NORWICH, Conn.–Two Connecticut credit unions have announced plans to merge. The $20-million Connecticut Community CU said it will merge into the $199-million CorePlus FCU on April 30 pending regulatory approvals and a vote by members of CCCU.
Connecticut Community has offices in Pawcatuck, its headquarters, and Foxwoods Resort Casino, while CorePlus has eight branches.
"We are extremely pleased with the opportunity of joining forces with CorePlus," Connecticut Community President and CEO Joyce McElhaney said in a statement. "Their focus on members, staff and the community mirrors our operating philosophy. Our members will enjoy the benefits of additional products and services and will continue to be served by existing staff and branch locations."
CorePlus said it will retain Connecticut Community’s 10 employees.
Should the merger receive approval, Connecticut Community will be known as "Connecticut Community, a division of CorePlus" before transitioning to the CorePlus name autumn of 2018.
"We are looking forward to combining the skills and resources of both CorePlus and Connecticut Community Credit Union, Inc.," said Nicholas Fortson, president and CEO of CorePlus, in a statement. "The opportunity to take advantage of operational efficiencies will enhance our ability to meet the ever-changing needs of our membership and community."
CorePlus was founded in 1936 and has more than 21,000 members. Connecticut Community was founded in 1950 and has more than 3,400 members.