Just Credit Union and Fairshare Credit Union, which both serve members in Shropshire and Telford & Wrekin, have announced their plans to merge, saying the move will allow them to offer “enhanced services, greater financial resilience and expanded opportunities to all our members”.
They say the merged credit union will retain their ethos, values and community-focused approach via a “single dynamic organisation”, with “improved financial stability and growth prospects”. The merger will also bring opportunities to develop new products and invest in new technology, they add.
“We have always had a co-operative relationship with Fairshare and both boards felt that now was the time to formalise this relationship,” said Just chair June Campbell. “This is a move we have carefully considered for some time, and we are certain it will provide all our members and partners with the best possible service for the long term.”
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“Fairshare and Just Credit Union have similar ethos and serve the same communities,” added Fairshare chair Matt Cuhls. “We have shared values of community support and member empowerment and coming together is the next logical step. Together we can make the investment in technology and people to ensure we meet the long-term needs of our communities delivered by one dynamic organisation. Together we will be stronger.”
In a statement to members, the credit unions said the merger and integration will take some time but the goal is create a single entity by the end of the year. Members will be consulted and will have the chance to discuss the plan this month at their AGMs this month, and in the meantime there will be no change to the services both credit unions provide.
“Shropshire and Telford & Wrekin have been in the unusual position of having two credit unions serving the same community for many years,” they added. “Both boards agreed that a single credit union for the region will provide many benefits to members and the community and have therefor commenced a merger process.
“The process of credit unions coming together is closely regulated by the Financial Conduct Authority and we will be following these requirements.”
