EAST HARTFORD, Conn.–Two Connecticut credit unions have announced plans to merge.
The $30.1-million Wellness FCU, which has more than 4,700 members, is seeking to merge into the $2.7-billion American Eagle Financial CU, which has more than 183,000 members. Wellness FCU was originally chartered to serve employees of Hartford Hospital and was known as Hartford Healthcare FCU before it changed its name in 2018.
The credit unions have filed their paperwork with the Connecticut Department of Banking and are now seeking regulatory approval, including from NCUA. Merger-related disclosure documents have not yet been filed with the agency.
If approved, the merger would likely occur at the end of May.
Seeking Presence in Hartford
According to the credit unions, if the merger is approved all nine employees of Wellness Federal Credit Union would be retained.
"We wanted to get a presence in Hartford and this does that," Howard Brady, American Eagle's president and CEO, told CTInsider.com. "We also want to create financial freedom for the members we serve and if we can support the people who are taking care of others, that's even better."
American Eagle reported $13 million in net income at year end, with net worth of 8.82%. Wellness FCU has $563,512 in net income, with net worth of 9.96%.
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