Proposed Merger - Derbyshire Community Bank and Chesterfield & North-East Derbyshire Credit Union

We are excited to let you know that the Board of Derbyshire Community Bank (DCB), the trading name of Erewash Credit Union Ltd, has agreed in principle to a merger with Chesterfield & North-East Derbyshire Credit Union (CNEDCU).

This is subject to approval by CNEDCU’s members and final authorisation from the Financial Conduct Authority (FCA).

We will operate as a single organisation under the name Derbyshire Community Bank. This merger brings together two community-driven financial cooperatives that share the same mission: to support people across Derbyshire to save, borrow and thrive financially.

Next Steps

Under our rules, decisions like this are delegated to the Board. The members of Chesterfield & North-East Derbyshire Credit Union (CNEDCU) will vote on the proposal through two special general meetings in the coming weeks. If approved, we expect the merger to be finalised by September 2025.

If you have any questions, feel free to contact us at info@dcbank.org.uk

What does the merger involve?

If the merger goes ahead, CNEDCU will carry out what’s known as a Transfer of Engagements to DCB. This means all CNEDCU members will become DCB members, and:

• Their savings and loans will transfer under the same terms and conditions
• They will be given a new Membership number as a new DCbank member

• They will gain access to DCB’s full range of products and services

• They will be eligible for any dividend we may pay to savers in future

Looking ahead

This merger is a really positive step for both credit unions. By joining forces, we’re making sure we remain strong, sustainable and well-equipped to serve our members now and in the future.