Nutmeg State Financial Credit Union and First Bristol Federal Credit Union Announce Plans to Merge
Nutmeg State Financial Credit Union (Nutmeg) and First Bristol Federal Credit Union (First Bristol) announced today that the Boards of each organization have agreed to purse a cooperative merger partnership between the two credit unions. The proposed partnership would combine the vision, people, branches, and capabilities of two successful credit unions in a collaborative effort to bring their collective members and communities more benefits.
The combined organization would be a $675 million state chartered credit union serving nearly 48,000 members with an expanded branch network across Connecticut. Nutmeg CEO John Holt would serve as CEO of the combined credit union; First Bristol CEO Mark Cornacchio would remain in a leadership role. With shared values and a mutual commitment to serve the best interests of members and invest in their communities, the two credit unions are ideal partners from every perspective.
Holt commented, “Both Nutmeg and First Bristol are committed to continually looking for new ways to bring greater value to our members and our Connecticut community. In planning for the future, we both realized that joining forces would bring greater strength and competitive advantages moving forward. Not only will this partnership benefit our collective members , it also positions us well to continue to grow and thrive over the long term. We have great respect for the First Bristol Board, leadership, and staff, and look forward to working with them through the merger process and beyond.”
Through the cooperative partnership, First Bristol members would have access to significantly expanded products and services, new banking service technologies, additional branches, 30,000+ fee-free ATMs nationwide, and more. Nutmeg will expand its footprint, returning to serve the Bristol community after a number of years with local branches for its existing members, an established membership base, and deep community partnerships.
Cornacchio said, “This partnership is an important strategic opportunity to bring First Bristol members much more from their credit union – more convenience, more products, and more services. We know it would take years to grow to the point where we could offer members all the branches, products, services, and technologies this merger will bring. Nutmeg is also a great cultural fit with tremendous leadership and staff; we share core values and a true commitment to serving the unique needs of members. We couldn’t be more excited about what we’ll be able to bring to members and employees through this partnership.”
The partnership is pending approval by regulators and First Bristol members. Assuming all approvals are received, the credit unions estimate the merger would be finalized in spring 2024, with First Bristol operating as a division of Nutmeg until the credit unions integrate operations, planned for early 2025.
About First Bristol Federal Credit Union
Established in 1935, First Bristol Federal Credit Union is a full service, federally insured financial institution that works side by side with its members to support their success. With assets of approximately $107 million, the credit union serves approximately 5,800 members with two branches in Bristol, CT. First Bristol is open to anyone who lives, works, worships or attends school in Bristol CT. For more information, please visit firstbristol.org.
About Nutmeg State Financial Credit Union
Established in 1936, Nutmeg State Financial Credit Union is a member-owned, not-for-profit financial cooperative headquartered in Rocky Hill, Connecticut. Embracing our roots as a steward of the financial cooperative movement, we’re a values-driven collective committed to intentional actions and investments to “be the change” in our community. We believe prosperity for all people is possible through meaningful social and economic relationships and ensuring inclusive and equitable access to resources. Our mission is to create multi-generational prosperity throughout the community we serve through education, collaboration, and the support of local commerce. Nutmeg State Financial Credit Union has assets of approximately $565 million and currently serves approximately 43,000 members. Please visit nutmegstatefcu.org for more information.