Connect Credit Union SGM Statement

Dear Valued Members,

We want to take this opportunity to thank everyone who attended our Special General Meeting (SGM) last night. Your presence and participation underscored the deep commitment we all share for the continued success of Connect Credit Union and our place in the community. It was encouraging to see the highest attendance to date for a remote meeting and the level of support shown by attendees was overwhelming.

As discussed during our SGM, a detailed rationale was provided in relation to the closure of the Kilsaran and Clogherhead offices. This decision was not made lightly, and we understand that it is met with disappointment by some members, particularly those who rely on these branches. However, we believe this is the best course of action to position our credit union for long-term sustainability, while adapting to the evolving needs of our membership.

We are aware of a public gathering organised by a small group of members opposing the branch closures. It is important to clarify that this gathering was not called by the Board of Directors of Connect Credit Union and does not represent the collective interests or voices of our entire membership. All decisions regarding the closures have been made following proper procedures, and the board remains committed to acting in the best interests of the credit union as a whole.

Why We Made This Decision

At the SGM, we presented the comprehensive data that informed the board’s decision. One of the most compelling factors is the changing way our members are conducting their banking. As we shared last night, 87% of all transactions are now completed online or through digital platforms, which means a substantial portion of our membership has shifted away from in-person services. Foot traffic at the branches in question has declined significantly while the number of transactions conducted there has seen a reduction.

While we understand the sentimental and practical value these branches may hold for some members, the reality is that the costs associated with maintaining underused facilities are no longer sustainable. Closing these locations allows us to reallocate resources more efficiently and invest in services that better serve the entire membership.

The Board’s Commitment to Members

We want to reassure all of our members that this decision was made after months of thoughtful deliberation, guided by our commitment to balancing fiscal responsibility with excellent member service. We fully acknowledge that change is difficult, especially for those who prefer in-person services. However, it is the board’s belief that adapting to the realities of a digital banking environment is crucial for Connect Credit Union to thrive in the future. We will continue to offer in-person services in our Dundalk & Blackrock branches while extending the opening hours of the Termonfeckin location.

As highlighted during the SGM, these closures will enable us to enhance and expand our online banking services, mobile app and customer support for all members. This includes rolling out new features that will make online banking even more accessible and user-friendly, ensuring that our services remain available to everyone, regardless of location.

Addressing Concerns

We understand that a group of members has voiced their concerns about the closures and we respect their passion and commitment to keeping these branches open. Your feedback was heard and carefully considered at the SGM, and we want to thank you for engaging in the process. While we understand the frustrations expressed, the data and trends are clear: fewer members are utilizing in-person services, and the overwhelming majority prefer the convenience and flexibility of online banking.

Our goal is to provide the best possible service to all of our members, and we believe that embracing this shift toward digital banking is the most effective way to do that. The closures are part of a larger strategy to streamline operations, reduce costs, and reinvest in the services that the majority of our members are using.

Supporting Members Through the Transition

We recognize that the closure of these branches will require adjustments, particularly for those members who prefer in-person services. To ease this transition, we are offering several support initiatives:

Online Banking Tutorials: For members who are not yet familiar with our online banking platform, we will offer step-by-step tutorials, both online and in-person at our remaining branches, to help you navigate the system and feel comfortable managing your finances digitally.

In-Person Services at Other Branches: In-person services will continue to be available at our other branch locations. Our teams at these branches are ready to assist any members impacted by the closures.

Community Engagement: We are committed to maintaining a strong presence in the communities affected by the closures through other initiatives and outreach programs, ensuring that Connect Credit Union continues to be a vital part of your financial and local community life.

Looking to the Future

Our decision to close these branches is ultimately about ensuring that Connect Credit Union is positioned for long-term success. The financial services industry is undergoing rapid transformation, and the board is committed to adapting in ways that keep us competitive while continuing to serve the best interests of our members.

We believe that the future of banking lies in flexibility, accessibility, and innovation. By investing in our digital infrastructure and reducing the costs associated with underutilized physical branches, we are putting ourselves in a stronger position to meet the needs of all of our members, now and for many years to come.

Final Thoughts

We deeply appreciate the feedback and concerns raised during the SGM, and we value the trust you have placed in us to make decisions that guide our credit union forward. While this change may be difficult for some members, we firmly believe that it is necessary to secure a sustainable future for Connect Credit Union and continue providing the high-quality services you expect.

If you have any further questions or concerns about the branch closures, please do not hesitate to reach out to our team. We are here to support you through this transition and to ensure that every member has access to the banking services they need, wherever they are.

Thank you for your continued support and understanding.

Sincerely,

Stephen Johnston

Chairperson

Connect Credit Union Ltd.