the credit union ethos. The commitment to protecting branch networks and balancing physical presence with the need for digital services is emphasized. Upon completion of the proposed Transfer of Engagements, the common bond of Altura Credit Union Limited will extend to include all current members of Baltinglass Credit Union Limited. The benefits for members include: ● Protection of Credit Union services throughout our combined common bond ● Increased investment in our respective communities ● Access to a broader range of financial services at competitive and reliable rates ● A more sustainable and viable Credit Union with strong financial reserves ● Greater efficiencies through cost sharing Included in this Section 130 pack is a statement required under Section 130 of the Credit Union Act, 1997 (as amended). We thank the members for their continued loyalty to their Credit Union and look forward to your support for this strategic initiative.
In the meantime, should you have any further queries in relation to the proposal, please email: agm@alturacu.ie or write to: The Secretary, Altura Credit Union Limited, McDermott Street, Gorey, Co. Wexford. Y25XV05
Alternatively, please email info@baltinglasscu.ie or write to: The Secretary, Baltinglass Credit Union, Weaver Square, Baltinglass, Co. Wicklow. W91 AF53.
Yours sincerely,
Thomas Finn, Chairperson, Altura Credit Union Limited
Pamela O’Toole, Chairperson, Baltinglass Credit Union Limited.
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