State banking regulators have approved the merger of Groton’s Charter Oak Federal Credit with Putnam’s tiny Quiet Corner Community Credit Union.
When the deal is finalized June 30, Quiet Corner members will have access to Charter Oak’s 12 branches in New London and Windham counties.
Merger terms weren’t disclosed.
There hasn’t been a ton of M&A activity within the credit union industry recently, but the few deals that did occur have largely been small credit unions jumping into the arms of larger nonprofit cooperatives.
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Quiet Corner, for example, has $1.7 million in assets, compared to Charter Oak’s $779 million in assets.
