LEXINGTON, Ky and EDGEWOOD, Ky. , Aug. 1, 2025 /PRNewswire/ -- UK Federal Credit Union and Cove Federal Credit Union are pleased to announce a merger agreement, subject to regulatory approval and a vote of Cove Federal Credit Union's membership. This announcement comes after thoughtful consideration between both credit unions in terms of service, sustainability and growth. The Board of Directors of each credit union has unanimously approved the merger. The combined organization will operate under the University of Kentucky Federal Credit Union leadership and name.
Most importantly, members at both organizations will not experience any immediate change, and the credit unions will continue to operate independently while the merger process goes through regulatory approval and a Cove FCU member vote.
"We are a member-centric organization, and every decision we make always takes into consideration existing and future members," said Ryan Ross, President & CEO of UK Federal Credit Union. "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 to help the collective members with their financial needs."
"With shared Kentucky roots, a community filled with UK alumni, and a membership that deserves best-in-class products and services – we made a decision to partner with UK Federal Credit Union that will provide enhanced digital banking services, financial advising, and a vast array of core banking products," said Tom Burns, President & CEO of Cove Federal Credit Union.
The merger is expected to be completed in the second quarter of 2026, pending regulatory approval and a vote of Cove FCU's membership. Cove Federal Credit Union ($80 million in assets, 6,579 members) and UK Federal Credit Union ($1.56 billion in assets, 108,770 members) signed the agreement on July 23, 2025. Following the completion of the merger, UK Federal Credit Union will have $1.64 billion in assets, 8 branches serving over 115,000 members throughout Kentucky and beyond.
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 $1.50 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]
Holly Smith
Director of Marketing
[email protected]
SOURCE University of Kentucky Federal Credit Union
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