The Financial Conduct Authority has approved a merger between Cumbria’s Affinity Credit Union and Eden and South Lakeland Credit Union.
The merger came into effect on 1 April, although operations at both organisations will continue unchanged for the time being because of Covid-19 lockdown restrictions.
Members of Eden and South Lakeland Credit Union will continue to access services, including loan applications, through its Penrith office. This office is currently closed to members and the public but queries are being handled by phone or email.
Eden and South Lakeland said: “We look forward to being able to offer the wider range of Affinity loan products and services in due course.
“There will be some changes in our terms and conditions as we bring the two credit unions together and we will advise you of these as soon as practicable.
“We look forward to developing and enhancing our services across Cumbria as a result of the merger.”
Martyn Evans, chair of the new Affinity board, said: “Credit unions are owned and operated by members for the benefit of members. We have a long history of supporting local communities.
“The merger puts Affinity on a firmer footing and enables us to continue offering a lower cost alternative to high-cost loans.”
