Nutmeg State Financial Credit Union and First Bristol Federal Credit Union Announce Merger Approval

John Holt

Nutmeg State Financial Credit Union (Nutmeg) and First Bristol Federal Credit Union (First Bristol) announced today that their proposed merger has received regulatory approval as well as approval by a majority vote of the First Bristol membership. The merger was effective June 1, 2024, with operational integration planned for January 2025.

The $675 million organization, which will serve 48,000 members with 10 branches across Connecticut, will take on the Nutmeg name and charter as the continuing credit union. Nutmeg Chief Executive Officer John Holt will serve as CEO of the combined organization on the effective date of the merger, and First Bristol CEO Mark Cornacchio will remain in a leadership role with the credit union. First Bristol will operate as a division of Nutmeg until the credit unions’ systems and operations are combined early next year, and its two Bristol branches will remain open under the Nutmeg brand.

“First Bristol is a natural fit as a merger partner and we couldn’t be more excited about our future together. Not only do we share deep Connecticut roots, but there are also great synergies between our member-focused cultures, goals, and mission,” Holt commented. “While both organizations are strong today, we know that together we can better serve our collective members and offer greater value and convenience over the long term. We look forward to welcoming First Bristol members to Nutmeg and returning to serve the Bristol community.”

Cornacchio said, “Our members clearly saw the value of our partnership with an overwhelmingly positive vote in favor of the merger. With our shared Connecticut heritage, values, and commitment to serve our local communities, we will carry on First Bristol’s long legacy while offering the best possible service, products, pricing, and convenience to our members. We look forward to combining the best of our organizations’ strengths to bring members much greater value from their credit union moving forward.”
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Beginning next year, First Bristol members will have significantly expanded products and services, new banking service technologies, additional branches, 30,000+ fee-free ATMs nationwide, and more. Nutmeg will expand its service footprint, returning to serve the Bristol community after a number of years with two established branches.

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