Four credit unions - two in Connecticut and two in Nebraska - announced Monday they are merging
The $86 million Hartford Federal Credit Union said it has acquired $9.5 million Newington VA Federal Credit Union, based in nearby Newington, Conn.
Hartford FCU said NVAFCU's operations and membership base were consolidated into HFCU, and the NVAFCU branch located at 260 Hartford Ave. in Newington is now operating as Hartford FCU's fifth full-service location.
"The merger is emblematic of Hartford Federal's commitment to serving the residents and employees in Newington and the surrounding communities," Edward Danek Jr., Hartford FCU's president and CEO, said in a prepared statement.
Hartford FCU has more than 16,500 members. Membership is open to anyone who lives, works, worships, or attends school in Hartford, Middlesex or Tolland counties, as well as their family members.
Midwest Merger
Meanwhile, in Lincoln, Neb., Ameritas Employees Credit Union and MembersOwn CU also have agreed to merge.
The consolidation is subject to the approval of both CUs' members and the Nebraska Department of Banking and Finance, but is expected to be final Nov. 1.
The continuing institution would be MembersOwn.
MembersOwn CEO Kenn Miller said in a release that the similarities of the CUs will make a strong partnership. "The more a credit union grows and the more efficiently it operates, the more earnings it will yield and the more members will benefit."
Ameritas CEO Dave Sanders said merging will give his CU's members a wider range of products and fewer fees, lower rates on loans, better deposit rates and access to a national shared credit union branching network.
MembersOwn has $87 million in assets and Ameritas has $16 million.
