East Hartford-based Finex Credit Union will keep First Connecticut Credit Union’s indirect lending business under the FCCU name when the two credit unions complete their proposed merger this year.
Finex Credit Union plans to acquire FCCU in a merger that would result in a combined membership of 20,000 and $150 million in assets, Finex said in a statement last week. The deal is one of several proposed credit union mergers in Connecticut.
“Long-term growth and the ability to best serve our members has always been and will continue to be our goal,” Susan Brown, president and CEO of FCCU, said in the statement. “This merger will be unique in that it will expand personalized services via technology to our membership while continuing our successful indirect lending business under the ‘FCCU Dealer Services’ banner.”
Brown will become Finex’s chief financial officer and president of the dealer services unit following the merger. She will continue to oversee the credit union’s indirect lending staff, who will all join Finex after the merger, the statement said.
“Finex’s reputation for elite member service derives from our personalized approach to technology, and the tracking of service performance in all the delivery channels our members use,” Michael Palladino, president and CEO of Finex, said in the statement. “Given the preference of members to utilize remote service options, tellerless microbranches, secure integrated messaging, and expanded service hours of operation, we have been able to meet and exceed members changing service expectations. We are excited to be able to offer these services to FCCU members.”
Finex, which has branches in East Hartford, Manchester and Vernon, will keep FCCU’s Wallingford branch. FCCU, an employer-sponsored credit union, had about $51 million in assets and 11,000 members. Finex, a community-based credit union with a field of membership that includes Hartford and Tolland counties, has about 9,100 members and $103 million in assets.





