Strong Growth, a Transfer of Engagement and a new Community Fund announced.
On Tuesday last, 30th January, members of First Choice Credit Union attended their 57th Annual General Meeting reporting an impressive surplus of over €1.4m and a loan book of over €37m. 
The big highlight of the night was the approval of the Transfer of Engagement of Kiltimagh District Credit Union to First Choice Credit Union. The Transfer of Engagement was strongly supported by the members of First Choice Credit Union. Subsequently, later in the evening, the merger was also approved by the members of Kiltimagh District Credit Union at their Annual General Meeting.
The Credit Unions have now applied to the Central Bank of Ireland for their confirmation to proceed with the merger. When the merger completes, it will create a Credit Union with over €260million in assets, over 40,000 members and six branches in Co. Mayo which will be one of the largest Credit Unions in the West of Ireland. The transfer will provide an enhanced range of services for members of Kiltimagh District Credit Union, and a wider member base for First Choice Credit Union. It is yet another example of co-operation among co-operatives.
Speaking on behalf of First Choice Credit Union, Chairperson of the Board of First Choice Credit Union, Joe Butler said; “This merger is an extremely positive move for members of both our Credit Unions and we look forward to serving the members of a Credit Union which has similar values and vision. It makes perfect sense not only from a financial and member service perspective but also an administrative one in the current regulatory environment.”
The AGM also served as the perfect platform to inform members of recent developments. The introduction, as voted for and approved by members on the night, of a Community Fund was very much welcomed. The Fund will be used by the Credit Union for social, cultural or charitable purposes (including community development) and is designed to support meaningful projects that enhance the local community. The Fund will launch over the coming months and First Choice Credit Union encourages all local groups, clubs, charities etc. throughout their Common Bond to keep an eye out for further information and how to apply.
First Choice Credit Union welcomed two new directors: Paul Carey and Edel McCool. Joe Butler, James McLoughlin and Peter Mooney were also re-elected to the Board of Directors. Brendan Coyne was elected to the Board Oversight Committee and Grant Thornton were elected as Auditors for the year ahead.
Chairman of the Board, Joe Butler welcomed the newly elected Directors, Committee member and Auditor commenting: “A sincere welcome to our new Board members, re-elected Directors and Board Oversight Committee member Brendan Coyne. The calibre and experience of each candidate will be invaluable as we look to the future and the many developments ahead. I would also like to congratulate Grant Thornton on their election as Auditor.”
All members were thanked for their continued loyalty and support which is the driving force behind First Choice Credit Union’s continued success.