credit union merger

Two Connecticut Credit Unions Pull off a Unique Merger

Sandy Utah (August 1, 2017) — The $10.5 million East Hartford Federal Credit Union in Connecticut merged with the $20.4 million America’s First Network Credit Union in Trumbull, CT. The credit union has one branch and will continue to operate as East Hartford FCU under the America’s First Network name. The surviving credit union will continue to operate five branches. However, what makes this merger unique is that while merging, the credit union will retain its unique name and branding. America’s First Network Credit Union is just that, a network credit union. This ensures the board of directors and credit union members remain with a familiar brand while gaining additional services, products and more accessible locations. The FLEX system empowers both credit unions through branch accounting, customizable forms and using separate logos while maintaining the America’s First Network branding. 

Ironically, both credit unions run the FLEX credit union data processing system.  East Hartford FCU converted to FLEX in 1997 and America’s First Network CU converted in 2003, combining for 34 years of experience using FLEX credit union software. 

In 2017, the East Hartford and America’s First Network merger is not the first, but the second pair of FLEX credit unions to merge. In May 2017, Perry Point FCU merged with the Central Credit Union of Maryland (both running FLEX) to achieve economies of scale. “We understand how difficult it is for small credit unions to survive in an overly competitive industry”, detailed FLEX COO, Sean Holcomb. “Which is why we are pleased that a few of our clients have found a way to align interests and benefit from the fact that neither credit union will have to learn a new core processing platform upon merging.” 

FLEX Director of Sales and Marketing, Preston Packer, added, “FLEX is more than a core system, we view ourselves as a strategic technology partner, which means, beyond our own interests, we are heavily invested in the success of our credit union clients.”  Packer proceeded, “Given the circumstances of these two credit unions and their unique opportunity to combine resources and better serve their members, FLEX was happy to provide resources to help with the merger.” 

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