Hartford County’s newest credit union is delivering on its CEO’s pledge to double in size by 2025 through acquisitions of smaller institutions.
America’s First Network Credit Union, which relocated in January to East Hartford from its longtime Trumbull home base, has applied to the state Department of Banking to acquire Groton Municipal Employees Federal Credit Union.
America’s First CEO Nick Moalli told the Hartford Business Journal earlier this year that he intends to roughly double the size of his institution by 2025, mainly through absorbing small credit unions that, like his own credit union, serve select employer groups.
So far this year, America’s First has acquired North Haven-based Connecticut Federal Credit Union and Hartford-based CT Transit Federal Credit Union, with the two deals adding a combined 2,000-plus members and $8.7 million in assets to America’s First, which had $36 million in assets and nearly 5,000 members prior to the transactions.
Groton is of a similar size to Connecticut Federal, with $7.1 million in assets and 603 members as of its most recent financial filing.
