Mayor of Athlone and Moate Municipal District Cllr Vincent McCormack at the official launch earlier this year of West-Midlands Credit Union in Athlone with Claire Mulvihill, Marketing and PR, Marise O’Toole, Deputy CEO and Michelle Flynn, Branch Supervisor. Photo: Paul Molloy.

‘Momentous’ first financial year for new West-Midlands Credit Union

Ronan Fagan

Published: Fri 12 Dec 2025, 3:38 PM

West-Midlands Credit Union issued €54.1 million in loans over the last year, in a significant financial injection into the local community.

In a detailed annual report issued to members, West-Midlands Credit Union CEO John Doyle said the amalgamated financial institution had enjoyed "a uniquely busy year", detailing a number of key highlights in the company's financial year to September 30, 2025.

The merger between Athlone and Castlerea Credit Union and St Jarlath's Credit Union, which was ratified by the Central Bank in February, had "significantly impacted" the company's "financials for the year".

The CEO was speaking in advance of the West-Midlands Credit Union AGM which will take place virtually on Tuesday, December 16, at 8pm.

Highlights for the financial year to September 30, 2025, included a total income of €12.7m leading to a surplus of €3.5m for the amalgamated credit union.

The surplus figure will allow for a proposed dividend payment of 0.2%, totalling €774,015 to members which will be voted on during the AGM.

"Total assets grew from €285.3 million in 2024 to €470.1 million in 2025, largely a function of the Athlone and Castlerea Credit Union merger and continued savings inflows," the CEO added.

During the financial year, West-Midlands Credit Union issued 6,008 loans to the value of €54.1 million within the local community.

"Our rates continue to be competitive and bring unique benefits such as free loan insurance in the event of death or disability. Overall, 96% of members' loan applications were approved," the CEO stated.

At the core of the West-Midlands Credit Union is membership which the CEO said "is critical to the future of the financial institution".

"We continue to welcome new members daily, and since merging in February 1,914 new members have joined the Credit Union," the CEO said.

The CEO reiterated the Credit Union's commitment to the local community it serves having "supported different community groups to the tune of €83,716" during the financial year.

"We will shortly be announcing details of our 2026 Community Support Fund as we continue our commitment to the local community," the CEO stated.

Looking towards the future for the Credit Union, the CEO commended the work of the Board of Directors who "have recently invested a significant amount of time in putting together, and approving, a new strategic plan for West-Midlands Credit Union".

"The focus of the management team for the foreseeable future will be to deliver on the objectives of this plan and play a significant role in assisting the people within our community shape their financial futures," the CEO stated.

The areas of focus in the detailed strategic plan include member experience, financial resilience, community and social impact, investing in people and processes, and growing the Credit Union's membership and loan book.

In his address, chairperson of the Board of Directors Peter Fallon described the year as "momentous", members being now "part of one of the largest community-based Credit Unions in the country".

"Our mission is to be a constant and reliable presence for our members, empowering them to shape their financial futures.

"We very much appreciate your support as we embark on a significant step in our journey to be your number one, most trusted, provider of financial services," Mr Fallon said.