2 Vermont-based credit unions to merge

Vermont State Employees CU and New England FCU agreed to merge.

The merger was unanimously supported by the respective boards of the credit unions on Feb. 16, according to an announcement on Vermont State Employees CU's website. The transaction is subject to regulatory approval by the National Credit Union Administration and an affirmative majority vote by Vermont State Employees CU members.

Pending both approvals, the merger of the two Vermont-based credit unions is expected to occur in late 2022 or early 2023, New England FCU disclosed on its website. The combined organization will operate under the name of New England FCU.

Under the agreement, all employees will be retained. John Dwyer Jr., president CEO of New England FCU, will become CEO of the combined entity. Rob Miller, CEO of Vermont State Employees CU, will be president and COO.

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