UK Federal Credit Union and Cove Federal Credit Union Announce Merger
(Lexington, KY & Edgewood, KY) 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.
-
Account Takeover (ATO) Fraud-What You Need to Know
ATO fraud (or Account Takeover) is a form of identity theft. A cybercriminal takes over a victim’s online account, such as banking, credit card, email or social media accounts without permission. -
How to use parental controls to keep your kid safer online
Talking with your kids about your family’s rules and expectations is key to helping them establish good online habits. -
Holiday Scams to Watch Out for in 2024
The holiday season, with its surge in shopping, travel and festive activities, is also a peak period for scammers who seek to exploit the spirit of generosity and the flurry of financial transactions. -
2024 Diaper & Wipes Drive
-
Fraudster Phone Spoofing
Phone spoofing happens when a scammer tricks your phone's caller ID into showing an official phone number, like the credit union's number. The fraudster will call or text, pretending to be a Cove employee, and try to trick you into giving out personal information. -
How To Avoid a Government Impersonation Scam
Scammers pretend to be from government agencies like the FTC, Social Security Administration, and IRS — or say they’re calling about your Medicare benefits. -
2023 Diaper & Wipes Drive
-
Fraud Schemes: Common Schemes and Tactics…
Common Schemes and Tactics…And ways to protect yourself -
2023 Fuel Economy Guide
-
2022 Diaper & Wipes Drive
-
We Are Collecting Hats & Gloves for Adults
Items will be distributed to tri-state congregations of all denominations by the free Health Ministries and Faith Community Nursing program of St. Elizabeth Healthcare. -
TIPS FOR ONLINE HOLIDAY SHOPPING
U.S. Department of Homeland Security - TIPS FOR ONLINE HOLIDAY SHOPPING. With more and more people doing their holiday shopping online, the U.S. Department of Homeland Security has issued some general tips to keep shoppers safe. -
Auto Talk Summer 2021
The Easy Guide to Buying a Car Congratulations! You’ve decided to buy a new or pre-owned vehicle. This can be an exciting step in your financial future, even with a number of important decisions along the way. Here are some quick points to make the most of your auto buying process. -
Auto Talk Spring 2021
The Easy Guide to Buying a Car Congratulations! You’ve decided to buy a new or pre-owned vehicle. This can be an exciting step in your financial future, even with a number of important decisions along the way. Here are some quick points to make the most of your auto buying process. -
2021 Winter Newsletter
-
2020 Fall Newsletter
Summer Newsletter discusses Cove's Seminar: College Scholarships, Breast Cancer Awareness Month: Take A Pen - Spread the Word, and Move & Save Auto Loans. -
2021 Diapers & Wipes Drive
The annual Diapers and Wipes drive supports St. Elizabeth's Baby Steps Program, which provides education and support to women with opiate use disorder. -
2020 Summer Newsletter
Summer Newsletter discusses Cove's Scholarship Recipients, Diaper & Wipes Drive and COVID Scams article. -
2020 Spring Newsletter
Spring Newsletter discusses Coves Covid-19 responses, 2020 Scholarship Progame and Board of Directors Nominations. -
Protect Yourself Watch out for These Top Internet Scams
Internet scams are constantly evolving. As long as there are heartstrings to tug, con-artists around the world are targeting a computer or mobile device near you. Knowledge of the most common internet scams, and what you can do to safeguard your personal information and wallet,can save you heartache and money. Here are some common scams that continue to evolve