Finex Credit Union and First Connecticut Credit Union propose a unique merger opportunity that will create an expanded business unit under the Finex brand
EAST HARTFORD, CN (January 19, 2023) — Finex Credit Union (Finex) is pleased to announce a proposed merger with First Connecticut Credit Union (FCCU), pending state and federal regulatory approval and an affirmative vote from the FCCU membership. Both credit unions are Connecticut state chartered and have a long history of effectively supporting the communities they serve. The merger would combine Finex and FCCU resulting in an organization with a combined membership of 20,000 and assets of $150 million.
“Long-term growth and the ability to best serve our members has always been and will continue to be our goal. This merger will be unique in that it will expand personalized services via technology to our membership while continuing our successful indirect lending business under the ‘FCCU Dealer Services’ banner,” says Susan Brown, President and CEO of FCCU. Ms. Brown will move to Finex as Chief Financial Officer and President of the Dealer Services unit. She will continue to oversee the credit union’s indirect lending staff, all of which will remain after the merger.
“Finex’s reputation for elite member service derives from our personalized approach to technology, and the tracking of service performance in all the delivery channels our members use. Given the preference of members to utilize remote service options, tellerless microbranches, secure integrated messaging, and expanded service hours of operation, we have been able to meet and exceed members changing service expectations. We are excited to be able to offer these services to FCCU members,” states Michael Palladino, President and CEO of Finex.
The proposed merger will require regulatory approval from the National Credit Union Administration (NCUA), Connecticut Banking Department (CTDOB) as well as a majority membership vote of FCCU members. An anticipated effective date will be midyear 2023. FCCU’s Wallingford branch location will be added to Finex’s three other branches, and the membership will have access to thousands of shared branches nationwide. Until the completion date, both organizations will continue business as usual with no change to how they serve their membership.
About Finex Credit Union
Since 1938, Finex Credit Union has met the diverse financial service needs of more than 9,500 members. As a cooperative, not-for-profit financial institution, Finex’s purpose is to be “wherever its members are” with convenient products / services accessible at over 5,400 shared branch service centers and 55,000 ATMs nationwide. Finex also operates a mortgage subsidiary, Mortgage Markets CUSO LLC, which was licensed by CTDOB in 2003. NCUA federally insures Finex deposits up to $250,000, and it is chartered by the CTDOB as a multi-group credit union primarily serving Hartford and Tolland counties.