Tralee Credit Union will hold its 50th annual general meeting on Monday, December 11th. at the Rose Hotel in Tralee.
The board of directors reports a very positive year of growth for the company which has offices in Tralee, Castleisland and Killorglin.
Assets increased to €220 million, savings increased to €187 million. The loan book, now the credit union’s main source of income, achieved a growth of 15% to €74.3m.
Increase on Loans
For the first time ever, the company paid out over 10,000 loans valued at €38.2m a 12% increase on loans paid out on the previous year.
Delinquency continues to improve and their Pearls A1 Ratio – loans greater than 10 weeks in arrears – is at a historic low of 3.31%.
“2017 has been a very successful year for Tralee Credit Union and a great start to our 50th year,” said newly appointed CEO Pa Laide.
Hard Work and Dedication
“Results like these don’t just happen they are a result of hard work and dedication from the board, management and staff and loyalty and trust of members.
“We recently won the ‘Financial Services Team of the Year’ and ‘Credit Union, Credit Team of the Year’ at the National Credit Team Awards in Dublin.
“Winning these awards amongst our peers not only among credit unions but in the financial services industry as a whole is a significant achievement for Tralee Credit Union.
“Lending is our main source of income so it is important that we continue to grow our Loan Book and encourage members who need to borrow to use their credit union,” said Mr. Laide.
©Photograph: John Reidy
Significant Item on Agenda
A significant item on the agenda at next Monday’s AGM is the motion to change the name from Tralee Credit Union Ltd to Cara Credit Union Ltd.
Board Chairman, Tom Lawlor feels the time is right to change the name of the company:
“As we approach our 50th Anniversary we reflect on our heritage, our success and our achievements. Together with our members, our board, our management and staff we have worked hard in making Tralee Credit Union one of the strongest community based credit unions in the country.
A Common Bond
“Nearly 50 years ago we were set up to serve the financial needs of our members in Tralee and then over the years we extended our common bond into Castleisland and Killorglin.
“Today we feel the name Tralee Credit Union is not fully inclusive of these important towns and hinterlands.
“As we continue into the future, the time is right to facilitate a change of name for future mergers. In 2014, there were 391 credit unions in the Republic of Ireland, today there are 277.
Long Term Strength
“Mergers will continue and in doing so will enhance the long term strength of credit unions. We are not the first credit union to seek a name change there has been approximately 12 in Ireland which have completed the name change process with approximately 14 more like Tralee seeking a name change.
“Tralee Credit Union can no longer be defined geographically as this will hinder our growth and
the name change process began last January after an extensive member research campaign.
Identity Reflected
“We formed a committee and assessed over 120 names proposed by board and staff said and we wanted an inclusive name that reflected our identity, our success, our growth and our strength together.
“The name that resonated with everyone was Cara Credit Union.
“Cara means friend in Irish which we feel is embedded in the credit union ethos and values.
Cara Credit Union will help us connect more with members and rekindle past friendships with inactive members.
Heritage and Culture
“The term Cara is part of our heritage and culture and is a name that can be used at national level for future mergers as it is not just limited to Kerry.
“By proposing this name we are investing in our future together and laying the foundation for growth in the years to come.
“This name change is a significant milestone in the history of Tralee Credit Union, a milestone that should help us achieve our vision for the future together to become Cara Credit Union, Tralee; Cara Credit Union, Castleisland and Cara Credit Union, Killorglin,” concluded Mr. Lawlor.
Invited to Attend
Tralee Credit Union members aged 16 years and over are invited to attend this Monday’s AGM at the Rose Hotel, Tralee at 8pm where the motion to change the name will be put forward and voted on by members.
Membership of Tralee Credit Union is voluntary and open to everyone who lives and works within the Tralee, Castleisland and the Killorglin areas.
For further information on services call in to Tralee Credit Union in Tralee, Castleisland and Killorglin or visit their website www.traleecu.ie
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