Connecticut credit unions finalize 2025 merger plans

CEO warns that current conditions are forcing small CUs to look for partners.

Nutmeg State Financial Credit Union in Rocky Hill and First Bristol Federal Credit Union in Hartford said this week that First Bristol members approved the merger of the two institutions.

It was the final hurdle for the transaction, which was announced in January and is anticipated to take effect in early 2025.

The combined organization will be a $675 million-asset, state-chartered credit union serving nearly 48,000 members. Nutmeg State’s President and CEO John Holt will serve as CEO of the combined credit union, and First Bristol CEO Mark Cornacchio will remain in a yet-unannounced leadership role.

Holt told Tyfone he is seeing increased merger interest from smaller credit unions that are looking for a life raft due to factors including regulatory burden, compliance costs and competition.

 

continue reading »