Wiltshire and Swindon Credit Union complete merger

Wiltshire and Swindon Credit Union have announced that they completed a merger agreement.

The Credit Union will now be called Wiltshire and Swindon Credit Union (WASCU) says that the name change will reflect a new focus on encouraging savings and will continue to offer the same high level of service.

Wiltshire and Swindon Credit Union (WASCU) says members will benefit from a merger with two neighboring services and a rebrand as Acorn Community Bank.

WASCU, which has around 4,000 members, has joined with Clivey Credit Union in Swindon, which has 600, and Swan Community Bank in Buckinghamshire and Oxfordshire to relaunch this week as Acorn Community Bank.

Chair of WASCU, Nick Gallop said the merger will make it even more responsive to members’ needs and allow the credit union an opportunity to grow. “It’s a really well-run organisation, but it has reached a limit and can’t depend on volunteers continuing forever. While their current lending and savings will stay the same, we hope Clivey members will notice new services, like our online banking app.”

Swan Community Bank, which has 3,000 members, serves Milton Keynes, Buckinghamshire and Oxfordshire. Its uncertainty over the future of its outsourced IT system meant it had to find another partner to be sure of surviving.

Last year Acorn invested in a new IT system to modernise its systems and introduce new loans. It has already introduced a simple banking app and new types of lending will follow.

WASCU grew by merging four credit unions from different parts of Wiltshire in 2016 and now lends more than £1m a year. Gallop said “We have seen a steady rise in demand over the last few years, a demand which is currently fueled by the cost-of-living crisis.”