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March 26, 2024

CT credit union merger approved

HBJ File Photo Nicholas Moalli, pictured here inside America's First Network Credit Union's East Hartford home office, has big plans for growth.
By Greg Bordonaro

An East Hartford-based credit union that has been active in the M&A market has received regulatory approval to absorb a small Putnam credit union that serves Day Kimball Hospital employees. 

America’s First Network Credit Union on March 18 received permission from the state Department of Banking to merge with Northeastern Connecticut Healthcare Credit Union in Putnam.

America’s First will be the surviving entity. The proposed effective date of the merger is April 1, according to the banking department. 

As part of the proposed merger, America’s First sought permission to expand its field of membership to include healthcare workers, which is Northeastern Connecticut’s main customer base. 

According to its website, Northeastern serves healthcare employees in a 13 town area. 

America’s First Network has $74.6 million in assets, 6,892 members and a branch presence in North Haven, Trumbull, Groton, Hartford and East Hartford, according to National Credit Union Administration data. Northeastern has $10.3 million in assets and 1,693 members, with a single branch at Day Kimball Hospital. 

America’s First Network Credit Union is led by CEO Nicholas Moalli, who told the HBJ in 2020 that he had plans to double the size of the financial institution over five years. 

At the time of that interview, in February 2020, the credit union had $36 million in assets and was in the process acquiring North Haven-based Connecticut Federal Credit Union and Hartford’s CT Transit Federal Credit Union.

America’s First Network Credit Union was originally headquartered in Trumbull, but moved its main office to East Hartford following its 2017 merger with East Hartford Federal Credit Union. 
 

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