We are pleased to announce the merger of Wave Community Bank and Kent Savers Credit Union completed on 20th February 2024.
The merger creates a credit union with over 13,000 members and £7 million in assets.
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 if the credit union is larger.
Richard Priestman, Wave Community Bank President 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.”
ABCUL CEO, Robert Kelly said:
“On behalf of us all at the Association of British Credit Union Ltd, we send our congratulations to Wave Community Bank for the successful merger with Kent Savers Credit Union. The transfer of operations is another pivotal move in a positive direction for two organisations collaborating to achieve greater sustainability and service provision for its combined member base.”
The WCB Team look forward to welcoming all Kent Savers members and building a stronger credit union together.
We have put together some FAQs for Kent Savers and WCB members to help answer any questions you may have. You can read them here.
