Growing Stronger Together: An Exciting Partnership Opportunity
We’re excited to share exciting news. Nutmeg is pursuing a cooperative partnership with CrossPoint Federal Credit Union, growing stronger together to bring our collective members and communities more value, products and services from their credit union.
For nearly 90 years, Nutmeg has been a values-driven cooperative committed to helping our members throughout their financial journey. From a new car to a first home, college savings to a secure retirement, we’re committed to ensuring inclusive and equitable access to resources. Our mission is to create multi-generational prosperity throughout the Connecticut community, supporting members with personal service and trust at the forefront of everything we do.
CrossPoint shares these same values and member-first philosophy, with a similar culture and deep Connecticut roots. Through our partnership, we’ll bring the best of our two organizations together to offer Nutmeg members four new branches in New Haven and the surrounding areas along with added resources for enhanced products, new technologies, and industry-leading rates.
Nutmeg + CrossPoint: More For Every Member
Together, we will be an $850 million credit union with 12 Connecticut branches operating under the Nutmeg brand. Our combined resources will give us the scale to bring even more to our members and communities through great rates, enhanced products and services, and expanded community investment initiatives. Nutmeg CEO John Holt will remain CEO of our combined organization and CrossPoint CEO Darlene White will remain in a leadership role as we welcome CrossPoint members and team members into the Nutmeg family. We’re also excited to offer CrossPoint members better rates and lower fees, a dedicated Call Center, expanded loan programs, leading banking technologies, and many more products and services. Importantly, accounts at our combined organization will be federally insured through the National Credit Union Share Insurance Fund, backed by the full faith and credit of the U.S. Government.
Questions About Our Partnership?
We’re here to answer your questions!
memberservices@nutmegstatefcu.org | 860.356.4966
Frequently Asked Questions
Exploring cooperative mergers is a part of our ongoing strategy to find ways to enhance our long-term value to members. In planning for the future, both credit unions realized that a combined organization would bring greater member value, strength and competitive advantages moving forward. Through this merger, Nutmeg members will have four new branches in New Haven and the surrounding areas while offering CrossPoint members significant product and service advantages. It also puts us in a stronger position to grow, continue our great rates and add new products and technologies.
This merger brings Nutmeg members added benefits from their credit union:
- We’ll have four new branches in Hamden, New Haven and Branford with a great staff team.
- We’ll be able to better serve over 3,500 members who live near CrossPoint branches.
- As a larger credit union, we’ll have the resources to:
- Develop new products
- Continue paying great rates
- Add new services to enhance the member experience
There won’t be any changes to your accounts as a result of the merger.
We are currently awaiting regulatory approval, after which CrossPoint members will be asked to vote on the merger. Assuming member approval is received, we anticipate the merger will be finalized in October 2025.
Both credit unions are independently successful, financially healthy and well capitalized. In fact, both Nutmeg and CrossPoint have a net worth ratio that far exceeds regulatory requirements. And, our combined deposit and capital base and economies of scale will provide members with even more safety and security from their credit union.
Both credit unions’ existing branches will remain open, dedicated to serving our members and communities, just as we do today.
The merger will not impact our current branch hours.
You will continue to receive the same personalized service. In fact, we’ll have the resources to offer you many more expanded service options. The sole reason our credit unions are proposing this partnership is to better serve all member-owners.
You’ll have the products and services you have today plus CrossPoint members will have more options to choose from after the merger.
Absolutely. Partnering together will provide additional resources to expand our community support programs.
Accounts at our combined organization will continue to be federally insured through the National Credit Union Share Insurance Fund, backed by the full faith and credit of the U.S. Government.
Our combined organization will take on the Nutmeg Credit Union name.
Nutmeg CEO John Holt will remain CEO of our combined credit union. CrossPoint CEO Darlene White will remain in a leadership role as we welcome CrossPoint members into the Nutmeg family.
It will be business as usual during the approval process, without any changes for members.