02 April 2026
Proposed Strategic Merger
The Board of Directors of Synergy Credit Union Limited is pleased to inform members that we are now in a position to seek your approval of the proposed Transfer of Engagements, whereby Synergy Credit Union Limited would transfer to Elevate Credit Union Limited. This follows a period of detailed assessment and collaboration between both credit unions, during which it became clear that a strategic merger offers significant long-term benefits for members and the communities we serve.
Both Boards are confident that combining our credit unions will strengthen our financial position, enhance sustainability, and enable greater investment in innovation, digital services, and member experience. Members will also benefit from access to an expanded branch network and a broader range of services. We will continue the same community-based approach that defines both credit unions, including local branch presence, face-to-face service, and ongoing engagement and support in the communities we serve.
A Special General Meeting of Synergy Credit Union Limited will be held on Wednesday, 15 April 2026 at 7.00 pm via Zoom platform to consider and vote on the Special Resolution required to approve the proposed Transfer of Engagements.
All members are welcome to attend. To attend, please complete the pre-registration process in advance by clicking the button below.
Pre-registration will close at 6.00 pm on Monday, 13 April 2026.
Frequently Asked Questions
Impact on Members
Members will experience positive changes. Your membership continues seamlessly, with added benefits such as a wider branch network, enhanced services, and greater convenience.
Yes. All branches will remain open, and members gain access to an expanded network with branches in Douglas, Fermoy, Glanmire, Grange, Passage West/Monkstown, Watergrasshill and Lower Glanmire Road in Cork City.
Yes. Savings remain fully protected under the Deposit Guarantee Scheme, and all existing loans continue under the same agreed terms.
Staff from both Credit Unions will continue serving members, with all roles protected under TUPE regulations. As part of bringing two Credit Unions together, some duplication of roles is expected. Where this has occurred, a small number of staff have voluntarily chosen to pursue other opportunities. The combined team remains fully focused on delivering excellent service to members.
Your membership, savings, and loans remain securely in place. The only action members are asked to take is to support the proposed strategic merger by voting in favour at the Special General Meeting (SGM). Your support is essential to secure a stronger future for our members and the wider community.
At the appropriate time, there will be a short interruption in services to complete system alignment. This will be communicated in advance on our website to allow members to plan confidently.
Benefits and Services
The merger will strengthen the Credit Union, giving members access to more services, a wider branch and digital network, and a stronger financial foundation. It ensures long-term security through investment in innovation and improved financial offerings.
Members will gain access to mortgages, business loans, and innovative financial products. The merger will also expand our branch network, giving members more locations to access services in person. Digital services will remain as they are in the short term, with plans to deliver enhanced solutions in the medium to long term. Together, these developments mean greater choice, convenience, and long-term financial security.
Governance and Structure
Merging makes us stronger, more resilient, and better able to serve members. By combining resources, we can broaden services, invest in technology and staff development, and secure long-term sustainability in a changing financial environment.
The current timeline is early May 2026, subject to regulatory and member approval. Your vote at the Special General Meeting (SGM) is a vital part of this process.
The merger has the approval of both Boards of Directors. Most importantly, it depends on member approval at the Special General Meeting (SGM). Your vote is vital in shaping the future of our member community and ensuring we achieve greater benefits together.
The new Board will include representatives from both Credit Unions, combining knowledge and expertise to support strong governance and continuity for members.
The combined Credit Union will be called Elevate Credit Union. While the name comes from one of the existing Credit Unions, the merger is about combining strengths, so all members benefit from stronger services, greater convenience, and long-term security.
