UK Federal Credit Union and Cove Federal Credit Union Merge for Greater Service

UK Federal Credit Union and Cove Federal Credit Union Announce Merger

In a significant development within the financial services sector, UK Federal Credit Union and Cove Federal Credit Union have declared their intent to merge, pending regulatory approval and a vote from Cove Federal's membership. This merger, which has been unanimously approved by both organizations' Boards of Directors, is anticipated to enhance service delivery and operational efficiency for members of both credit unions.

The announcement was made public on August 1, 2025, highlighting a shared vision of growth and sustainability. Ryan Ross, President and CEO of UK Federal Credit Union elaborated, "We are a member-centric organization, and every decision we make always takes into consideration existing and future members. By merging these two great Credit Unions together, we are providing extended geographic service to members in both Credit Unions, while also creating scalability allowing further investment in better products and services."

Cove Federal Credit Union President and CEO Tom Burns echoed similar sentiments, stating that partnering with UK Federal Credit Union will provide enhanced digital banking services, financial advising, and a wide range of core banking products, aiming to meet the diverse needs of their combined member base. With roots deeply embedded in Kentucky and a membership that comprises many University of Kentucky alumni, the partnership aims to leverage their shared heritage for improved service delivery.

The merger marks a milestone for both institutions. Cove Federal Credit Union, which has assets totaling approximately $80 million and serves over 6,500 members, will align with UK Federal Credit Union’s significantly larger operation, which boasts around $1.56 billion in assets and over 108,000 members. Following the merger's completion, UK Federal Credit Union will have a combined total of about $1.64 billion in assets and will serve over 115,000 members through an expanded network of branches across Kentucky.

However, it is important to note that members of both credit unions will experience no immediate changes; the credit unions will function independently while awaiting regulatory approval and the Cove FCU member vote.

The timeline for the merger's completion is projected for the second quarter of 2026. In preparation for this transition, both institutions are gearing up to enhance their operational frameworks and product offerings to ensure a seamless integration.

Background on UK Federal Credit Union and Cove Federal Credit Union

UK Federal Credit Union has been a pillar of financial service in Central Kentucky since 1937, providing a broad spectrum of products and services. These include checking and savings accounts, mortgage, auto, and commercial loans, alongside investment services. For those interested in becoming part of UK Federal Credit Union, further information can be found on their official website.

Cove Federal Credit Union, established in 1970, has its origins from a small group of St. Elizabeth Hospital employees in Covington, Kentucky. Over the years, it has evolved, moving its primary operations to Edgewood, Kentucky, and expanding its service capabilities in line with community growth.

The merger reflects a strategic move to combine resources and strengths, ultimately aiming to foster a stronger and more capable financial institution, better equipped to meet the demands of modern banking. Through this union, the credit unions aim to provide their members with enhanced service options and improved financial solutions, helping them navigate their financial journeys more effectively.

As the communities served by these institutions look forward to the benefits that this merger will bring, it stands as a testament to the evolving landscape of financial services in Kentucky, driven by a commitment to member needs and community growth.