Two Connecticut-based credit unions — East Hartford’s Finex Credit Union and First Connecticut Credit Union of Wallingford — are proposing to merge under the Finex name.
The merger requires regulatory approval from the National Credit Union Administration, Connecticut Banking Department and a majority of First Connecticut Credit Union members, the credit unions said.
If approved, the combined credit union would have 20,000 members and $150 million in assets.
“Long-term growth and the ability to best serve our members has always been and will continue to be our goal,” said Susan Brown, president and CEO of First Connecticut Credit Union.
Brown will move to Finex as chief financial officer and president of Dealer Services, overseeing the credit union’s indirect lending staff.
The proposed merger is expected to be completed in mid-2023, the credit unions said.
Finex, with $104.6 million in assets, has three locations, including in East Hartford, Vernon and Manchester. First Connecticut Credit Union, with $50.4 million in assets, has one location, in Wallingford.
Finex was founded in 1938 and has more than 9,500 members. It primarily serves Hartford and Tolland counties.
First Connecticut has existed for nearly 50 years and has roughly 10,000 members throughout the state. Its membership is open to anyone who works for an employer group of 500 employees or less in Connecticut that provides direct deposit.
