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September 11, 2024

Banking Dept. approves CT credit union merger

HBJ File Photo Nicholas Moalli, pictured here inside America's First Network Credit Union's East Hartford home office, has big plans for growth.
By Greg Bordonaro

An East Hartford-based credit union that has been on a merger-and-acquisition spree has received state regulatory approval to move forward with its second deal of 2024.

The state Department of Banking on Sept. 5 approved America’s First Network Credit Union’s plan to  absorb Greenwich-based Arnold Bakers Employee Federal Credit Union.

Arnold Bakers is a tiny credit union founded in 1963 with 308 members and $1.7 million in assets, according to the National Credit Union Administration. It has one office at 10 Hamilton Ave., in Greenwich. 

America’s First Network has 7,980 members and $85.3 million in assets with locations in Hartford, Trumbull, Fairfield, North Haven, Putnam, Stamford and Groton, NCUA data shows. 

The deal is expected to close in October, according to the Department of Banking. 

America’s First Network earlier this year completed another merger with Northeastern Connecticut Healthcare Credit Union in Putnam. It's made several other acquisitions in recent years as credit unions face pressures to grow amid increasing operating costs. 

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