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Edgewood Today
By the People, for the People
UK Federal Credit Union and Cove Federal Credit Union Complete Merger
The merger will expand the geographic footprint and product offerings for members of the combined credit union.
Apr. 1, 2026 at 7:50pm
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UK Federal Credit Union and Cove Federal Credit Union have successfully completed a merger, effective April 1, 2026. The combined credit union will now operate 8 branches serving over 118,000 members with $1.75 billion in assets. The merger aims to provide expanded in-person support and access to new financial services for members across the Bluegrass State.
Why it matters
The merger allows the combined credit union to leverage economies of scale and expand its geographic reach and product offerings to better serve its growing membership. In a competitive financial services landscape, the merger positions the new organization as a stronger regional player that can invest in technology and innovation to meet evolving member needs.
The details
Under the terms of the merger, Cove Federal Credit Union's members and operations will be integrated into UK Federal Credit Union over the next 60 days. There will be no immediate impacts to Cove FCU member accounts and services. The combined credit union will operate 8 branches and provide access to over 90,000 free ATMs across the state. UK Credit Union has also committed to continuously developing new financial products and services to help members save and make money.
- The merger was completed on April 1, 2026.
- UK Credit Union plans to open a new branch in the Florence area roughly 10 miles away within the next year.
The players
UK Federal Credit Union
A full-service financial institution that has been serving the University of Kentucky and Central Kentucky since 1937, with over $1.60 billion in total assets.
Cove Federal Credit Union
Originally chartered as SEMC Federal Credit Union in 1970, created by a small group of employees of St. Elizabeth Hospital in Covington, Kentucky. The credit union moved its main office to Edgewood, Kentucky in 1989.
Ryan Ross
President & CEO of UK Federal Credit Union.
What they’re saying
“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.”
— 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.”
— Ryan Ross, President & CEO
What’s next
UK Credit Union plans to open a new branch in the Florence area roughly 10 miles away within the next year to provide expanded member support.
The takeaway
The merger of UK Federal Credit Union and Cove Federal Credit Union creates a stronger regional credit union that can better serve its growing membership across Kentucky through an expanded branch network, enhanced product offerings, and investment in innovative financial technology.
