mergers and aquisitions
The $324 million Scient Federal Credit Union in Groton, Conn., will legally merge with the $355 million CorePlus Federal Credit Union in Norwich, Conn., on Oct. 1.
Scient members approved the consolidation on Sept. 4, according to the credit unions’ joint statement.
The combined credit union’s 132 employees will manage more than $680 million in assets, $545 million in loans and 15 locations, serving more than 49,000 members.
The credit unions will adopt a leadership partnership model. Ray Currier, president/CEO of CorePlus, will serve as CEO, and Chris Maynard, president/CEO of Scient, will serve as president.
Maynard will receive a $10,000 merger bonus and $50,000 salary increase for added responsibilities tied to the size of the combined credit union, according to Scient’s merger documents filed with the NCUA. In addition, Shalin Peck, Scient’s vice president of operations, will receive a $25,000 salary increase, and Nicholas Breton, Scient’s vice president of lending, will receive a $15,000 salary increase.
A new brand will be developed to represent the combined identity of both credit unions.
Employees and members will be engaged in shaping the brand, which is expected to launch in late 2025 or early 2026. Until then, Scient will temporarily operate under the CorePlus name.
Peter Strozniak can be reached at pstrozniak@cutimes.com.
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