Connecticut’s credit union consolidation continues with three more deals in the works, including one involving the state’s smallest credit union.
Stamford-based Sound Federal Credit Union looks to make its third acquisition since November by merging with Faith Tabernacle Baptist Federal Credit Union, also based in Stamford.
With about $98,800 in total assets as of Sept. 30, Faith Tabernacle Baptist FCU is Connecticut’s smallest credit union by assets. The faith-based credit union has 150 members, according to National Credit Union Administration data.
With the recent acquisitions of Westport-based Tri-Town Teachers Federal Credit Union and Wilton-based Merritt Federal Credit Union, Sound Federal Credit Union has about $125 million in assets and 9,800 members.
Faith Tabernacle Baptist FCU’s board president, Mary Shepard, said in a letter filed with the NCUA that the merger would give members additional products and services, access to more branches, and enhanced online and mobile banking tools. The credit union does not have a website, according to NCUA data.
Shepard added that the merger would combine credit unions with “similar values and commitment to their members, people, and culture.”
“These two organizations share a core purpose of advancing and promoting the interests of the public to empower people to achieve a brighter financial future,” Shepard said. “With the combined vision, people, and capabilities of these two organizations, the members, communities and employees will receive lasting benefits.”
Faith Tabernacle’s office at the Grove Street church in Stamford will not remain open after the merger. Sound Federal Credit Union, which retained branches in its other recent mergers, has branches in Stamford, Westport and Wilton.
Faith Tabernacle Baptist FCU’s members vote on the merger at the end of February.
Stamford Postal Employees Federal Credit Union looked to Central Connecticut for its merger partner.
The $13.1 million-asset Stamford Postal Employees FCU, which has about 1,900 members, plans to merge into East Hartford-based America’s First Network Credit Union, according to an NCUA filing.
An employer-based credit union, AFNCU has about $62 million in assets and 5,700 members. The credit union has acquired several smaller institutions in recent years.
In a letter to members, board Chairman Basil Venech said the merger would let Stamford Postal Employees FCU keep its brand identity and operate as a division of AFNCU. The deal will also retain the credit union’s current Stamford location. Members vote on the merger in mid-February.
Another deal involves the $51 million-asset First Connecticut Credit Union, which plans to merge into the $103.7 million-asset East Hartford-based Finex Credit Union, according to the Connecticut Department of Banking’s weekly report.
Wallingford-based First Connecticut Credit Union is employer-sponsored and has about 11,000 members. Finex Credit Union, which has about 9,100 members, is community-based with a field of membership that includes Hartford and Tolland counties.
The deal would expand Finex’s field of membership to include First Connecticut CU’s employer groups. The credit unions are targeting June 30, 2023, to complete the deal, according to the Department of Banking.
Another proposed merger announced last year would see Sikorsky Credit Union acquire Bridgeport City Employees Federal Credit Union.
