UK Federal Credit Union and Cove Federal Credit Union Complete Merger

The merger expands UK Credit Union's geographic footprint and product offerings across Kentucky.

Apr. 2, 2026 at 2:34pm

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UK Federal Credit Union and Cove Federal Credit Union have successfully completed a planned merger, effective April 1, 2026. The merger aims to enhance long-term sustainability, growth, and member access to in-person support across the Bluegrass State. UK Credit Union will welcome Cove FCU's members and staff, while providing expanded branch locations, ATM access, and new financial products and services.

Why it matters

The merger allows UK Credit Union to expand its reach and offerings to serve more members throughout Kentucky. It also highlights the ongoing consolidation in the credit union industry as smaller institutions seek to gain scale and efficiencies to better compete with larger banks and fintech providers.

The details

Under the merger, UK Credit Union will now operate 8 branches and serve over 118,000 members with $1.75 billion in total assets. Cove Federal Credit Union, originally chartered in 1970 as SEMC Federal Credit Union, will be integrated into UK Credit Union's operations. There will be no immediate impacts to Cove FCU member accounts and services, but they will transition to UK Credit Union's platforms over the next 60 days.

  • 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 to provide expanded member support.

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 in 1989.

Ryan Ross

President & CEO of UK Credit Union.

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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

What’s next

UK Credit Union plans to open a new branch in the Florence area roughly 10 miles away to provide expanded member support to knowledgeable financial experts.

The takeaway

The merger of UK Federal Credit Union and Cove Federal Credit Union will allow the combined institution to better serve members across Kentucky through an expanded branch network, enhanced product offerings, and leveraged technology to improve everyday banking experiences.