Wave Community Bank Has Merged With Kent Savers
The merger of Wave Community Bank and Kent Savers Credit Union on 20th February created a credit union with over 13,000 members and £7 million in assets, serving people across Kent and East Sussex.
By being part of a larger, combined, sustainable and growing credit union, members will be able to access a broader range of products and services, and the merged credit union will be able to extend its reach to new members across the Southeast, expanding the credit union and helping more people to access ethical and fair financial services.
Mergers among credit unions are becoming more commonplace, as a consequence of not only the challenging economic times but also increasing regulation, compliance with which comes at a greater cost that is easier to absorb by a larger credit union.
Richard Priestman, President of Wave Community Bank said:
“We’re delighted to be merging with Kent Savers and welcoming their members to Wave Community Bank. We believe this is a great opportunity to build a stronger credit union that can help more local people to access affordable credit and great savings accounts. We’re looking forward to a bright future for our members and our credit union”.
Kathy Cox, Deputy Chair of Kent Savers Credit Union said:
“In seeking a merger, the most compelling outcome for Kent Savers is for our current members as well as people in Kent, Medway and Bexley to continue to be well served by a thriving, sustainable and progressive credit union – we believe that merging with Wave Community Bank is the best way we could have imagined to deliver on that. We are looking forward to working together as Wave Community Bank.”
Kent Savers members will be fully integrated into the WCB system on 21st February. There will be some disruption to service on 21st February but full service will be resumed for all members on 22nd February. WCB are keeping the office in Maidstone to continue to have a base in Kent to reach local residents.
Both WCB and Kent Savers have long histories of working collaboratively with local councils on projects to help residents access housing and financial services. WCB plans to continue working on innovative new projects into the future with local councils and NHS Trusts as well as offering credit union services to workers through their salaries with Employer Partners across Kent and East Sussex.
About Credit unions
Credit unions are not-for profit savings and loans co-operatives. This merger comes at a time when credit unions across the UK are seeing impressive growth in membership, assets, shares and loans. Read more here: https://www.abcul.coop/news/british-credit-union-membership-surpasses-1-5-million-for-the-first-time/ .
