ROCKY HILL, Ct.—The $704-million Nutmeg State Financial Credit Union here and $161-million CrossPoint FCU, based in Hamden, Conn., have agreed to merge, the organizations reported.
The combined organization would serve more than 63,000 members with an expanded branch network across Connecticut. Nutmeg CEO John Holt would serve as CEO of the combined credit union, which would operate under the Nutmeg name and brand. CrossPoint CEO Darlene White would remain in a leadership strategic advisory role with the organization, the CUs explained.
“Our two credit unions share a common commitment to delivering more for our members and the communities we serve,” Holt said. “As we look ahead, it became clear that coming together would create a stronger, more competitive organization. This partnership will not only enhance value for our collective members but also create new opportunities for innovation and growth in an evolving marketplace. We have the greatest respect for the Board, leadership, and team at CrossPoint, and look forward to moving forward together.”
“This proposed merger represents a natural evolution of our commitment to putting members first,” White said. “Partnering with Nutmeg will significantly expand what we offer, build on our collective strengths, and create a foundation for long-term success. With shared vision and values, we believe this merger will bring meaningful benefits to our members and communities alike. We’re excited about the possibilities this merger brings and the chance to collaborate with such a respected team.”
The deal awaits approval by regulators and CrossPoint members. CrossPoint will operate as a division of Nutmeg until the credit unions integrate operations in spring 2026.