A pair of central Connecticut credit unions have merged, effective Sunday, Nov. 1, officials say.
Plainville’s $85 million-asset UBI Federal Credit Union announced Friday it will merge with the $10 million-asset Bristol Municipal Employees Federal Credit Union in Bristol.
UBI will be the surviving institution, retaining its name and its federal charter, official said. With the merger, UBI will extend its loan and savings products and financial services now to Bristol residents and businesses, said UBI President/CEO Stuart R. Phillips.
Boards of both institutions have approved the merger, allowing federal credit-union regulators.
Bristol Municipal’s lone office at 363 N. Main St. will become UBI’s Bristol branch, Phillips said.
Established in 1951, UBI has about 10,000 members. Founded in 1959, Bristol Municipal counts 1,500 members.
