HAMDEN, Conn.–Two more Connecticut credit unions are looking to merge.
The $160.1-million Crosspoint FCU and the $703.3-million Nutmeg State Financial Credit Union said they are looking to combine.
CrossPoint FCU, which has 10,242 members, posted $119,985 in Q1 net income, with net worth of 10.5%. Nutmeg State, which has 54,064 members, reported $946,681 in net income and had 12.48% capital as of March 30.
The credit unions said Nutmeg CEO John Holt would serve as CEO of the combined credit union, which would operate under the Nutmeg name and brand. CrossPoint CEO Darlene White would remain in a leadership strategic advisory role with the organization, it added.
“Our two credit unions share a common commitment to delivering more for our members and the communities we serve,” Holt said in a statement. “As we look ahead, it became clear that coming together would create a stronger, more competitive organization. This partnership will not only enhance value for our collective members but also create new opportunities for innovation and growth in an evolving marketplace. We have the greatest respect for the Board, leadership, and team at CrossPoint, and look forward to moving forward together.”
Added White in a statement, “This proposed merger represents a natural evolution of our commitment to putting members first. Partnering with Nutmeg will significantly expand what we offer, build on our collective strengths, and create a foundation for long-term success. With shared vision and values, we believe this merger will bring meaningful benefits to our members and communities alike. We’re excite
Taking the Next Step
For nearly 90 years, Crosspoint has been here for the sole benefit of serving you, our member-owners,” the credit union said in a statement on its website. “We look forward to taking this next step of partnering with another Connecticut credit union that shares our values and member service commitment with one very and clear simple goal: to better serve you and your financial needs.”
CrossPoint FCU further noted that Nutmeg Financial is a “local Connecticut credit union offering multiple branches, industry-leading technology, and a comprehensive suite of financial products and services this merger is a unique opportunity to partner with one of the strongest credit unions in the state, ensuring safety and security for your accounts with the same personalized service.”
Benefits Listed
As benefits of the merger, CrossState told members that its branches will remain open while eight more branches will be added, that it will offer a dedicated call center and live chat, offer more low-rate loan options, expanded digital and mobile banking services, a full service business banking and lending program, new checking options with cash back and ATM fee rebates, higher deposit rates and fewer fees, financial planning and other benefits.
As the CU Daily reported earlier, two other Connecticut CUs are also seeking to merge: CorePlus CU and Scient FCU.
.
