Manchester, UK-based Fallowfield Credit Union has merged with South Manchester Credit Union, according to a news release from the Association of British Credit Unions, Ltd, a trade organization for British CUs.
The merged institution has a total of 3,700 members, shares of £2.77 million ($3.6 million) and a loan book of £1.54 million ($2 million).
The merger was celebrated on International Credit Union Day with speeches and photos with local councilor Carl Austin-Behan, former Lord Mayor of Manchester and long-time South Manchester CU member.
“We are delighted to merge with Fallowfield Credit Union, as we share much in values and in our community roots,” Sheenagh Young, CEO of South Manchester CU, said in a press release. "We look forward to applying our combined resources to serving the people of South Manchester together.”