TRALEE Credit Union will be known as ‘Cara Credit Union’ after the motion to change its name was passed last night at the AGM in The Rose Hotel.
There was a large attendance at the 50th Annual General Meeting where the Board of Directors reported a very positive year of growth for Tralee Credit Union with offices in Tralee, Castleisland and Killorglin.
It was decided to change the name to as there are now three offices in Tralee, Castleisland and Killorglin and the directors felt the name “Tralee Credit Union” is not fully inclusive of these towns and hinterlands. The possibility of any future mergers was also a consideration.
Continued below…
.
The motion passed by a two-thirds majority and the name change is expected to take effect sometime in early 2018.
The meeting last night heard that assets increased to €220 million and savings increased to €187 million. Their Loan Book, now the credit union’s main source of income, achieved a growth of 15% to €74.3m.
For the first time ever, they 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%.
