Atlantic Union Bankshares Supports UKFCU and Cove FCU Merger to Enhance Member Services
- The merger will increase UKFCU's assets to $1.64 billion and membership to over 115,000.
- UKFCU aims to enhance member services through improved digital banking and financial advising post-merger.
- The merger reflects a trend in the credit union sector for consolidation to better meet member needs.
Merger Enhances Member Services in Kentucky’s Credit Union Landscape
UK Federal Credit Union (UKFCU) and Cove Federal Credit Union announce a significant merger agreement, pending regulatory approval and a vote by Cove's members. Scheduled for August 1, 2025, this merger aims to create a more robust financial institution that can better serve its members. The boards of both credit unions have unanimously approved the merger, reflecting a strong alignment in their vision for future growth and member satisfaction. Currently, UKFCU stands as a major player with $1.56 billion in assets and over 108,000 members, while Cove FCU, with $80 million in assets, serves approximately 6,579 members. The merger is expected to enhance their service offerings and solidify their positions in the competitive financial services market.
As the merger progresses, Ryan Ross, President & CEO of UKFCU, underscores the commitment to making member-centric decisions. The merger is poised to extend geographic service and invest in improved products, enhancing digital banking capabilities, and providing financial advising services. This strategic move reflects a growing trend within the credit union industry to consolidate for greater efficiency and improved service delivery. Tom Burns, President & CEO of Cove FCU, echoes the sentiment, highlighting the shared Kentucky roots and a commitment to providing best-in-class financial products. By combining resources, the merged entity aims to create a stronger financial base that can respond more effectively to the evolving needs of its members.
Once finalized in the second quarter of 2026, the merger is projected to increase UKFCU’s assets to $1.64 billion, expanding its membership base to over 115,000. The organization will operate under the UKFCU name and leadership, with no immediate changes for members during the regulatory approval and voting process. This merger reflects a broader trend in the credit union sector, where partnerships like this are increasingly seen as a viable strategy to meet the growing demands of members while ensuring sustainable growth. By uniting their resources and expertise, both credit unions aim to enhance their community impact and solidify their dedication to member service.
In addition to the merger news, the credit union landscape is witnessing a growing emphasis on digital transformation. Both UKFCU and Cove FCU recognize the importance of enhancing their digital offerings to meet the demands of tech-savvy consumers. This merger not only positions them to expand their reach but also to innovate and improve their service delivery mechanisms.
As the merger moves forward, it embodies a commitment to community service and financial stability, ensuring that members receive the best possible products and services in an ever-evolving financial environment.