ROCKY HILL, Conn.–Two Connecticut credit unions are reporting they have completed a merger.
The $610.2-million Nutmeg State Financial CU and the $106.6-million First Bristol FCU said they officially became a combined organization on June 1. The merged CU has more than 48,000 members and 10 branches, with First Bristol operating as a division of Nutmeg State until systems and operations are combined early next year.
As of March 31, Nutmeg State Financial reported $75,801 in net income, with net worth of 12.94%. First Bristol FCU posted $68,308 in net income, with net worth of 9.68% as of the same date.
A ‘Natural Fit’
“First Bristol is a natural fit as a merger partner and we couldn’t be more excited about our future together. Not only do we share deep Connecticut roots, but there are also great synergies between our member-focused cultures, goals, and mission,” said Holt in a statement. “While both organizations are strong today, we know that together we can better serve our collective members and offer greater value and convenience over the long term. We look forward to welcoming First Bristol members to Nutmeg and returning to serve the Bristol community.”
‘Saw the Value’
Added Cornacchio, “Our members clearly saw the value of our partnership with an overwhelmingly positive vote in favor of the merger. With our shared Connecticut heritage, values, and commitment to serve our local communities, we will carry on First Bristol’s long legacy while offering the best possible service, products, pricing, and convenience to our members. We look forward to combining the best of our organizations’ strengths to bring members much greater value from their credit union moving forward.”
The credit unions said that effective in 2025, members of First Bristol FCU “will have significantly expanded products and services, new banking service technologies, additional branches, 30,000+ fee-free ATMs nationwide, and more.”
In turn, Nutmeg State financial said it will expand its service footprint by expanding into the Bristol community
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