🔒State approves credit union merger

Connecticut banking regulators have approved Rocky Hill-based Nutmeg State Financial Credit Union's proposed merger with New Haven Teachers Federal Credit Union, clearing another step toward the deal's completion. The state Department of Banking said Commissioner Jorge Perez on July 29 approved the merger under state law. The deal is now expected to close in December. As part of the merger, Nutmeg's field of membership will expand to include teachers and administrators employed by, paid through or supervised by the New Haven Board of Education. Nutmeg previously disclosed plans to merge the much smaller New Haven Teachers Federal Credit Union into the organization. At the time of the application, Nutmeg had about $885 million in assets and more than 66,000 members, while New Haven Teachers had about $10.6 million in assets and roughly 1,000 members. The merger is part of Nutmeg's broader growth strategy. The credit union has completed multiple mergers in recent years, including combinations with First Bristol Federal Credit Union and Hamden-based CrossPoint Federal Credit Union. Separately, Nutmeg is also in the process of converting from a Connecticut charter to a federal charter, a move the institution has said will support expansion beyond Connecticut. Once that conversion is complete, the credit union plans to rename itself Nutmeg State Federal Credit Union.