Regulatory Alerts2020-01-24
Added · Updated
Bulletin 2918 - January 24, 2020
The Connecticut Department of Banking solicits written comments on the proposed merger of Connecticut Transit Federal Credit Union into America’s First Network Credit Union, which includes an expansion of the latter's field of membership. The Department also approved the merger of Connecticut Federal Credit Union into America’s First Network Credit Union, resulting in a corresponding expansion of the surviving credit union's field of membership. Written comments regarding the pending application must be submitted to the Banking Commissioner within ten business days of the bulletin's date.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2918 - Week Ending January 24, 2020
This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800. Written comments will be considered only if they are received within ten business days from the date of this bulletin.
CREDIT UNION ACTIVITY
Mergers
On January 21, 2020, America’s First Network Credit Union (“AFNCU”), a Connecticut credit union, and Connecticut Transit Federal Credit Union (“Connecticut Transit”), a federal credit union, filed an application pursuant to Section 36a-468a of the Connecticut General Statutes seeking approval to merge Connecticut Transit with and into AFNCU. As part of the application, AFNCU is proposing to expand its field of membership to include the select employee group that makes up Connecticut Transit’s field of membership.
On January 24, 2020, the Commissioner approved the merger of Connecticut Federal Credit Union ("Connecticut Federal"), a federal credit union, with and into America's First Network Credit Union ("AFNCU"), a Connecticut credit union, pursuant to Section 36a-468a of the Connecticut General Statutes. In conjunction with the merger, AFNCU's field of membership will expand to include all select employee groups that make up Connecticut Federal’s field of membership.
Dated: Tuesday, January 28, 2020
Jorge L. Perez Banking Commissioner