CorePlus Federal Credit Union in Norwich and Scient Federal Credit Union in Groton plan to merge and form a Connecticut institution with nearly $700 million of assets.

The effective date of the merger is tentatively slated for September 1 and would form the sixth-largest credit union in the state.

Ray Currier, President and CEO of the $351 million-asset CorePlus will serve as CEO of the combined company, and Chris Maynard, President and CEO of the $344 million-asset Scient, will serve as its president.

The structure of the new board is still being finalized, but it will initially consist of 11 members – six from Scient and five from CorePlus.

“This announcement comes after nearly 15 months of thoughtful consideration between the credit unions’ boards and leadership regarding member benefits and services and the sustainability and growth opportunities for the combined entity,” the companies said in a joint statement.

CorePlus serves more than 29,000 members through its multiple common bond charter and its seven branches in northern and eastern Connecticut while Scient has branches in Groton, New London, and New Haven and serves almost 19,000 members.

All existing locations are expected to remain open, with the exception of the CPCU Groton branch, which will be combined with the larger Scient branch.

In terms of naming, the companies said a new brand will be developed to represent the combined identity of both credit unions. There will be an intermediary period where Scient will operate under the CPCU name, and the new brand will be launched late 2025 or early 2026.

The former Ledge Light Federal Credit Union was renamed Scient in 2012 and subsequently underwent several mergers, including with New Haven Postal Employees Credit Union in 2022.

The Norwich Pequot Teachers Credit Union changed its name to CorePlus Federal Credit Union in 2001.

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 last week.

CorePlus earned roughly $567,000 in the first quarter of 2025, a 1.5% decrease compared to a year earlier, according to call report data from the National Credit Union Administration.

For Scient FCU, net income was $205,500 in the first quarter compared to $239,000 a year earlier, according to the NCUA.

“By joining forces, we’ll have the scale to stay competitive and keep bringing fresh ideas for years to come.”

 – Ray Currier
President and CEO
CorePlus Federal Credit Union