American Eagle Financial Credit Union, the state’s largest credit union, and Hartford-based Wellness Federal Credit Union have filed papers to merge, following votes by their respective boards of directors to combine forces.
The combined institution will retain AEFCU’s name and have a combined membership of 18,7133 and combined assets of $2.73 billion according to National Credit Union Administration data.
East Hartford-based AEFCU is Connecticut’s largest credit union, chartered by the state and serving anyone who lives, works, attends school or worships in Hartford, Middlesex, Tolland and New Haven counties as well as Massachusetts’ Hampden County, home to the city of Springfield. WFCU is a federal credit union and serves employees, contractors and self-employed people in the healthcare industry statewide. It has its origins in Hartford Hospital and was once known as the Hartford Hospital Employees Credit Union.
“AEFCU is guided by our mission to enrich the lives of our communities and create a world where financial freedom is a reality. Since credit unions are community builders, joining forces with Wellness gives us a presence in Hartford in order to help our new and prospective members build their financial health and reach their goals,” AEFCU President and CEO Howard Brady said in a statement.
If the merger is approved by the NCUA, the Connecticut Department of Banking and WFCU members, WFCU’s two branches, members and employees will become part of AEFCU.
“We are excited about the opportunity to merge with AEFCU. Our members have been requesting more digital banking options, branch locations, and access to no-fee ATMs for several years. It has become increasingly difficult for our small credit union to meet these demands and our partnership with AEFCU will satisfy these needs, expand our products and services, and ensure long-term sustainability within the industry,” WFCU CEO Cheryl Calabrese said in a statement.