BRISTOL, U.K.–Two credit unions in the U.K. have announced a merger with plans to announce a new umbrella brand.
Bristol Credit Union (BCU) said it has absorbed Wyvern Savings and Loans (WSL) and in the process expanded its field of membership.
According to Insiders Media, the merger made BCU the South West's biggest credit union, adding an additional 3,000 members and £1.9 million in deposits to BCU’s existing 16,000 members and £7 million in deposits.
The newly merged credit unions will continue to operate under their regional identities, with the new umbrella brand to be announced soon, according to Insider Media.
WSL will operate under the new name of Dorset Credit Union, with the Dorchester branch providing a base for services in the Dorset and South Somerset area, the news outlet reported.
Increased Capacity
"With the merger complete, we can increase our capacity and reach, allowing more people in the Dorset and Wyvern area access to fairer finance,” said James Berry, chief executive of Bristol Credit Union. “Across our 22-year history, we have helped more than 30,000 people to start saving and approved over 42,000 loan applications including both smaller, short-term loans as well as low-interest rate larger loans, for example for home improvements. This move also means our social impact has a broader geographical base for our members’ money to do good in supporting community needs."
Added Tim Topper, director of Wyvern Savings and Loans, "Members of Wyvern Savings and Loans can look forward to the same friendly and locally focused support they have received in the past, whilst gaining access to Bristol Credit Union’s progressive and alternative financial services.”