Great Western Credit Union completes merger with Stroud Valleys Credit Union
Bristol-based Great Western Credit Union (GWCU) has expanded into Stroud in Gloucestershire, England, after completing a merger with Stroud Valleys Credit Union (SVCU).
The merger will increase GWCU’s membership across Bristol, Bath, Dorset, Somerset, Wiltshire and Gloucestershire to 21,000 with a total of around £11 million in saving deposits. The firm adds the move will “also help to improve and modernise services in the local area”.
GWCU CEO James Berry says the new merger will help more people across Southwest England “build financial resilience”.
The credit unions already have a longstanding working relationship thanks to their close proximity.
In the past, GWCU has guided SVCU on topics including grant funding, implementing IT projects and launching new accounts.
GWCU says it will provide a range of low-cost financial services as an alternative to high-interest lenders on the high street, with money from the credit union’s services directly benefiting the local community.
SVCU chair Andy Moy says: “As one of the UK’s smallest credit unions, it was increasingly difficult for SVCU to appeal to the next generation. Becoming part of our region’s largest means far more of our community gets to know about and benefit from saving and borrowing with their local credit union.”