LEXINGTON, K.Y.--UK Federal Credit Union said it has completed its planned merger with Cove FCU, expanding the combined organization to eight branches, more than 118,000 members and approximately $1.75 billion in assets as credit union consolidation continues to reshape local markets.
UKFCU said Cove members will see no immediate changes to accounts or services, but will be migrated to UK Credit Union platforms over the next 60 days. The deal had been announced in August 2025, when the institutions said the merger was subject to regulatory approval and a vote of Cove FCU’s membership. At that time, Cove reported about $80 million in assets and 6,579 members, while UK Federal had roughly $1.56 billion in assets and 108,770 members.
In announcing the completion, UK Federal said the merger was driven by a shared focus on long-term sustainability, growth and broader access to in-person service, while also promising expanded product offerings, digital capabilities and access to more than 90,000 surcharge-free ATMs. President and CEO Ryan Ross said the credit union also plans to open a new branch in the Florence area to deepen its footprint in Northern Kentucky.
Cove Federal, originally chartered in 1970 as SEMC Federal Credit Union and long tied to St. Elizabeth Hospital in Northern Kentucky, had previously told members that no immediate branch closures or staff reductions were planned as part of the combination, with then-CEO Thomas Burns expected to retire following the merger.