January 30, 2009
Charter Oak Can Weather
Economic Storms
Strength and Stability Helped Charter Oak Weather the Economic Storm of 2008
Groton, CT-January 30, 2009-Despite the weakening economy, Charter Oak Federal Credit Union remained strong and stable in 2008. That was the message CEO Brian Orenstein demonstrated to almost 200 employees at Charter Oak Federal Credit Union's Quarterly Business Meeting held on January 27, 2009. 2008's highlights included record deposit growth totaling over $62 million dollars; the opening of over 2,000 new active checking accounts and 150 new active business accounts; as well as the opening of two new branches, the relocation of two office locations and the remodeling of a third.
Much of Charter Oak's strength is drawn from the healthy and sound credit union industry that is well positioned to weather the current economic storm. Consumers banking with credit unions can be assured that their money is safe, and that they can continue to turn to them for loans and additional financial services which are offered at little or no cost. According to Orenstein, "The bottom line is that Charter Oak is well capitalized and strong, actively extending credit and lending responsibly. Our members should know that Charter Oak is safe, sound and secure."
