NORTH HAVEN, Conn. — Connex Credit Union, a $419-million institution, said it has merged with Sargent Employees Federal Credit Union (SEFCU), a $3.4 million entity.
The surviving institution will retain the Connex Credit Union name.
The transaction closed on Jan. 2, upon approval by NCUA, the State of Connecticut Department of Banking, and the members of SEFCU.
Founded in 1936, SEFCU had about 700 members, while Connex has approximately 49,000 members. Frank Mancini will continue to lead the new Connex Credit as president and CEO.
"We are committed to making the transition to Connex Credit Union as easy and seamless as possible for SEFCU members," Mancini said in a statement. "SEFCU was looking for a credit union partner that would offer its members a deeper set of products and services. We're confident that our new members will enjoy access to competitive loan products, online and mobile banking, investment and retirement services, and our member advocacy program."
Mancini also said that former SEFCU members will have access to Connex's digital money management tools as well as its member advocacy program. "We offer each of our members the opportunity to work with a financial advocate one-on-one so that we can better understand their goals, identify their financial needs, and develop a personal plan to improve their overall financial situation," he noted.
