An East Hartford-based credit union that has been on a merger-and-acquisition spree is seeking its second deal of 2024.
America’s First Network Credit Union has filed an application with the Connecticut Department of Banking to absorb Greenwich-based Arnold Bakers Employee Federal Credit Union.
Arnold Bakers is a tiny credit union founded in 1963 with 308 members and $1.7 million in assets, according to the National Credit Union Administration. It has one office at 10 Hamilton Ave., in Greenwich.
America’s First Network has 7,980 members and $85.3 million in assets with locations in Hartford, Trumbull, Fairfield, North Haven, Putnam, Stamford and Groton, NCUA data shows.
The effective date of the proposed merger is Oct. 1, 2024.
America’s First Network earlier this year completed another merger with Northeastern Connecticut Healthcare Credit Union in Putnam. It’s made several other acquisitions in recent years as credit unions face pressures to grow amid increasing operating costs.
