EduCom Co-operative Credit Union and Gateway Credit Union have agreed to a merger.
Members of EduCom voted to accept the move, after months of discussions and due diligence.
The members of Gateway Credit Union voted for the merger on April 18.
Under the credit union movement's rules of association there were no common bonds between members of Gateway and EduCom Credit Unions, as they live and work in separate parishes.
It's expected that the amalgamation will be finalised by the end of the year, to officially merge by January 1, 2025.
The merged entity will operate under a new name, to be determined by a competition among members.
The credit union will boast assets of more than J$28 billion, and will operate from 13 locations.
It will have more than 200 members of staff, serving a membership in excess of 174,000.
This is the second merger for EduCom in eight years, as in 2016 it merged with St. Catherine Co-operative Credit Union.
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