Exciting News
Cove Federal Credit Union is proud to share that our Board of Directors have approved a merger with University of Kentucky Federal Credit Union based in Lexington, Kentucky. Pending NCUA approval and a Cove FCU membership vote, the combined organization will operate under the University of Kentucky Federal Credit Union leadership and name. To learn more about UK Federal Credit Union and the convenience Cove Federal Credit Union members will receive as a result, please click here.
Review the UK Credit Union Welcome Guide
Questions about the merger process and the conversion of your Cove FCU accounts and loans to UK Credit Union's? Read the Welcome Guide that each member will have received in mid-April, and learn about:
- Important upcoming dates
- Account Conversions
- Online Banking Enrollment
- And more
FAQs:
Q: Who is the University of Kentucky Federal Credit Union, and where are they located?
A: 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 and seven convenient branches in Lexington and Nicholasville. 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 UK Federal Credit Union, visit www.ukfcu.org.
Q: When do you expect the merger to be completed, if approved?
A: If approved by Cove membership and the National Credit Union Administration (NCUA), the anticipated legal merger date is set for April 1, 2026. The conversion of accounts, loans, and online banking is scheduled for June 1, 2026. However, there may be some aspects that may take longer to convert based on vendor limitations.
Q: With the merger, what will be the name following the completion?
A: The combined organization will operate under the University of Kentucky Federal Credit Union leadership and name.
Q: Following the merger, will any staff be let go?
A: No, UKFCU is proud to state that immediately following the merger, no employees, Cove nor UKFCU, will be terminated as a reduction in staff. Thomas Burns, Cove FCU’s current CEO will retire as it has been his plan since late 2024.
Q: Before and after the merger, are there any changes to any UKFCU or Cove FCU branches?
A: No. The leadership under the combined organization has no plans to change or close any branches. Following the completion of the merger, the Cove FCU location will be updated with UK Credit Union physical signage. We are happy to announce the purchase of a new branch location in Florence to continue our branch network growth and member support in the NKY area. The location on 4790 Houston Road will be open in Summer of 2026.
Product-Based Questions
Q: If I’m a member of Cove Federal Credit Union, will my account be changed?
A: Yes, Cove Accounts and Loans are being mapped over to the same or similar accounts and loans at UK Credit Union. The targeted date for converting these accounts is June 1, 2026. More information about your new account and the mapping will be available as we approach the final stages of the merger.
Q: Will my Cove FCU checks, and debit card still work?
A: Prior to the merger, yes; all Cove solutions and platforms will remain unchanged with full member access until the completion of the merger.
All former CFCU members that have an active debit card will receive a new UK Credit Union debit card via mail to their address on file approximately 10 days prior to June 1, 2026. The mailer will provide instructions on how to activate your new debit card, and maximize the benefits you receive as a UK Credit Union member.
Your CFCU Debit Card will no longer work after 11:59 PM on May 31, 2026.
IMPORTANT: Please destroy your old CFCU Debit Card once you have activated your new UK Credit Union Debit Card
Your checks will remain eligible for use after the conversion.
Q: Will any terms on my loan change?
A: The Loan rates and payments will not be changing. Beginning June 1, 2026, your Loan statements will come from UK Credit Union. The simplest way to make a Loan payment is from an existing share account at UK Credit Union, and making the payment via Online Banking or the Mobile App. Alternatively, you can make a payment from an external (non-UK Credit Union) account, but you will have to pay a $10 processing fee. If you need to make a payment via Debit Card, there is a link on our website in the top header that says "Pay My Loan".
Q: Will the website change?
A: Beginning June 1, 2026, covefcu.com will be automatically redirected to ukcreditunion.org. Any relevant information that is need during the conversion process will be transferred over to UK Credit Union's website.
Q: Will my online banking credentials change?
A: Prior to the completion of the merger, no. You will have access to all Cove FCU services and products until the merger is approved by the NCUA, and the conversion has been completed. As we have approached the completion of the merger, UKFCU and Cove will be reaching out in joint communications to inform you of the next steps.
Q: How do I access UK Credit Union's Online Banking?
A: Cove FCU members will create new usernames and passwords during re-enrollment. The enrollment process will begin on June 1, 2026. If you already have a UK Credit Union membership, you may login as you normally would and see all of your accounts aggregated.
If you already have a UK Credit Union membership, you will receive a duplicate error message that reads, "Username already exists." You will not need to set up an additional Online Banking Account to access your converted Cove Accounts as they will be merged into existing UK Credit Union Online Banking Accounts, if possible.
Alerts - Unfortunately, any existing alerts created on the Cove FCU Online Banking platform will need to be created on UK Credit Union's Online Banking or Mobile App. To set up new alerts, Log into Online Banking or the Mobile App and navigate to: Menu > Profile & Settings > Alerts.
Bill Pay - Similar to the alerts, all previous payees set up in Bill Pay will need to be re-established in UK Credit Union's Online Banking or Mobile App. For complete details, please see the Electronic Funds Disclosure on page XX.
Transfers - Any recurring transfers (internal or external) will need to be reestablished within UK Credit Union's Online Banking or Mobile App.