SoundView and Western CT are Partnering Up
BETHEL, CT. (February 10, 2022) – Western Connecticut Federal Credit Union (WCFCU) with headquarters in Bethel, CT, and SoundView Financial Credit Union (SVFCU) with headquarters in Bethel, CT, announced today they are seeking regulatory approval of their intent to merge. The proposed merger requires approval from the Connecticut Department of Banking and the National Credit Union Administration (NCUA) and must also be approved by WCFCU membership, with an anticipated effective date in mid-2023. Upon all approvals, the merger would result in an organization with combined assets of more than $78 Million. SoundView Financial Credit Union will remain the continuing credit union, retaining its trusted name. Upon all approvals, information regarding the organization will be released.
What does this mean?
The Board of Directors for each Credit Union have gotten together to discuss how we can be stronger together. Both boards have recognized synergies between our two organizations and that we both enjoy Member Service Teams that are strongly committed to serving our members. It has been recognized that if we merge our credit unions together, we can expand our footprint in the local community area, increase efficiencies and invest in the talented staff we have. The efforts of our combined credit unions will bring you expanded member services and high-quality products.
Every year about 100 credit unions merge with the approval of the National Credit Union Administrations (NCUA). These mergers are to be done when it is in the members’ best interest and when it is beneficial to the future organization. In this case after extensive consideration and due diligence between our credit unions, the boards have voted to merge with the belief that this venture meets that key criteria.
“Since our inception, SoundView Financial Credit Union has been focused on providing its members the best services possible,” says Maciej Milewski, board chair of SoundView. “With the use of technology and personal one on one service, we have achieved these goals. In keeping with this member focus, a merger with Western CT Federal Credit Union aligns well with SoundView’s strategy that will enhance our ability to service our communities, our members and grow in the years ahead. This is an exciting time, and I am very pleased to be part of this new and growing organization.”
“During economically challenging times it is good to evaluate options that keep us organizationally strong and adaptable,” said Daniel O’Neill, board chair of Western CT. “We have considered merging with other like-minded organizations for a number of years, and I believe this merger is an important next step in helping to best serve our members. This merger, with a competitive credit union, will increase the size of our unified organization, thereby opening doors for better services, rates, and options. As a long-standing member, I look forward to this.”
What's Next?
SoundView and Western CT are in the process of getting regulatory approval from the National Credit Union Association and the State of CT Department of Banking. Once approval has been obtained, merger packets with a member ballot will be sent out to all Western CT members.
Common Questions
How will my accounts be affected?
You can expect business as usual following the legal merger as no immediate changes or action will be needed by you. You will continue to access your accounts, manage them as you currently do and be serviced by your existing Member Service Team. We are committed to a seamless transition of any operational changes made between our organizations.
Will my accounts continue to be insured?
Yes. Your accounts will continue to remain well protected and insured. Your deposits are federally insured through the National Credit Union Administration for up to $250,000 and backed by the full faith and credit of the United States Government. If you have accounts at both SoundView and Western CT, that equal or exceed $250,000 when combined, please contact us for further information at 203-796-4500.
Will the credit union remain open?
Yes! Both credit union offices will remain open at 14 Research Drive, Bethel, CT and 1 Gillette Park, Boston, MA.
Will the staff be impacted by the merger?
All staff will continue to work for the future organization. The board and management of both credit unions are committed to retaining all staff during and after the transition.
What will happen to our Board of Directors?
As part of making this a true partnership of our organizations, the new organization will be supported by 5 members from SoundView’s board and 4 members from Western CT’s board. This board member structure provides for representation from both sets of membership in driving the future direction of the combined entity.
When will the merger take place?
Following regulatory approval and a positive member vote from Western CT’s membership, we anticipate completing the legal merger at some point between July and September, 2023. You can expect “business as usual” up to and after the legal merger date. We will, however, keep you notified and updated as we move along through this process.