EAST HARTFORD, Conn.–Two Connecticut credit unions said they are seeking to merge.
The $103-million Finex Credit Union and the $51.7-million First Connecticut CU in Wallingford said they are seeking to combine pending state and federal regulatory approval and an affirmative vote from the FCCU membership.
“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,” said Susan Brown, president and CEO of FCCU.
If the merger is approved, Brown will become CFO at Finex and be president of the Dealer Services unit, overseeing the credit union’s indirect lending staff, all of whom will remain after the merger.
‘Elite Service’
“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,” said Michael Palladino, president and CEO of Finex. “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.”
If approved, the credit unions said they hope to complete the merger by midyear 2023. FCCU’s Wallingford branch location will be added to Finex’s three other branches.
The Financials
Finex Credit Union, which has 9,137 members, reported $523,963 in net income and capital of 9.52% as of Sept. 30, 2022. First Connecticut, while half the size of Finex, reported $678,515 in net income and net worth of 8.45%. It has more than 11,000 members.