Rocky Hill-based Nutmeg State Financial Credit Union has applied to merge New Haven Teachers Federal Credit Union into the organization, as its previously disclosed plan to return to a federal charter moves forward.
Nutmeg submitted its merger application June 15, according to the Connecticut Department of Banking. The proposed transaction would merge New Haven Teachers Federal Credit Union into Nutmeg, with an anticipated effective date of Dec. 1.
Nutmeg is the much larger organization. It has $885.2 million in assets and 66,654 members. New Haven Teachers, which was founded in 1934, has $10.6 million in assets and 1,047 members.
Nutmeg has been active on the M&A front in Connecticut in recent years, inking deals to combine with First Bristol Federal Credit Union and Hamden’s CrossPoint Federal Credit Union.
Separately, the state banking commissioner on June 17 approved Nutmeg’s application to convert from a Connecticut charter to a federal charter. Once that conversion is completed — currently anticipated in the fourth quarter — the institution’s name will change to Nutmeg State Federal Credit Union.
Hartford Business Journal previously reported that Nutmeg is seeking the federal charter to support growth beyond Connecticut.
