The boards of directors at CorePlus Federal Credit Union and Connecticut Community Credit Union have entered into an agreement whereby Connecticut Community CU will merge into CorePlus FCU.
Both boards said the proposed transaction is in the “best interest” of both institutions.
Based in Norwich, Conn., CorePlus FCU has about $200 million in assets and some 21,000 members. Connecticut Community CU, based in Pawcatuck, Conn., has about $20 million in assets and more than 3,400 members.
Joyce A. McElhaney, president and CEO of Connecticut Community CU, stated: “We are extremely pleased with the opportunity of joining forces with CorePlus. Their focus on members, staff and the community mirrors our operating philosophy. Our members will enjoy the benefits of additional products and services, and will continue to be served by existing staff and branch locations.”
Nicholas K. Fortson, CorePlus FCU’s president and CEO, stated: “We are looking forward to combining the skills and resources of both CorePlus and Connecticut Community Credit Union. Fortson added that “the opportunity to take advantage of operational efficiencies will enhance our ability to meet the ever changing needs of our membership and community.”
The merger remains subject to the approval of the members of Connecticut Community CU, the National Credit Union Administration and the State of Connecticut Banking Commissioner.
Following the necessary approvals, the merger is expected to close in the second quarter of 2018.
CorePlus FCU posted net income of about $552,000 in 2017, down from net income of some $624,000 in the prior year.
Connecticut Community CU recorded a net loss of about $53,259 last year, after incurring a net loss of nearly $94,000 in the prior year.