Local Credit Union branch set to close

The Elphin branch of Roscommon Credit Union is set to close due to “significant structural damage” to the building on Main Street in the town.

In a letter sent to members yesterday, Wednesday, Roscommon Credit Union Ltd outlined the reasons behind the closure:

“Unfortunately we have recently experienced significant structural damage to the Elphin building. A major roof leak and extensive saturation to the walls due to general wear and tear on an older building have resulted in part of the back-office ceiling collapsing,” the letter stated.

Branch members were informed in the letter that the cost of bringing the building back up to modern health and safety standards would be “extremely high”.

Other reasons listed for the closure were low footfall at the branch, the increase in online transactions and the limited opening hours of less than three hours a week – all of which “further reduces the business case for major reinvestment in the building.” 

Roscommon Credit Union pledged to help members who will have to transition to a new branch by offering ATM services, lodgements, withdrawals and accessibility support.

The letter concluded by saying: “We deeply regret having to take this step. Since the Elphin branch merged with us in 2016, we have remained committed to supporting the branch and have absorbed associated operational costs for as long as possible.”

A transition period will remain in place for the foreseeable while members and staff adapt to the change.

CEO of Roscommon Credit Union Bernie Moran explained the decision to close the Elphin branch, "The decision to close the Elphin branch was made by our Board of Directors only last week. While the immediate trigger was the recent weather event and the resulting damage to the building, the branch has unfortunately not been covering its operating costs for many years."

She added, "Footfall has remained consistently low since we took in the former Elphin Credit Union under a Transfer of Engagements in January 2016. We have operated the branch for almost 10 years at a financial loss, subsidised by our other branches."

The extensive cost of bringing the building to modern standards "ultimately informed the Board's decision," according to Ms Moran. 

It was found after an examination of the last six months, 23 people regularly used the branch.

The Roscommon Credit Union CEO ensured, "These members along with everyone who used the branch in recent months are being contacted individually and will be supported with alternative arrangements."