Passage West/Monkstown Credit Union has merged with Douglas Credit Union as part of an expansion and growth strategy.

The entering of the two well-known Cork credit unions into a ‘Transfer of Engagements’ will result in a stronger financial body with increased assets and membership.

The new credit union now possesses assets totalling over €70 million, and will have €1 million available to lend each month. The growing membership currently stands at 20,000.

Members of Passage West/Monkstown Credit Union, which is now part of Douglas Credit Union, will be unaffected by the merger. The office, located at Chapel Square in Passage West, will remain open and will benefit from a range of new services. This includes a new free mobile banking app, which allows members check account balances, pay bills and internally and externally transfer funds. All members also have access to a free online banking service.

Commenting on the Transfer of Engagements, CEO of Douglas Credit Union Roy McKnight said: “We are thrilled to make this announcement about the collaboration, which will revitalise, strengthen and enhance the services offered to all our loyal members.

“The Common Bond of the Credit Union will now stretch from the beginning of the Douglas road to Currabinny and Coolmore taking in Passage West, Monkstown, Shanbally and Ringaskiddy along the way. Everyone living or working within our community is invited to join the Credit Union.

“The move will see three offices now open to members – Douglas, Passage West and Grange – and they will have access to additional services along with loan products at competitive rates. One of the highlights is our new mobile app, which will allow members to manage their money ‘on the go’.”

Mr McKnight added: “The decision to bring together Douglas and Passage West/Monkstown Credit Unions will allow us to continue to secure the long-term future of our Credit Union for its members.”

The Douglas Credit Union mobile app is available in the Android and iTunes app stores and for the free online banking service, open to all members, see www.douglascu.ie.