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The Rocky Hill, Conn.-based Nutmeg State Financial Credit Union and Hamden, Conn.-based CrossPoint Federal Credit Union announced Monday that their Boards of Directors have agreed to merge the two institutions.
With Nutmeg holding approximately $700 million in assets and CrossPoint holding approximately $156 million, the result of the merger would be a state-chartered credit union with more than $850 million in assets serving more than 63,000 members with an expanded branch network across Connecticut.
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If regulators and CrossPoint members officially approve of the merger, it is expected to be finalized in the fall of this year, with CrossPoint operating as a division of Nutmeg until the credit unions integrate operations in spring 2026, the credit unions said.
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.
“Our two credit unions share a common commitment to delivering more for our members and the communities we serve,” Holt stated. “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.”
The merger would bring expanded products and services, new banking service technologies, and additional branches and ATMs to CrossPoint members, including those in underserved areas, according to the announcement.
“This proposed merger represents a natural evolution of our commitment to putting members first,” White stated. “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.”
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
