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Hamden FCU Wepawaug Flagg FCU to merge
HAMDEN, Conn. (6/9/10)--Two Hamden, Conn.-based credit unions have agreed to merge, with Hamden FCU joining Wepawaug Flagg FCU, pending approvals from members and regulators. The credit union will operate under the Wepawaug Flagg name. Hamden FCU Chairman and CEO Kevin Shields said the credit unions wanted to provide expanded services to members. Another key factor in the decision was the increase in regulations in the past few years, he said (Euclid Infotech June 5). The merger is expected to close on June 30, according to Michael Hinchey, president/CEO of Wepawaug Flagg FCU. There are no plans to close branches, and the credit union hopes to retain Hamden FCU employees, he said. Chartered in 1962, the nearly $7 million asset Hamden FCU has an office in Hamden and one at Southern Connecticut State University in New Haven serving more than 1,800 members. Wepawaug Flagg FCU, established in 1936, serves more than 30 select employer groups, including certain municipal employees of New Haven and the Board of Education employees in Hamden and Cheshire. It has nearly $64 million in assets and serves more than 10,500 members.


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