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May 29, 2024

CT Dept. of Banking approves merger of Nutmeg State Financial Credit Union, First Bristol FCU

PHOTO | CONTRIBUTED Nutmeg State Financial Credit Union.
By Greg Bordonaro

The state Department of Banking has approved the proposed merger between Rocky Hill-based Nutmeg State Financial Credit Union and First Bristol Federal Credit Union.

The two credit unions in January applied to merge under the banner of Nutmeg, the larger of the two institutions. The merger has all the necessary regulatory approvals and will be effective as of June 1, according to Nutmeg CEO John D. Holt

The $675 million organization will serve 48,000 members with 10 branches across Connecticut. Holt will serve as CEO of the combined organization, while First Bristol CEO Mark Cornacchio will remain in a leadership role with the credit union. 

First Bristol will operate as a division of Nutmeg until the credit unions’ systems and operations are combined early next year, and its two Bristol branches will remain open under the Nutmeg brand.

Nutmeg State Financial Credit Union, chartered in 1935, has 44,201 members and assets of $610.2 million, according to the NCUA. It has branches in Manchester, Milford, Rocky Hill, Orange, New Britain, Stratford, Glastonbury, Norwalk and North Haven, as well as one for students, parents and faculty at Rocky Hill High School.

The Bristol-based credit union, also launched in 1935, has 5,687 members and assets of $106.7 million, NCUA data shows.

Holt said the merger will bring growth with new efficiencies and lower overhead costs, for a stronger institution able to provide an array of new products and services to First Bristol members.

The merger continues a long-running trend of consolidation that has dramatically reduced the number of Connecticut credit unions over the past two decades, even as the overall number of credit union members and assets have grown considerably.
 

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