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With two mergers already completed this year, Connecticut could see two more credit unions join with larger organizations in the coming months.
Shelton-based Mutual Security Credit Union and Bethel-based Consolidated Controls Corp. Federal Credit Union have applied with state and federal regulators to merge. Consolidated Controls Corp. would become part of Mutual Security Credit Union.
Mutual Security Credit Union has $343 million in assets and more than 27,000 members, according to National Credit Union Administration data. Its field of membership would expand with the merger to include Consolidated Controls Corp. FCU’s two employer groups: Eaton Corporation and DRS Naval Power Systems.
Consolidated Controls Corp. FCU has about $1.2 million in assets and 200 members.
Henry Baum, Mutual Security’s president and CEO, said in an email to The Commercial Record that the credit unions do not intend to close any offices as a result of the merger.
“Both credit unions’ cultures are member-centric,” Baum said. “We believe our merger will enhance member value by allowing us to offer members additional products and services.”
The credit unions hope to complete the merger by year-end, Baum added.
Consolidated Controls Corp. FCU would be Connecticut’s third small, employer-based credit union to merge this year into a larger organization. Connecticut Transit Federal Credit Union earlier this month and Connecticut Federal Credit Union in February joined Trumbull-based America’s First Network Credit Union.
And AFNCU is now looking at a third merger after applying last week to combine with Groton Municipal Employees Federal Credit Union.
GME FCU has about $7.1 million in assets and 600 members who work for the town of Groton, the town of Montville, the Visiting Nurses Association in Groton, the Tuthill Nursery in Groton, the Day Publishing Co. in New London and Jackson Hewitt. These employer groups would become part of AFNCU’s field of membership.
AFNCU President and CEO Nick Moalli told The Commercial Record earlier this year that the mergers were opportunities to help smaller credit unions gain economies of scale. AFNCU had about $47.7 million in total assets before its most recent merger.
