Groton-based Scient Federal Credit Union and New London Municipal Employees Credit Union have completed their merger.
NLMECU members voted in favor of the merger last week, and Connecticut Banking Commissioner Jorge Perez also approved the transaction last week. The deal was completed yesterday.
NLMECU, which opened in 1953, had $3 million in assets and 448 members. Scient has nearly 20,000 members and $319 million in assets.
“NLMECU is excited to partner with Scient,” Melissa Robinson, NLMECU’s CEO, said in a statement last week. “The Board of Directors unanimously agreed that Scient was the future for our members. Chris Maynard, President/CEO of Scient cares about the credit union movement, the members, the employees, and the community. Scient has a full suite of products and services with competitive rates and 3 locations in Connecticut, plus over 5,000 locations to serve our NLMECU members throughout the United States.”
Scient, which was once known as Pfizer Employees 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 remains open. In a document on its website, Scient said it has entered into a five-year lease for a branch at 243 Bank St. in New London. The credit union said it plans to move to this location in the fourth quarter.
“We are excited to serve and welcome NLMECU members to the Scient family,” Chris Maynard, Scient’s president and CEO, said in the statement. “Our partnership is a win for the members and a win for the community.”