Connecticut Credit Unions Propose 'Unique' Merger

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.