NORWICH, Conn.— The $356-million CorePlus Credit Union and $325-million Scient FCU have received final approval for their merger.
Members of the Groton-based Scient Federal Credit Union voted to approve the merger of equals, CT Insider reported.
CorePlus and Scient first unveiled their merger plans in May, with regulators granting approval over the summer, CorePlus President/CEO Ray Currier told CT Insider.
"We’re energized by the strong support from Scient members,” Currier said. “This is a thoughtful, multi-phase process by design, being executed with prudence and diligence, and in consideration of our valued members. We promise to keep members well-informed, and all updates will be communicated clearly and effectively."
Currier said the two credit unions will complete their merger on Oct. 1. In the meantime, Scient members will receive mailings outlining the merger process and a new fee schedule.
"Many of the fees that Scient customers will be paying after Oct. 1 will be going down," Currier told CT Insider.
Although the merger will legally go into effect on Oct. 1, both credit unions will continue to serve their respective members independently until the core banking systems are combined in mid-2026, CT Insider explained.
"Our unified credit union is poised to be one of the most innovative and exciting financial institutions in the region, with even greater financial resources, expanded products and services, and enhanced digital banking solutions that will benefit all members,” Chris Maynard, Scient's president and CEO, told CT Insider.