LEXINGTON, Ky. & EDGEWOOD, Ky.–(BUSINESS WIRE)–UK Federal Credit Union and Cove Federal Credit Union are proud to share news of the successful completion of the planned merger, effective on April 1, 2026. The merger of the two Credit Unions comes as a desire from each organizations commitment to long-term sustainability, growth, and increasing access for members to in-person support in branches.
After several months of collaboration between both organizations to ensure a smooth transition for Cove FCU members and access to value-filled products, UK Credit Union is excited to welcome the new members. UK Credit Union has shared that there will be no immediate impacts to Cove FCU member accounts and services, but will begin migrating to UK Credit Union platforms over the next 60 days.
“We have seen the value and support UK Credit Union can provide to the families within our communities, and we’re excited to extend that same support to new areas of the Bluegrass State,” said Ryan Ross, President & CEO. “Additionally, we’re pleased to welcome the existing Cove FCU staff into our workplace culture that has been recognized as a consistent ‘Best Places to Work’ award winner.”
Highlights of the Merger:
- Increased Geographic Footprint: With eight branches, and over 90,000 + ATMs available free-of-charge, the members of UK Credit Union will enjoy expanded support throughout the state, and while traveling.
- Enhanced Product Offerings: UK Credit Union has committed to continuously developing new services that provide benefits to our members throughout their lifetime. The goal is simple, help members save money, and help members make money.
- Leveraging Technology To Make Managing Finances Easier: A key strategic pillar for UK Credit Union is finding new ways to make everyday banking tasks easier through streamlined processes, automation, and enhanced security. Great technology should not be limited to mega banks and fintech providers.
Following the merger, UK Credit Union will now operate 8 branches serving over 118,000 members with a total of $1.75 billion in assets. Additionally, UK Credit Union plans on opening a new branch in the Florence area roughly 10 miles away to provide expanded member support to knowledgeable financial experts.
About UK Federal Credit Union (UKFCU): UKFCU has been proudly serving the University of Kentucky and Central Kentucky since 1937 and now has more than $1.60 billion in total assets. UKFCU is a full-service financial institution offering a wide range of products and services, including checking and savings accounts, mortgage, auto, and commercial loans, as well as investment services. For more information about how to join UK Federal Credit Union, visit www.ukfcu.org.
About Cove Federal Credit Union: Cove Federal Credit Union was originally chartered as SEMC Federal Credit Union in 1970, created by a small group of employees of St. Elizabeth Hospital in Covington, Kentucky. In 1978, St. Elizabeth’s South Unit was built in Edgewood, Kentucky and the hospital became St. Elizabeth Medical Center. As the South Unit grew, so did the credit union. In 1989, the credit union moved its main office to the South Unit in Edgewood, but maintained a branch office in the Covington hospital. In June 1999, the credit union moved off site from the hospital to our current location at 577 Dudley Road in Edgewood, Kentucky.
Contacts
Andrew Miller
Chief Marketing Officer
[email protected]
