Connecticut Consolidation: Dutch Point Taking In Capitol Region
The $203 million, 16,400-member Dutch Point Credit Union in Wethersfield, Conn., said Friday that it will be merging the $32 million, 5,200- member Capitol Region FCU, also in Wethersfield.
Capitol Region FCU’s membership approved the merger in a special meeting and the consolidation is expected to take place in late October, the credit unions said in an announcement.
“We are member-centric organizations who share the same values and vision for our members. This is an exciting time because together we can deliver a broader range of products and services,” said Francis Proto, Dutch Point CU president/CEO.
“We see this merger as an opportunity to gain value for all our members by combining the strengths of two great credit unions. Better still, both credit unions will see an expansion in delivery channels by way of more branches,” said Jeanne Kelly, president/CEO of Capitol Region FCU.
Capitol Region FCU was founded in 1954 to serve West Hartford firefighters and currently serves more than 100 SEGs.
Dutch Point CU was founded in 1960 to serve Hartford Electric Light Co. employees and now is open to anyone who lives, works, worships, or goes to school in Hartford, Middlesex, New Haven or New London counties.
The merged organization will have seven branch offices. Dutch Point runs on the Symitar Episys core processing system while Capitol Region is a CMC/FLEX user, according to the Technology Survey from Callahan & Associates.