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First County Bank, which typically approves about $140 million in loans per year, processed 1,144 loans for about $125 million during the first round of the Paycheck Protection Program.
“Most credit unions do what every other bank does,” says President and CEO John Holt. “A lot of people didn’t realize that with the Paycheck Protection Program, unfortunately. But credit unions like to say we’re the first responders to a financial need.”
The new branch replaces the 2900 Main St. branch of Housatonic Teachers Financial Credit Union, which merged with Nutmeg last year.
Stratford-based Housatonic will continue to operate under its existing name as a division of Nutmeg.