iStock illustration
Two small credit unions in Central Connecticut plan to merge to make a $675 million-asset credit union.
Nutmeg State Financial Credit Union, based in Rocky Hill, and First Bristol Federal Credit Union announced Thursday they plan to seek regulatory approval to merge their two institutions into a single, 48,000-member institution with a branch network running from Bristol and Hartford’s southern suburbs down the Interstate 91 corridor to Milford.
Nutmeg CEO John Holt would serve as CEO of the combined credit union while First Bristol CEO Mark Cornacchio would remain in an unspecified leadership role, according to Nutmeg’s press release.
“Both Nutmeg and First Bristol are committed to continually looking for new ways to bring greater value to our members and our Connecticut community. In planning for the future, we both realized that joining forces would bring greater strength and competitive advantages moving forward. Not only will this partnership benefit our collective members, it also positions us well to continue to grow and thrive over the long term. We have great respect for the First Bristol Board, leadership, and staff, and look forward to working with them through the merger process and beyond,” Hold said in a statement.
Nutmeg will be the surviving entity. The deal still requires approval from regulators and First Bristol members. Should that be secured, the merger would be finalized this spring, with a systems conversion planned for early 2025.
In its announcement, Nutmeg said the deal was “a collaborative effort to bring their collective members and communities more benefits” that would bring First Bristol members “access to significantly expanded products and services, new banking service technologies, additional branches, 30,000+ fee-free ATMs nationwide, and more.”
“This partnership is an important strategic opportunity to bring First Bristol members much more from their credit union – more convenience, more products, and more services. We know it would take years to grow to the point where we could offer members all the branches, products, services, and technologies this merger will bring. Nutmeg is also a great cultural fit with tremendous leadership and staff; we share core values and a true commitment to serving the unique needs of members. We couldn’t be more excited about what we’ll be able to bring to members and employees through this partnership,” Cornacchio said in a statement provided by Nutmeg.
