EDGEWOOD, Ky.—The $1.56-billion University of Kentucky Federal Credit Union and $80-million Cove FCU, both headquartered in Edgewood, have agreed to merge, Smiley Pete Publishing reported.
The boards of both credit unions unanimously approved the deal, which would combine the organizations under the UKFCU name and leadership.
Final approval is expected in the second quarter of 2026, Smiley Pete Publishing said.
“We are a member-centric organization, and every decision we make always takes into consideration existing and future members,” said Ryan Ross, president and CEO of UKFCU. “By merging these two great credit unions together, we are providing extended geographic service to members in both credit unions, while also creating scalability, allowing further investment in better products and services to help the collective members with their financial needs.”
“With shared Kentucky roots, a community filled with UK alumni, and a membership that deserves best-in-class products and services, we made a decision to partner with UK Federal Credit Union that will provide enhanced digital banking services, financial advising, and a vast array of core banking products,” Cove Federal Credit Union President and CEO Tom Burns said.