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November 9, 2023

Expanding East Hartford credit union seeks another 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.

An East Hartford-based credit union that has been active in the M&A market is looking to merge with a Putnam credit union that serves Day Kimball Hospital employees. 

America’s First Network Credit Union is asking permission from the state Department of Banking to merge with Northeastern Connecticut Healthcare Credit Union in Putnam.

America’s First, which is the much larger credit union, would be the surviving entity. 

As part of the proposed merger, America’s First is seeking permission to expand its field of membership to include healthcare workers, which is Northeastern Connecticut’s main customer base. 

According to its website, Northeastern serves healthcare employees in a 13 town area. 

The proposed merger date is Feb. 1, 2024. 

America’s First Network has $74.7 million in assets, 6,906 members and a branch presence in North Haven, Trumbull, Groton, Hartford and East Hartford, according to National Credit Union Administration data. Northeastern has $10.1 million in assets and 1,704 members with a single branch at Day Kimball Hospital. 

America’s First Network Credit Union is led by CEO Nicholas Moalli, who told the HBJ in 2020 that he had plans to double the size of the financial institution over five years. 

At the time of that interview, in February 2020, the credit union had $36 million in assets and was in the process acquiring North Haven-based Connecticut Federal Credit Union and Hartford’s CT Transit Federal Credit Union.

America’s First Network Credit Union was originally headquartered in Trumbull, but moved its main office to East Hartford following its 2017 merger with East Hartford Federal Credit Union. 

 

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