Drogheda Credit Union has confirmed that it is engaged in early-stage discussions with Progressive Credit Union regarding a potential “Transfer of Engagements” between the two organisations.

This announcement comes after the Irish Independent reported today that Drogheda Credit Union and Progressive Credit Union, which has members in most of north county Dublin are in talks to merge to form a “super credit union”.

These initial conversations follow an approach by Progressive Credit Union and have recently been notified to the Central Bank of Ireland as part of standard regulatory engagement.

Tom Kiely, CEO of Drogheda Credit Union, stated “We can confirm that preliminary discussions are underway. At this stage, no decisions have been made, and the process remains in its infancy. Any potential transfer would be subject to a thorough, regulated process including detailed due diligence, independent assessment, and approval by the Central Bank.”

Should the proposal progress, Drogheda Credit Union will ensure its members are fully updated and members will have the opportunity to vote on any final decision.

Mr Kiely added “Our absolute priority is to ensure that any decision made is in the best interests of our members. Drogheda Credit Union remains committed to supporting our members and local communities with transparency and care, and we will continue to keep all stakeholders informed as developments arise.”

Drogheda Credit Union serves over 60,000 members across five branches in Drogheda, East Meath, Dunleer and Trim, with assets of €385 million.