LEXINGTON, Ky. –Two Kentucky credit unions have announced plans to combine.
University of Kentucky Federal Credit Union in Lexington and Cove Federal Credit Union in Edgewood, Ky. said they are now seeking approval from regulators and CFCU’s members to merge. Edgewood is approximately 77 miles north of Lexington.
The $1.54-billion UKFCU has approximately 110,000 members and reported $5.1 million in net income at mid-year, with net worth of 11.37%, as of June 30. The $80.2-million Cove FCU has approximately 6,500 members and had $171,555 in net income and net worth of 15.35% as of the same date.
“This announcement comes after thoughtful consideration between both credit unions in terms of service, sustainability and growth,” the two credit unions said in a statement.
‘Member-Centric Organization’
“We are a member-centric organization, and every decision we make always takes into consideration existing and future members,” Ryan Ross, president & CEO of UK Federal Credit Union, said in a statement. “By merging these two great Credit Unions together, we are providing extended geographic service to members in both credit unions, while also creating scalability allowing further investment in better products and services to help the collective members with their financial needs.”
Added Tom Burns, president and CEO of Cove FCU in a statement, “With shared Kentucky roots, a community filled with UK alumni, and a membership that deserves best-in-class products and services – we made a decision to partner with UK Federal Credit Union that will provide enhanced digital banking services, financial advising, and a vast array of core banking products.”
Q2 2026 is Target
The organizations said the merger is expected to be completed in the second quarter of 2026.
Cove Federal Credit Union was originally chartered as SEMC Federal Credit Union in 1970, created by a small group of employees of St. Elizabeth Hospital in Covington, Ky.
