CorePlus, Connecticut Community credit unions announce merger agreement plans
CorePlus Federal Credit Union and Connecticut Community Credit Union have announced a merger agreement, with the intent to get approvals by April 30 to incorporate Connecticut Community into CorePlus.
Connecticut Community has offices in Pawcatuck and Foxwoods Resort Casino, while CorePlus has eight branches, in Norwich, Groton, East Lyme, Waterford, Plainfield, Putnam and Brooklyn.
“We are extremely pleased with the opportunity of joining forces with CorePlus,” Connecticut Community President and CEO Joyce McElhaney said in a news release. “Their focus on members, staff and the community mirrors our operating philosophy. Our members will enjoy the benefits of additional products and services, and will continue to be served by existing staff and branch locations.”
The merger is contingent on approvals from the members of Connecticut Community, the National Credit Union Association and the state banking commissioner.
CorePlus will retain the 10 employees currently working for Connecticut Community, according to CorePlus Human Resources Director Jodie Bartnicki. CorePlus has 78 employees.
Bartnicki said Connecticut Community will be known as “Connecticut Community, a division of CorePlus” for awhile, and then it likely will take on the CorePlus name in the fall.
She noted that the merger will bring Connecticut Community members access to more services, like mortgage lending and remote deposit capture.
“We are looking forward to combining the skills and resources of both CorePlus and Connecticut Community Credit Union, Inc.,” said Nicholas Fortson, president and CEO of CorePlus. “The opportunity to take advantage of operational efficiencies will enhance our ability to meet the ever-changing needs of our membership and community.”
CorePlus has partnered with Connecticut Community on a few smaller initiatives over the last couple years, Executive Vice President and COO Ray Currier explained.
He said that when Connecticut Community closed its Plainfield office, a lot of members opened accounts with CorePlus.
Currier said one of the reasons for the merger, and one of the greatest benefits for Connecticut Community, is the investments CorePlus has made in technology.
“We have the most upto-date systems in terms of electronic banking services, and that is certainly what the younger generations are looking for,” he said. “So in order to be relevant in today’s banking, you have to offer all the latest e-services.”
CorePlus was founded in 1936 and has more than 21,000 members, according to the news release. Connecticut Community was founded in 1950 and has more than 3,400 members.