Moving Forward – Together!
CorePlus Federal Credit Union and Connecticut Community Credit Union, Inc.
Announce Proposed Merger
(Norwich, CT and Pawcatuck, CT, March 16, 2018)
CorePlus Federal Credit Union (CorePlus) Chair Robert Trinque, and Connecticut Community Credit Union, Inc. Chair Susan Dowling, announced that the Boards of Directors of both institutions have entered into a merger agreement with the intent to incorporate Connecticut Community Credit Union, Inc. (CCCU) into CorePlus Federal Credit Union. Both Boards agreed that the accord is in the best interest of both financial institutions in ‘moving forward’.
Joyce A. McElhaney, President/CEO of Connecticut Community Credit Union, Inc. went further stating, “We are extremely pleased with the opportunity of joining forces with CorePlus. 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.”
Nicholas K. Fortson, CorePlus President and CEO, stated: “We are looking forward to combining the skills and resources of both CorePlus and Connecticut Community Credit Union, Inc. The opportunity to take advantage of operational efficiencies will enhance our ability to meet the ever changing needs of our membership and community.”
CorePlus Federal Credit Union, founded in 1936, currently has 8 full service branches locally in Norwich, Taftville, Groton, East Lyme, Waterford, Plainfield, and within the Putnam and Brooklyn Walmart Supercenters. CorePlus currently has more than 21,000 members and $200 million in assets. Its’ services include a number of consumer loan and savings products, including checking, auto loans, personal loans, credit card services, mortgage and home-equity loans. CorePlus offers 24/7 banking through its iBanking portal and iMobile App.
Connecticut Community Credit Union, Inc., founded in 1950, is a $20 million financial institution with membership of over 3,400 with offices in Pawcatuck, CT and Foxwoods Resort Casino. The merger is contingent on the approval of the members of Connecticut Community Credit Union, Inc., the National Credit Union Association, and the State of Connecticut Banking Commissioner. The merger is expected to occur in the second quarter of 2018.