Western CT and SoundView are Partnering Up
BETHEL, CT. (February 10, 2022) – Western Connecticut Federal Credit Union (WCFCU) with headquarters in Bethel, CT, and SoundView Financial Credit Union (SVFCU) with headquarters in Bethel, CT, announced today they are seeking regulatory approval of their intent to merge. The proposed merger requires approval from the Connecticut Department of Banking and the National Credit Union Administration (NCUA) and must also be approved by WCFCU membership, with an anticipated effective date in mid-2023. Upon all approvals, the merger would result in an organization with combined assets of more than $78 Million. SoundView Financial Credit Union will remain the continuing credit union, retaining its trusted name. Upon all approvals, information regarding the organization will be released.
What Does This Mean?
The Board of Directors for each Credit Union have gotten together to discuss how we can be stronger together. Both boards have recognized synergies between our two organizations and that we both enjoy Member Care Teams that are strongly committed to serving our members. It has been recognized that if we merge our credit unions together, we can expand our foot print in the local community area, increase efficiencies and invest in the talented staff we have. The efforts of our combined credit unions will bring you expanded member services and high quality products.
Every year about 100 credit unions merge with the approval of the National Credit Union Administrations (NCUA). These mergers are to be done when it is in the members’ best interest and when it is beneficial to the future organization. In this case after extensive consideration and due diligence between our credit unions, the boards have voted to merge with the belief that this venture meets that key criteria.
“During economically challenging times it is good to evaluate options that keep us organizationally strong and adaptable,” said Daniel O’Neill, board chair of Western CT. “We have considered merging with other like-minded organizations for a number of years, and I believe this merger is an important next step in helping to best serve our members. This merger, with a competitive credit union, will increase the size of our unified organization, thereby opening doors for better services, rates, and options. As a long-standing member, I look forward to this.”
“Since our inception, SoundView Financial Credit Union has been focused on providing its members the best services possible,” says Maciej Milewski, board chair of SoundView. “With the use of technology and personal one on one service, we have achieved these goals. In keeping with this member focus, a merger with Western CT Federal Credit Union aligns well with SoundView’s strategy that will enhance our ability to service our communities, our members and grow in the years ahead. This is an exciting time, and I am very pleased to be part of this new and growing organization.”
Western CT and SoundView are in the process of getting regulatory approval from the National Credit Union Association and the State of CT Department of Banking. Once approval has been obtained, merger packets with a member ballot will be sent out to all Western CT members.
During the member voting period you will have time to review the merger packet sent to you, ask questions and submit your ballot. We encourage you to review the Common Questions information section below to learn more.
*APR as low as, ask for details. All rates are dependent on your credit rating.