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June 23, 2023

CT credit union merger approved

HBJ PHOTO | STEVE LASCHEVER Jo-Ann Palladino is the president and CEO of Bethel-based SoundView Financial Credit Union, which is in the process of merging with Western Connecticut Federal Credit Union.
By Greg Bordonaro

The state Department of Banking has approved the merger of two Bethel-based credit unions. 

The state regulator said it has given approval to the merger of Western Connecticut Federal Credit Union with and into SoundView Financial Credit Union.

The deal goes into effect July 1. 

Western Connecticut has $34.2 million in assets and 2,898 members, according to National Credit Union Administration data.

SoundView has $45.5 million in assets and 3,389 members, NCUA data shows. 

The merger is part of a long-term consolidation trend within the credit union industry, which faces pressure from the growing costs of providing existing services and the need to modernize with digital banking offerings. 

The number of Connecticut credit unions has been cut nearly in half over the past 15 years, even as the industry’s overall customer base and assets have grown.
 

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