A merger of East Hartford-based Finex Credit Union and First Connecticut Credit Union of Wallingford has been approved by regulators and members, with a target date of June 30.
The merger, which will be under the Finex brand, has been approved by the Connecticut Department of Banking, National Credit Union Administration and credit union members, according to the regulators and Finex.
Announcing the merger proposal in February, Finex said it would result in an organization of 20,000 members and $150 million in assets.
In February, Finex reported it had $104.6 million in assets and branches in East Hartford, Vernon and Manchester. First Connecticut Credit Union had $50.4 million in assets and one location in Wallingford.
A steady drumroll of mergers has shrunk the tally of Connecticut credit unions from 148 institutions at the close of 2007, to 82 at the close of 2022. Over the same period, overall credit union membership rose 6.8% and assets nearly doubled to $14.7 billion.
Finex President and CEO Michael Palladino, in a statement released Thursday morning, said the merger will take two strong credit unions and make an even stronger institution.
“Because this is not a distressed merger, there will be no staff layoffs as of the July 1 merger date and the CEOs both organizations are working toward the future vision they both believe in,” Palladino said. “This vision is founded on providing elite service that combines innovative technology with personalized service to deliver the best member service experience in Connecticut. The integration of First Connecticut’s successful dealer service operations is also an important merger-related focus.”
