NEFCU adds 14 counties to field of membership
The National Credit Union Administration has approved a broad field of membership expansion for New England Federal Credit Union.
The Williston, Vt.-based institution received the OK to add 10 additional Vermont counties for potential membership along with four more in New Hampshire. The move makes 650,000 new consumers eligible to join, an increase of about 15%.
“As Vermont’s largest credit union, we are thrilled to serve more of the state and expand our membership into New Hampshire. The credit union remains committed to providing the same value to these communities as we have for over 50 years to the current membership,” NEFCU President and CEO John J. Dwyer Jr. said in a press release.
The expansion was possible as a result of NCUA rules that allow the addition of rural districts to a credit union’s field of membership. The consultancy CUCollaborate assisted with the application process.
NEFCU membership is open to anyone who lives, works, worships, studies or conducts business in 16 counties across the two states.
Many credit unions have continued their expansion efforts in spite of the pandemic. The pace of credit union merger approvals for the first half of 2020 was similar to that of last year's first half.