Two Connecticut credit unions in eastern Connecticut on Thursday announced plans to merge.
Norwich-based CorePlus Federal Credit Union and Groton-based Scient Federal Credit Union said they have agreed to terms to merge, pending regulatory and member approval.
The announcement comes after nearly 15 months of negotiations between the credit unions’ boards and leadership regarding member benefits and services and the sustainability and growth opportunities for the combined entity, which will have nearly $700 million in assets.
That would make it the sixth-largest credit union in the state.
The newly combined entity will have a new brand that will be announced later this year, the credit unions said.
It will also adopt a leadership partnership model: Ray Currier, president and CEO of CorePlus, will serve as CEO; and Chris Maynard, president and CEO of Scient, will serve as president.
During the merger process, both credit unions said they will continue to operate independently; all existing branch locations are expected to remain open, except the CorePlus Groton branch, at 441 Long Hill Road, which will be combined with the larger Scient branch, 60 Colver Ave.
CorePlus, which was founded in 1936 when 27 educators organized the Norwich Connecticut Teachers Federal Credit Union, currently has $351.2 million in assets and 29,738 members, according to National Credit Union Administration data.
Scient was founded in 1968 by four Pfizer pharmaceutical scientists as Pfizer Employees Credit Union. Today, Scient has $344.2 million in assets and 18,732 members, according to NCUA data.
“The CorePlus team is excited to join forces with Scient, a well-respected credit union with a similar field of membership, culture, and commitment to serving our region,” said Currier, CorePlus’ CEO. “This merger strengthens the combined institution and gives us sufficient scale to remain competitive and relevant well into the future. The members of both credit unions will see the benefits of this union with access to an increased number of branches, enhanced digital technology, and new services.”
Scient CEO Maynard added: “We are now positioned to become a stronger, more innovative credit union that remains deeply committed to our members’ financial well-being. We look forward to delivering personalized service and a modern banking experience to our valued members.”
