Stamford-based Sound Federal Credit Union has completed one merger this month and plans to acquire another credit union that has made multiple merger attempts in recent years.
Previously known as Stamford Federal Credit Union, Sound Federal Credit Union acquired Westport-based Tri-Town Teachers Federal Credit Union on Nov. 1. Tri-Town Teachers FCU had about $26.6 million in assets on Sept. 30 and 1,860 members, according to National Credit Union Administration data.
Tri-Town Teachers FCU’s membership included Westport municipal employees and a few other groups. The credit union’s president and CEO, Shaun Mee, will join Sound FCU as an executive vice president, according to a filing with the NCUA. Edward Fox remains Sound FCU’s president and CEO.
Sound FCU plans to keep Tri-Town’s one branch in Westport. While Tri-Town’s members have access to Sound FCU’s Stamford branch, the conversion will not take place until next September, according to Tri-Town’s website.
Sound FCU had about $86.8 million in assets and 6,100 members before the merger. Sound FCU’s field of membership include people who live, worship, work or attend school in Fairfield, Litchfield and New Haven counties.
After two recent merger attempts, Wilton-based Merritt Federal Credit Union also plans to merge with Sound FCU. Merritt FCU members have a special meeting on Nov. 30 to vote on the merger.
“The Board of Directors has concluded that the proposed merger is desirable and in the best interests of members because it allows for a consolidation of energies and resources of the two credit unions to better serve the members in a competitive and secure environment,” David Hartman, Merritt FCU’s board president, said in a letter to members.
Merritt has about $12.3 million in assets and 1,900 members. Merritt’s long-time leader, Diane Heggland, had retired from the credit union in August, according to Merritt’s website. Hartman’s October letter said Heggland would become an officer at Sound FCU and have an active role in the credit union’s day-to-day operations.
Merritt Federal Credit Union has recently been involved with two other merger attempts. A deal with Fairfield-based Cornerstone Community Credit Union that had been announced in April was called off in June. A 2020 merger with Shelton-based Mutual Security Credit Union was also called off.





