ROCKY HILL, Conn.– Members of CrossPoint Federal Credit Union have voted in favor of merging into Nutmeg State Credit Union. The merger is to be effective December 1, 2025, with operational integration planned for April 2026, the credit unions said.
The combined credit union will operate under the Nutmeg State Financial Credit Union name and brand, with John Holt, Nutmeg’s current president and CEO, continuing as CEO of the combined organization.
Darlene White, CrossPoint’s CEO, will serve as strategic advisor/CrossPoint market president through the transition.
The combined CU will have more than $850 million in assets and 63,000 members.
“Our members and employees can look forward to all the benefits this partnership brings – greater access to services, enhanced technology, and continued investment in the communities we serve. We’re thrilled to welcome CrossPoint members and staff into the Nutmeg family,” Holt said in a statement.
‘Products with a Purpose’ Program to ‘Accelerate’
Through the merger, the credit unions said CrossPoint members will gain access to Nutmeg’s full suite of digital banking tools, expanded products and services, and a broader network of branches and ATMs. The CUs added that the partnership will also accelerate Nutmeg’s community-focused initiatives and “Products with a Purpose” programs, which bring financial access and education to underserved areas.
Until system integration is complete in April 2026, CrossPoint will operate as a division of Nutmeg State Financial Credit Union.
Payouts to Management
As the CU Daily reported earlier, according to documents filed with NCUA, four members of CrossPoint’s management are to be paid bonuses as a result of the merger, including:
- President and CEO Darlene White. The CU said White will play “an important strategic advisory leadership role” with the combined credit union after the merger and will receive a three-year contract at her current rate of pay. She will be eligible to receive a severance opportunity if terminated without cause during the term of the agreement equal to the remaining term of the contract. CrossPoint said White will also receive a $400,000 retention bonus at the legal merger date and a retention bonus of $400,000 if she remains with the continuing credit union for one year after the legal merger date.
- VP-Operations and IT Manager Ken Innocenzi. Innocenzi is to receive a three-year contract at his current rate of pay and will be “eligible to receive a severance opportunity if he is terminated without cause during the term of the agreement equal to six months of his then current salary.
- VP-Business Development, Marketing and Branch Banking Armand Muniz. Muniz is to receive a three-year contract at his current rate of pay and will be “eligible to receive a severance opportunity if he is terminated without cause during the term of the agreement equal to six months of his then current salary.
- VP-Administration Cheryl Rich. Rich is to receive a three-year contract at his current rate of pay and will be “eligible to receive a severance opportunity if he is terminated without cause during the term of the agreement equal to six months of his then current salary.
The Financials
CrossPoint FCU reported $600,982 in net income and net worth of 10.97% as of Sept. 30. Nutmeg State had $3.36 million in net income and net worth of 12.58% as of the same date.
