RUTLAND, Vt.–Consolidation among Vermont’s credit unions continues with Vermont Federal Credit Union and Credit Union of Vermont saying they are seeking to merge.
The $1-billion Vermont FCU has approximately 57,000 members. The $82-million CU of Vermont has approximately 3,400 members. Vermont FCU posted $1.92 million in net income as of Q1, with net worth of 9.78%. Credit Union of Vermont reported $325,546 in net income and net worth of 13.71%.
The plan to combine comes approximately a year after two large CUs in the Green Mountain State, Vermont State Employees and New England FCU, merged to create what is now known as EastRise Credit Union. EastRise CU, based in Williston, Vt., has $3.071 billion in assets and serves approximately 171,000 members.
The merger of Vermont FCU and Credit Union of Vermont is pending regulatory approval and a vote by the Credit Union of Vermont membership later this year.
‘Significant Advancement’
“This merger represents a significant advancement for both institutions, bringing them together through common origins and a mutual commitment to the communities they serve,” the credit unions said in a statement.
“Joining forces with Vermont Federal Credit Union represents an exciting opportunity to strengthen our mission and better serve our members,” Bryan Kent, president and CEO of Credit Union of Vermont, said in a statement. “This merger ensures that our members and employees benefit from enhanced resources, innovative solutions, and a continued commitment to the values we’ve always held dear. Together, we are building something even better.”
‘Creative Solutions’
Added VFCU President and CEO Jean Giard in a statement, “By unifying our efforts, we can bring our creative, individual solutions to more Vermonters. Whether it’s buying a home, a first car, or paying for a child’s education, we are committed to helping people find a financial path forward. We look forward to joining the Rutland community and welcoming Credit Union of Vermont’s members and employees to Vermont Federal.”
The credit unions have created a microsite for members at www.vermontfederal.org/bettertogether
