Source: Shutterstock.
Two Connecticut-based credit unions, Finex Credit Union and First Connecticut Credit Union (FCCU), announced a proposed merger Thursday that would create a combined membership of nearly 20,000 members and assets of more than $150 million.
According to a joint statement from Finex ($103 million in assets, 9,137 members) of East Hartford, Conn., and FCCU ($51.7 million in assets, 11,327 members) of Wallingford, Conn., the proposed merger, if approved by state and federal regulatory agencies as well as an affirmative vote by FCCU members, would bring both credit unions under the Finex brand.
FCCU President/CEO Susan Brown said, "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."
If the merger is approved, Brown would become Finex's CFO and president of the Dealer Services unit. According to the announcement, Brown will also oversee the merged credit union's indirect lending staff.
Michael Palladino, president/CEO of Finex, said, "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. 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 by the Connecticut Banking Department, the NCUA and FCCU members, officials anticipate the merger will be finalized by mid-2023.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
