EAST HARTFORD, Conn.–Two Connecticut credit unions have announced their intent to merge.
Pending approval of the Connecticut Department of Banking, the $74.7-million America’s First Network CU and the $10.1-million Northeastern Connecticut Healthcare CU said they are seeking to combine, should members of NCHCU approve.
America First Network Credit Union noted it has a wide FOM, including more than 100 educational institutions and private sector businesses, as well some state and municipal employees. The credit union has over 7,000 members and seven Connecticut branches as well as one in Arkansas, according to the credit union.
Northeastern Connecticut Healthcare Credit Union is based out of Day Kimball Hospital, where it has its large branch.
Technology Costs Cited
The credit union said it is facing costs related to technology upgrades “required by regulators.”
America’s First network CU posted $451,332 in net income and net worth of 11.01% as of Sept. 30. Northeastern Connecticut Healthcare also has a healthy bottom line, posting $44,738 in net income, with net worth of 14.81% as of the same date.
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