ROCKY HILL, Conn.–Two credit unions in Connecticut have announced their intent to merge.
The $565.5-million Nutmeg State Financial Credit Union in Rocky Hill and the $108-milllion First Bristol CU in Bristol said they plan to combine. The two CUs are approximately 20 miles apart.
“The proposed partnership would combine the vision, people, branches, and capabilities of two successful credit unions in a collaborative effort to bring their collective members and communities more benefits,” the credit unions said in a statement.
The combined CU would serve approximately 49,000 members.
Nutmeg State CEO John Holt would serve as CEO of the combined credit union, while First Bristol CEO Mark Cornacchio “would remain in a leadership role.”
‘Greater Value’
“Both Nutmeg and First Bristol are committed to continually looking for new ways to bring greater value to our members and our Connecticut community,” Holt said in a statement. “In planning for the future, we both realized that joining forces would bring greater strength and competitive advantages moving forward. Not only will this partnership benefit our collective members, it also positions us well to continue to grow and thrive over the long term. We have great respect for the First Bristol Board, leadership, and staff, and look forward to working with them through the merger process and beyond.”
The credit unions said the merger would bring expanded products and services to First Bristol members, in addition to more branches, 30,000+ fee-free ATMs nationwide, and more.
‘Strategic Opportunity’
“This partnership is an important strategic opportunity to bring First Bristol members much more from their credit union – more convenience, more products, and more services,” said Cornacchio in a statement. “We know it would take years to grow to the point where we could offer members all the branches, products, services, and technologies this merger will bring. Nutmeg is also a great cultural fit with tremendous leadership and staff; we share core values and a true commitment to serving the unique needs of members. We couldn’t be more excited about what we’ll be able to bring to members and employees through this partnership.”
Vote Pending, Plus the Financials
The merger is pending approval by regulators and First Bristol members. Assuming all approvals are received, the credit unions estimate the merger would be finalized in spring 2024, with First Bristol operating as a division of Nutmeg until the credit unions integrate operations, planned for early 2025.
Through Sept. 30, 2023, Nutmeg State posted $938,205 in net income, with capital of 13.63%. First Bristol reported $160,234 in net income, with capital of 9.52% as of the same date.
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