UK Credit Union & Cove Federal Credit Union Announce 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.

UK Credit Union has been proudly serving the University of Kentucky and Central Kentucky since 1937 and now has more than $1.60 billion in total assets and seven convenient branches in Lexington and Nicholasville. UK Credit Union 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 Credit Union, click here.

The combined organization will operate under the UK Credit Union leadership and name. To read more details about the merger, please see our news release.

No. UK Credit Union is proud to state that no employees, Cove nor UK Credit Union, 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. 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.

Prior to the merger, no. If the merger is approved by NCUA, UK Credit Union will begin mapping Cove products to similar products at UK Credit Union 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. 

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

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". 

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. 

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, UK Credit Union and Cove will be reaching out in joint communications to inform you of the next steps.

Cove FCU members will create new usernames and passwords during re-enrollment. The enrollment process will begin on XX.XX.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. 

Yes, the majority of members will have the ability to continue using existing checks. However, there is a small number of CFCU members that will need to have their account numbers changed, and those checks will no longer function. Those members will be contacted directly. 

The voting packets were postmarked on December 5, 2025 and mailed to all primary membership accountholders.

The voting will officially begin on December 5th, and will conclude at the end of a Special Meeting held at 5 PM, February 3, 2026 at Cove FCU.

No, all voting must be completed using the pre-printed forms provided by Cove FCU and CU Ballot, an independent third party contracted to help facilitate the voting process and certification of results.

No. To ensure the integrity of the voting process, no additional ballots will be provided to members after the initial mailing on December 5th. You can, however, vote in person at the Special Meeting. You will be required to present an ID and provide your Social Security Number in order to verify no duplicate voting.

Yes. If approved, the members will receive a one-time dividend payment based on their tenure with the Credit Union. The payment date will be identified and scheduled between the Voting Certification Date (February 13, 2026) and the Legal Merger Date (April 1, 2026).