University of Kentucky Federal Credit Union (UKFCU) and Cove Federal Credit Union, based in Edgewood, Kentucky, have signed a merger agreement, pending regulatory approval and a vote by Cove FCU members. The boards of both credit unions unanimously approved the deal, which would combine the organizations under the UKFCU name and leadership.
Members of both institutions will see no immediate changes. The credit unions will continue to operate independently until the merger receives final approval, which is expected in the second quarter of 2026.
“We are a member-centric organization, and every decision we make always takes into consideration existing and future members,” said Ryan Ross, president and CEO of UKFCU. “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.”
Cove Federal Credit Union President and CEO Tom Burns said the partnership will strengthen offerings for members. “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,” he said.
Cove FCU holds $80 million in assets and serves 6,579 members. UKFCU has $1.56 billion in assets and 108,770 members. Once combined, the credit union will have $1.64 billion in assets, eight branches, and more than 115,000 members across Kentucky and beyond.