For the second time this week, Connecticut-based credit unions have announced a merger.

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 $103-million asset Northeast Family FCU said the deal will help its 5,867 members build wealth.

“We anticipate increases to deposit rates and more products and services, including additional home loan options and business loans. In addition, we will offer lower fees on our accounts and no overdraft fees,” the company said.

For Self-Help, the transaction will result in the credit union’s first foray into Connecticut specifically and – more broadly – the Northeast.

“We are excited about both the expansion into a new state and about partnering with this mission-aligned institution to continue to provide affordable financial services to the communities they serve,” said Rudolfo Medina, President of Self-Help.

The organization serves its members with 38 branches – 22 in California, nine in Illinois, five in Washington, and two in Wisconsin.

Self-Help Federal bills itself as one of the fastest-growing community development-designated financial institutions in the country.

In 2022, Self-Help merged with the $208 million-asset Premier Community Credit Union, which had 10,000 members and branches in Stockton, Lodi and Manteca, California.

As of March 31, Self-Help had more than 124,000 members, a 58% increase from 78,442 just five years ago, according to National Credit Union Administration data.

Northeast Family said that effective March 10, it increased share deposit rates to be comparable to those offered by Self-Help. And on May 1, the credit union stopped charging nonsufficient funds, courtesy pay, and overdraft transfer fees.

“Self-Help can offer more diverse services because they are much larger than Northeast Family,” President and CEO Joanne Todd said.

Credit unions between $1 billion and $10 billion of assets — including Self-Help — reported loan growth of 5% during 2024. Membership also rose 5%, and net worth increased 9% for those credit unions.

Conversely, credit unions between $100 million and $500 million of assets — including Northeast Family – saw a 3.3% decrease in total loans outstanding over the year. Membership declined 3.7%, while net worth rose 2.2%.

Self-Help earned roughly $2.4 million in the first quarter of 2025, a 69% decrease compared to a year earlier, according to call report data from the National Credit Union Administration.

For Northeast Family, net income was $135,500 in the first quarter compared to $195,000 a year earlier, according to the NCUA.

“Self-Help’s mission is creating and protecting ownership and economic opportunity for all. Self-Help is also committed to Northeast Family’s team. Staff will not change. You will work with the same team you have come to know and trust.”

 – Joanne Todd
President and CEO
Northeast Family FCU