ROCKY HILL, Conn.–Six credit unions on opposite coasts have announced merger plans.
Housatonic Teachers FCU here has officially merged into Nutmeg State Financial Credit Union. The $20-million Housatonic Teachers FCU, founded in 1935 by seven teachers, has 2,000 members. The $400-million Nutmeg State has 40,000 members.
In conjunction with the merger, Nutmeg’s field of membership will expand to include the Connecticut towns of Shelton, Stratford, and Bridgeport. Nutmeg CEO John Holt told local media the CU continues to look for merger opportunities.
Housatonic’s three employees will remain in their jobs.
Also in Connecticut, East Hartford FCU here has announced plans to merge into America’s First Network Credit Union, based in Trumbull, Conn.
The two financial institutions have filed a merger document with the state Banking Department, the Journal Inquirer reported.
The $10.5-million East Hartford FCU has one office, which would continue to operate under the America’s First name.
In addition to its Trumbull headquarters, the $19-million America’s First has offices in Danbury, Fairfield, and Shelton, Conn.
Meanwhile, in Bakersfield, Calif., the $129-million Chevron Valley CU said it will merge into the $442-million Safe 1 CU, also based in Bakersfield. Safe 1 will be the surviving CU and name. Chevron Valley was founded in 1935 as a credit union for Standard Oil employees.