Sikorsky Financial Credit Union to merge with small Connecticut peer

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This week's agreement with Connecticut's bank regulator requires SoLo Funds to pay a $100,000 penalty and refund any tips, donations and fees it collected from borrowers in the state.
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Two Connecticut credit unions have applied for a merger with their state regulator.

Sikorsky Financial Credit Union in Stratford, Connecticut, plans to merge with the much smaller Bridgeport City Employees Federal Credit Union, according to a post on the Connecticut Department of Banking's website.

The merger application was filed Nov. 14, and the proposed effective date of the merger is March 31, 2023.

The $1.1 billion-asset Sikorsky Financial earned $8.4 million in the first nine months of 2022, a 93% increase compared with a year earlier, according to call report data from the National Credit Union Administration.

The $32 million-asset Bridgeport City Employees FCU earned $175,000 in the first nine months of 2022, after losing nearly $10,000 a year earlier.

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