GROTON, Conn.–Two Connecticut credit unions have announced plans to merge.
The $344.2 million Scient FCU and the $351.2-million CorePlus Credit Unions said they are seeking to combine.
In a statement on Scient’s website, the credit unions said the plan follows 15 months of “thoughtful consideration” and will involve what they called a leadership partnership model: Ray Currier, president and CEO of CPCU, will serve as CEO, and Chris Maynard, president and CEO of Scient, will serve as president.
The two CUs are both profitable. Scient, FCU, which has 18,732 members, had $205,455 in net income and net worth of 9.29%, as of March 30. Norwich, Conn.-based CorePlus Credit Union, which has 29,738 members, reported net income of $567,100 and net worth of 9.08% as of the same date.
Statements from CEOs
“The CorePlus team is excited to join forces with Scient, a well-respected credit union with a similar field of membership, culture, and commitment to serving our region,” said Currier in a statement. “This merger strengthens the combined institution and gives us sufficient scale to remain competitive and relevant well into the future. The members of both credit unions will see the benefits of this union with access to an increased number of branches, enhanced digital technology, and new services.”
Added Maynard, “The resulting partnership from this merger represents an exciting new chapter, one that strengthens our ability to serve our members with even greater financial resources, expanded products and services, and enhanced digital banking solutions. We are now positioned to become a stronger, more innovative credit union that
remains deeply committed to our members’ financial well-being. We look forward to delivering personalized service and a modern banking experience to our valued members.”
New Name, Brand to Come
The credit unions said a new brand will be developed and announced later this year and that all locations are expected to remain open, with the exception of the CorePlus Groton branch, which will be combined with the larger Scient branch, which has drive-up lanes and Saturday hours. No changes to the workforce are anticipated, the CUs said.
About the Credit Unions
Scient was founded in 1968 by four Pfizer pharmaceutical scientists as Pfizer Employees Credit Union. Renamed Scient in 2012 (From Ledge Light Federal Credit Union), the credit union underwent several mergers, with New Haven Postal Employees Credit Union in 2022.
CPCU was founded in 1936 when 27 educators organized the Norwich Connecticut Teachers Federal Credit Union. After several decades of growing assets and mergers with local employee credit unions, the Norwich Pequot Teachers Credit Union changed its name to CorePlus Federal Credit Union in 2001.
