UK Credit Union & Cove Federal Credit Union Complete Merger

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.

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 how to join UK Federal Credit Union, click here.

We estimate the merger could be completed as soon as the second quarter of 2026. The merger will require both NCUA approval and a Cove FCU membership vote in support of the merger.

The combined organization will operate under the University of Kentucky Federal Credit Union leadership and name.

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.  

No. If approved, the leadership under the combined organization has no plans to change or close any branches. If approved, and following the completion of the merger, the Cove FCU location will be updated with UKFCU physical signage.

Prior to the merger, no. If the merger is approved by NCUA, UK Federal Credit Union will begin mapping Cove products to similar products at UKFCU that provide the member with similar, and potentially better, features. More information about your new account and the mapping will be available as we approach the final stages of the merger. 

Prior to the merger, yes; all Cove solutions and platforms will remain unchanged with full member access until the completion of the merger. As we approach completion, you will be receiving new debit cards and credit cards.

Prior to the merger, no.  As we approach the completion of the merger, we will be contacting you directly with more information about how to make a payment, provide loan coupons, and more. The terms of your loan will not change; your rate, amortization schedule, and monthly payment will not change.

If approved, following the completion of the merger, yes, the Cove FCU website domain will be automatically redirected to the UKFCU website to ensure easy, quick access to your online banking and information covering our vast array of financial services. 

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.