Renowned Cork credit union passes 49,000 members and loan book of €105m after merger 

Elevate Credit Union and Synergy Credit Union have merged and will now operate under the Elevate Credit Union brand. After the announcement at Elevate CU Fermoy were Gerry McDonogh, Grace O'Neill, Con Lawlor, Amanda Richards, Michael Hourihan, Joe Tobin, Anisa McCarthy,  and Roy McKnight. Picture: Brian Lougheed

Two of Cork's best known credit unions have completed a strategic merger, forming a new entity with a loan book valued at €105m.

Elevate Credit Union and Synergy Credit Union have joined forces, with the combined group to continue under the Elevate Credit Union brand. The collaborative initiative was passed at a special general meeting and has been formally approved by the Central Bank.