This merger is a strategic decision made by both organizations to create a stronger, more competitive financial institution. By combining our unique strengths and leveraging complementary resources, we’ll be able to offer broader financial solutions, improved technologies, and enhanced services to all our members. Together, we will be better positioned to compete regionally, grow sustainably, and continue our shared mission of supporting the financial wellness of our members and communities.

Additionally, Scient members will benefit in the following ways;

Expanded Products and Services

With a larger organization comes economies of scale. We pride ourselves in our ability to keep up with the most innovative technology and services, but that is only sustainable for so long in our ever-changing environment. This new, combined organization will have the ability to continue investing in the channels that will provide a top-of-the-line experience for our members that rivals any large bank or credit union.
CorePlus Credit Union (CPCU) has an in-house wealth management advisor, increased digital offerings such as video banking, virtual chat, online appointment management, and rewards checking and savings products.

Larger Branch Network

Scient’s members will gain access to additional branches once the merger is complete. CPCU currently has seven branches across Windham and New London County, with locations in Plainfield, Norwich, East Lyme, Waterford, Groton, Pawcatuck, and in Foxwoods Resort Casino.

Increased Community Impact

Both CPCU and Scient have a steadfast commitment to serving the communities in which they operate and beyond. The additional resources gained from this merger will allow us to continue our efforts to provide support to our communities, be it through monetary, volunteer, or educational efforts. Additionally, we plan to add a community impact department to our team, whose sole focus will be to provide financial resources and education to our communities.

CorePlus Credit Union (CPCU) was founded in 1936, originally as a teacher’s credit union. After several decades of growing assets and mergers with local employee credit unions, the Norwich Pequot Teachers Credit Union changed its name to CorePlus Federal Credit Union in 2001. Today, CPCU serves over 29,000 members through its multiple common bond charter and its seven branches in Northern and Eastern Connecticut. CPCU operates with a mission statement emphasizing Financial Wellness for All. CPCU’s employees and board members are also committed to supporting our local communities through volunteering, providing annual support, and employee charitable account donations.

The official timing of the merger process will follow a formal member approval process, with the effective date of the merger tentatively slated for September 1, 2025. A core processor conversion could potentially take place in the second quarter of 2026. Upon completion, members will be able to utilize the combined entity’s services at all branch locations.

We will be sure to keep our members informed of the merger process as it progresses.

Unlike traditional acquisitions, this is not one organization taking over another — it is a true merger of equals, uniting two respected credit unions to grow and evolve together.

We anticipate the full merger to be finalized in late 2025, contingent on regulatory and membership approvals.

The Board of Directors of both CPCU and Scient consider this a merger of equals. Regardless of the two credit unions being similar in size and scope, only one credit union charter number can be retained. After an extensive due diligence, our team of accountants determined it would be more financially beneficial to retain the CPCU charter number. Since Scient would be moving to the CPCU charter number, the Scient members are required by regulation to vote.

During the merger process, both credit unions will continue to operate independently, and members at both credit unions will continue to enjoy their familiar banking products, services, and staff throughout this period. Members will continue to utilize Scient’s online banking and mobile app, as well as, our contact center to reach a Scient representative until our core processor conversion is complete in the second quarter of 2026.

CPCU and Scient currently operate two different processing systems. Once our core processor conversion is completed, members can utilize our services at any of our combined organization’s branches.

For general banking transactions, members may continue to utilize the Shared Branching Network at either institution.

Yes, all accounts will continue to be insured by the National Credit Union Share Insurance Fund, which is backed by the full faith and credit of the U.S. Government and the National Credit Union Administration.

The rates on fixed rate loans and certificates would remain the same until the end of their existing terms. Other products would adjust as normal due to market conditions.

Our staff are our largest asset and are essential to any successful merger. CPCU and Scient share a commitment to stability, and no reductions in staffing are planned at this time.

The newly combined financial institution will adopt a leadership partnership model: Ray Currier, President and CEO of CPCU, will serve as CEO, and Chris Maynard, President and CEO of Scient, will serve as President. Currier and Maynard will work in tandem to advance the merged organization into its next chapter

All Scient existing locations are expected to remain open.CPCU’s Groton branch, will be combined with our Groton branch to serve members more efficiently as CPCU’s current location does not offer drive-up services or Saturday hours.

Yes! As community credit unions, both CPCU and Scient pride themselves in delivering a stellar member service experience. This new organization will allow for expanded training resources to ensure that we continue to exceed your expectations each time we serve you.

The initial Board of Directors post-merger will consist of 11 members, 6 members from Scient and 5 members from CorePlus. The individuals that will comprise the new Board of Directors is still being finalized. The new Board of Directors will determine who will be the Chair of the Board of Directors based upon interested candidates and experience; provided that the position of Vice Chair shall be chosen from the opposite party as the Chair.

A new brand will be developed to represent the combined identity of both credit unions. Employees and members will be engaged in shaping our future identity.

Though this is a merger of equals, there will be an intermediary period where Scient will operate under the CPCU name. We anticipate the new brand to be launched late 2025 or early 2026.

Both credit unions will continue operating independently for now, so no immediate changes to credit/debit card providers are planned.

There will be no changes to online banking until the core processor conversion takes place, potentially in the second quarter of 2026.