Nutmeg State Financial Credit Union in Rocky Hill, Conn. has absorbed Housatonic Teachers Federal Credit Union, following an "overwhelming affirmative" vote from HTFCU's membership. The merger was officially approved on Dec. 31, 2016.
For the 2017 calendar year, Housatonic Teachers FCU will continue to operate under its existing name as a division of Nutmeg State Financial CU.
"Our members are looking forward to taking advantage of all of Nutmeg's many amazing products and services," says Brian Scavone, CEO of Housatonic Teachers FCU, in a statement.
In 2015, Nutmeg State Financial CU moved from a federal charter to a state charter, thereby expanding its membership to anyone who lives, works, worships, volunteers or attends school in Hartford, Middlesex, Tolland and New Haven counties.
This latest merger further increases Nutmeg's membership eligibility to anyone who falls under the criteria within the towns of Shelton, Stratford and Bridgeport.
Nutmeg State has about $399 million in assets and over 38,000 members (prior to the merger).
Based in Stratford, Conn., Housatonic Teachers FCU had about $19.4 million in assets and just under 1,600 members.
