Bolton-based Hoot Savings & Loans has announced a merger with Manchester Credit Union (MCU), saying the deal will extend access to affordable financial services across the north west.
The merger secures the future for Hoot’s 6,500 members in Bolton and Bury, the credit union adds. They will join Manchester Credit Union’s 30,000-strong member community across Greater Manchester and High Peak in Derbyshire.
Both credit unions are member-owned and not-for-profit, providing a wide range of savings accounts and affordable loan products to those typically underserved by mainstream banks.
Formally referred to as a transfer of engagement, the deal has been approved by the Financial Conduct Authority (FCA) and sees Hoot’s loans and savings book brought under the Manchester Credit Union brand.
The deal strengthens Manchester Credit Union’s existing presence in Bury, extends it into Bolton and increases membership to 36,500. It also sees the combined loan book grow to £18.6m and savings portfolio to £19.3m.
Hoot’s CEO, Chris Canham, was instrumental in the merger, which also coincides with her decision to retire after 13 years with Hoot, and two at the helm.
“This merger builds on everything we’ve achieved in Bolton and Bury,” she said, “and puts our members on an even greater footing. They’re becoming part of a credit union with more critical mass and lending power, which means improved access to ethical and affordable lending, as well as financial support and education for those that need it most.
“This is the right next step for members, and now the deal is done, it’s time for me to retire. Manchester Credit Union’s values have always aligned with our own, so it made this merger an easy decision. I’m proud of what we achieved as Hoot, and know our members are in the best hands with Manchester Credit Union.”
Mandy Wilcock, CEO of Manchester Credit Union, said: “Bringing Hoot into Manchester Credit Union is great news for members of both organisations. A stronger combined asset base means we can extend our reach into more communities where access to fair and affordable financial services genuinely makes a difference.
“This deal wouldn’t have happened without Chris. Her willingness to put members first and work collaboratively to secure their future is a testament to everything a credit union CEO should be. We thank her greatly and wish her a very well-earned and happy retirement.”
Hoot’s Bolton branch on Victoria Square will remain open under the Manchester Credit Union brand, and Hoot staff will join the Manchester Credit Union team. Hoot members will automatically transfer to Manchester Credit Union and can continue to access their accounts as normal.
Bolton and Bury communities will also benefit from Manchester Credit Union’s community outreach work, which includes the ‘Bee Smart with Money’ schools roadshow – a free financial education programme for primary school children.
Image: Hoot’s business operations manager James Paul, Manchester Credit Union CEO Mandy Wilcock, Hoot CEO Chris Canham and Manchester Credit Union’s CFO Ryan Young outside Bolton Town Hall
