Two credit unions in Eastern Connecticut plan to merge, while a deal in the western part of the state has been called off.
Members of the New London Municipal Employees Credit Union will vote in July on a proposed merger with Groton-based Scient Federal Credit Union. New London Municipal has about 450 members and $3 million in assets, according to National Credit Union Administration data.
Scient Federal Credit Union, once known as Pfizer Employees Credit Union, has about 19,800 members and $314.6 million in assets. Scient Federal Credit Union has branches in Groton and New Haven, as well as a restricted branch on Pfizer’s Groton campus. New London Municipal’s office on Union Street in New London will remain open following the merger, according to the letter sent to the membership by New London Municipal’s board of directors.
The letter cited products and services available through Scient Federal Credit Union as reasons for the merger.
“The Board of Directors has concluded that the proposed merger is desirable and in the best interests of members because the Scient Federal Credit Union offers more products, services, and access points (branches, ATMs, online and mobile technology),” Board Chair Mark Topliff said in the letter. “In addition, this merger is the highest and best use of New London Municipal Employees Credit Union members’ net worth relating to strategic planning and business continuity.”
A merger announced in April that would have seen Fairfield-based Cornerstone Community Credit Union acquire Wilton-based Merritt Federal Credit Union has been called off, according to a recent report from the Connecticut Department of Banking. Cornerstone Community Credit Union withdrew its merger application on June 15.
This is the second time in recent years that a merger involving Merritt Federal Credit Union has been abandoned. Shelton-based Mutual Security Credit Union had applied to merge with Merritt in 2020 but withdrew the application.