UK's Federal Credit Unions, UK Federal Credit Union and Cove Federal Credit Union, announce their planned merger.
In a significant move for the financial sector in Kentucky, UK Federal Credit Union (UKFCU) and Cove Federal Credit Union have announced a merger agreement. The merger, subject to regulatory approval and a vote from Cove FCU's membership, is expected to be finalized in the second quarter of 2026.
UKFCU, with a rich history dating back to 1937, has been serving University of Kentucky affiliates and Central Kentucky for over eight decades. With $1.56 billion in assets, 108,770 members, and seven branches, UKFCU offers a wide range of financial products and services.
On the other hand, Cove Federal, originally chartered in 1970, was founded by St. Elizabeth Hospital employees in Covington, Kentucky. With $80 million in assets, 6,579 members, and one branch, Cove Federal has grown from a small group of employees to serving over 6,000 members.
The combined entity, operating under the UK Federal Credit Union name and leadership, will boast about $1.64 billion in assets, eight branches, and over 115,000 members across Kentucky and beyond. The merger aims to expand geographic service coverage and achieve better scalability, facilitating improved products and digital banking services, enhanced financial advising, and a broader array of core banking products for members.
Andrew Miller, the Chief Marketing Officer of the combined organization, can be contacted at [email protected] for more information. The Director of Marketing for the combined organization is Holly Smith, who can be reached at [email protected].
The merger received board approval from UKFCU in early August 2025. The press release about the merger was issued by the University of Kentucky Federal Credit Union. The exact location of Cove Federal Credit Union is 577 Dudley Road in Edgewood, Kentucky.
The merger is expected to consolidate their resources and memberships under UKFCU’s established brand, enhancing service offerings and geographic reach by mid-2026. The contact information for UK Federal Credit Union can be found at www.ukfcu.org.
Leadership statements emphasize a member-centric approach focused on delivering best-in-class services, leveraging shared Kentucky roots and a community of University of Kentucky alumni. The combined organization will continue to operate independently until the completion of the merger.
Sources:
- Cision PR Newswire
- University of Kentucky Federal Credit Union
- Covington Business Courier
- Lexington Herald-Leader
- The merger between UK Federal Credit Union (UKFCU) and Cove Federal Credit Union, aimed at achieving better scalability, will ensure improved products and digital banking services, enhanced financial advising, and a broader array of core banking products for members.
- The combined entity, after consolidating their resources and memberships under UKFCU’s established brand, will operate in eight branches across Kentucky and beyond, serving over 115,000 members.
- In the cloud era, this significant move within the finance industry is noteworthy news, as the merged organization, with its focus on scalability, seeks to expand its geographic service coverage and deliver best-in-class services to its members.
