Rocky Hill-based Nutmeg State Financial Credit Union and Hamden-based CrossPoint Federal Credit Union announced Monday plans to merge.
The combined entity would run under the Nutmeg brand and state charter, as an $850 million organization serving 63,000 members.
“Our two credit unions share a common commitment to delivering more for our members and the communities we serve,” Nutmeg CEO John Holt said. “As we look ahead, it became clear that coming together would create a stronger, more competitive organization.”
The boards of each organization have agreed to pursue a merger, Nutmeg announced Monday. The move still requires approval of regulators and the members of the credit unions. If those approvals are given, the merger is expected to be completed this fall.
CrossPoint would run as a division of Nutmeg until the credit unions finish integrating operations next spring, according to Nutmeg.
Holt would remain CEO of the merged organization. CrossPoint CEO Darlene White would remain in a strategic leadership advisory role with the organization.
“This proposed merger represents a natural evolution of our commitment to putting members first,” White said. “Partnering with Nutmeg will significantly expand what we offer, build on our collective strengths, and create a foundation for long-term success.”
The merger would give CrossPoint members access to expanded products and services; new banking technologies; additional branches and ATMs and more. Nutmeg will expand its branch network to better serve members and reach out to underserved areas.
Chartered in 1935, Nutmeg has two branches in Bristol and two in Rocky Hill (including Rocky Hill High School) and one each in Glastonbury, Manchester, New Britain and Orange. CrossPoint, chartered in 1936, has branches in Branford, New Haven, Hamden and inside the Southern Connecticut State University student center in New Haven.
