RUTLAND, Vt.—Members of the $81-million Credit Union of Vermont have voted in favor of merging into the $1-billion Vermont Federal Credit Union in South Burlington, Vt.
“We are grateful to the Credit Union of Vermont members for their trust and support,” Jean Giard, president and CEO of Vermont Federal Credit Union, said in a statement. “This merger will unite two community-driven credit unions with a long-standing commitment to member service and financial success. We are excited to welcome Credit Union of Vermont’s members and employees to our team, and we look forward to building on the combined strengths of both institutions.”
Added Bryan Kent, president and CEO of Credit Union of Vermont, in a statement, “This positive vote reflects our members’ confidence in the benefits of this partnership. Joining Vermont Federal Credit Union ensures long-term stability, broader resources, and meaningful advantages for the individuals and families we serve. Together, we will continue to expand opportunities for our members and for the communities we call home.”
Net Worth Distribution
As the CU Daily reported earlier, at the time the merger was announced Credit Union of Vermont said it would distribute some of its net worth if the merger were to be approved, with a one-time special dividend of $100 to each eligible member plus an amount estimated to be between 4.25% and 4.5% of a member’s average balance on their shares for the six months prior to the merger announcement. The total amount to be paid out is capped at $1.25 million.
Credit Union of Vermont had $1.05 million in net income over the first nine months of 2025, with net worth of 14.78%, while Vermont FCU had $6.68 million in net income and net worth of 10.26%.
As a result of the approved merger, Vermont FCU said it now serves over 63,000 members, and offers access to nine Vermont branch locations.
‘Enhanced’ Products
“Members will also benefit from an enhanced suite of products, expanded services, increased convenience, and a broader range of innovative digital banking solutions, while maintaining the personalized, community-focused service that members in Vermont expect and deserve,” the credit unions added.
Credit Union of Vermont will continue operations as Credit Union of Vermont: A Division of Vermont Federal Credit Union. Full systems integration is set to be completed later in 2026.
