Out-of-state credit union establishes CT presence with local merger

In a rare out-of-state deal, a credit union with a sizable presence on the West Coast has entered the Connecticut market following a merger with Northeast Family Federal Credit Union (NFFCU) in Manchester.

Self-Help Federal Credit Union announced that its merger with NFFCU was completed on May 1. Self-Help says it has over $2 billion in assets, 129,000 members and 38 branches, including 22 in California, nine in Illinois, five in Washington and two in Wisconsin.

Self-Help says it was chartered in 2008 to serve “communities that have historically faced systemic barriers to financial inclusion.” It provides personal as well as small business loans.

NFFCU has $102.7 million in assets, 28 employees, 5,867 members and two branches, including in Manchester (at 233 Main St.) and North Windham (361 Boston Post Road).

NFFCU was originally founded in 1938 as Manchester Teachers’ Federal Credit Union. 

“This merger gives us a presence in the Northeast — a new area for us,” said Rudolfo Medina, president of Self-Help Federal Credit Union. “We are excited about both the expansion into a new state and about partnering with this mission-aligned institution to continue to provide affordable financial services to the communities they serve.”

In a letter to its members, NFFCU’s board of directors said the merger was “desirable and in the best interests of members.” 

“Self Help FCU, like Northeast Family FCU, is a low-income credit union with a strong history of commitment to its communities, especially those excluded from the financial mainstream,” the letter said. 

Joanne Todd, Northeast Family Federal Credit Union president and CEO, said the merger will offer members “a wider range of programs and services.”