CORK, Ireland–Two Irish credit unions that have completed a merger have also unveiled their new name.
The newly combined Douglas Credit Union and Glanmire and District Credit Unions are now operating as Elevate Credit Union. (In the U.S. there is also an Elevate CU (Utah), as well as an Elevations CU (Colorado).
The new Elevate Credit Union in Ireland has approximately 30,000 members and member savings of approximately €115m.
In a market scenario similar to that of the U.S., CEO Michael McGrath told the Irish Examiner, “We have seen a significant number of amalgamations (of credit unions) and I think that's understandable, given the depth of the regulatory requirements and the governance requirements now - a lot has changed in recent years. So, there is a need for a certain scale, in order to meet all of those requirements, and to be sustainable.”
According to the report, the new name, Elevate, was proposed by Jimmy Harte, 17, a fifth-year student at Rochestown College, who pitched the suggestion during his transition year work experience placement at Douglas Credit Union during 2023.
‘It Didn’t Sound Right’
Harte told the publication he was hesitant to make the suggestion because “it didn’t sound right in my head, it was just a quick suggestion, but when (the marketing director) heard it, that was the one that stuck with him.”
In another announcement that will sound quite similar to U.S. credit unions, Elevate CU said the merger will “make banking more convenient for its members, giving them access to a wider network of branches and to a broader range of financial products including mortgages, current accounts, competitive loan options, savings and innovative digital banking solutions.”
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