Connecticut has been a hotbed for credit union merger activity of late.

Most recently, Nutmeg State Financial Credit Union in Rocky Hill and CrossPoint Federal Credit Union in Hamden on Monday announced plans to combine.

The merger will result in an $850 million-asset institution with 12 Connecticut branches operating under the Nutmeg brand.

The organizations said they anticipate the merger will be finalized in October 2025.

Nutmeg State said that exploring mergers is a part of its ongoing strategy to find ways to enhance long-term value for its 54,000 members. Nutmeg members will now have access to four new branches in New Haven and the surrounding areas while CrossPoint members will see significant product and service advantages.

Nutmeg CEO John Holt will remain chief executive of the combined organization, and CrossPoint CEO Darlene White will remain in an undefined leadership role.

“In this environment, with competition and a highly unpredictable political landscape, scale matters,” Holt said. “Our desire is to gain as much scale and efficiency as we can to provide maximum value to our membership.”

Holt said the credit union will continue to seek strategic partners in Connecticut and beyond.

In June, the $703 million-asset Nutmeg State Financial and $105 million-asset First Bristol Federal Credit Union in Hartford completed their merger.

Connecticut-based credit unions have been busy teaming up in the past week.

First, CorePlus Federal Credit Union and Scient Federal Credit Union unveiled a merger of equals that will form a Connecticut institution with nearly $700 million of assets.

And more recently, Northeast Family Federal Credit Union in Manchester said it will merge with $2.2 billion-asset Self-Help Federal Credit Union in Durham, North Carolina.

The National Credit Union Administration approved 35 mergers during the first quarter of 2025 compared to 26 a year earlier, according to the agency’s Merger Activity and Insurance Report that was released recently.

Nutmeg State Financial earned $947,000 in the first quarter of 2025 compared with $76,000 a year earlier, according to call report data from the NCUA.

The $160 million-asset CrossPoint has more than 10,000 members and earned roughly $120,000 in the first three months of 2025 after generating net income of $140,000 in the first quarter a year ago.

“Obviously, the larger we are, the more scale we can have. Our desire to deliver personalized, exceptional service doesn’t change, and hopefully with more scale the better that becomes.”

 – John Holt
CEO
Nutmeg State Financial Credit Union