Housatonic Teachers Federal Credit Union has merged with Nutmeg State Financial Credit Union, in a deal officially approved on Dec. 31. Under the agreement, Stratford-based Housatonic will continue to operate under its existing name as a division of Nutmeg State Financial Credit Union, whose headquarters are in Rocky Hill.
Housatonic, founded in 1935 to serve educational professionals throughout Fairfield County, has a membership of more than 2,000 people. Nutmeg has a membership of more than 39,000 and an asset size growing to over $400 million.
In 2015, Nutmeg moved from a federal to a state charter, increasing its membership to anyone who lives, works, worships, volunteers or attends school in Hartford, Middlesex, Tolland and New Haven counties. The Housatonic merger will increase Nutmeg’s membership eligibility to anyone who falls under its criteria within the towns of Shelton, Stratford and Bridgeport.
Last year Nutmeg transformed all platforms from its internal customer relationship management software to its online e-banking platform and mobile app. All information was streamlined to expedite the credit union’s ability to help members open memberships, apply and close loans, make deposits quicker, and pay bills more easily.