Nutmeg State Financial Credit Union and CrossPoint Federal Credit Union Announce Plans to Merge

John Holt

​Nutmeg State Financial Credit Union (Nutmeg) and CrossPoint Federal Credit Union (CrossPoint) announced today that the Boards of each organization have agreed to purse a cooperative merger partnership between the two credit unions. This proposed collaboration would unite the missions, teams, branch networks, and resources of both credit unions to better serve their combined membership and expand their community impact.

The combined organization would be an $850 million state-chartered credit union serving more than 63,000 members with an expanded branch network across Connecticut. Nutmeg CEO John Holt would serve as CEO of the combined credit union, which would operate under the Nutmeg name and brand. CrossPoint CEO Darlene White would remain in a leadership strategic advisory role with the organization.
​
Holt commented, “Our two credit unions share a common commitment to delivering more for our members and the communities we serve. As we look ahead, it became clear that coming together would create a stronger, more competitive organization. This partnership will not only enhance value for our collective members but also create new opportunities for innovation and growth in an evolving marketplace. We have the greatest respect for the Board, leadership, and team at CrossPoint, and look forward to moving forward together.”
 
Through the cooperative partnership, CrossPoint members would have access to expanded products and services, new banking service technologies, additional branches & ATMs, and more. Nutmeg will expand its branch network to better serve members as well as accelerate the delivery of its Products with a Purpose to underserved areas.
 
White said, “This proposed merger represents a natural evolution of our commitment to putting members first. Partnering with Nutmeg will significantly expand what we offer, build on our collective strengths, and create a foundation for long-term success. With shared vision and values, we believe this merger will bring meaningful benefits to our members and communities alike. We’re excited about the possibilities this merger brings and the chance to collaborate with such a respected team.”
 
The partnership is pending approval by regulators and CrossPoint members. Assuming all approvals are received, the credit unions estimate the merger would be finalized in the fall of this year, with CrossPoint operating as a division of Nutmeg until the credit unions integrate operations in spring 2026.

---