ROCKY HILL – As part of consolidation following a merger with First Bristol Federal Credit Union, Nutmeg State Financial Credit Union is closing two of its branches in November, according to a filing with the state Department of Banking.
A Sept. 5 news bulletin from the banking regulator announced the credit union is shutting down its 500 West Ave. branch in Norwalk and its 977 Boston Post Road branch in Milford on Nov. 15. Those two locations have provided state Department of Motor Vehicles Express service, which processes drivers license renewals and replacements as well as name and address changes.
While the credit union will no longer offer DMV Express services at these locations, earlier this year it opened such services at its Stratford and Orange locations.
No one from Nutmeg could be reached for comment on the closings.
On May 22, John Holt, Nutmeg CEO, and Mark Cornacchio, First Bristol president and CEO, announced the merger of the two credit unions.
“This vote (by the two boards) was the final approval to combine our two credit unions with a common goal and purpose – to provide members with the very best personal service and financial products,” they said in a written statement to members. “We want to thank all the members who made your voice heard through your vote. Through this partnership, we’re honored to continue that legacy and bring you and your family the most value for your membership with many new benefits.”
In the announcement, they stated members should visit the website at nutmegstatefcu.org to see all the products and services your new credit union will offer.
“For right now, please continue to conduct your financial transactions as usual. There will be no changes until we combine our credit union systems in January 2025,” they stated. You will receive important information late this year about our integration plans and all the new benefits and branches that will be available to you starting next year.”
The merger was the second time it has combined with another credit union. Back in 2017, the Housatonic Teachers Federal Credit Union and Nutmeg their merger. Under that agreement, Stratford-based Housatonic continued to operate under its existing name as a division of Nutmeg State Financial Credit Union, whose headquarters are in Rocky Hill.
That merger added more than $19.3 million in assets bringing total assets to about $420 million. The merger added $6.1 million in capital to Nutmeg reserves. They also added about 1,500 members bringing its total membership to just under 41,000.
