FOR CHARTER OAK, EARNINGS & GIVING BACK ARE ON THE RISE
Members Benefit from Credit Union’s Successful Year
Groton, CT-February 16, 2011-For Groton-based Charter Oak Federal Credit Union, 2010 was a very good year. Reporting a net income of $4.9 million, Charter Oak experienced incredible growth, with core earnings rising 87% from $3.1 million in 2009 to $5.8 million in 2010. Strengthening an already sound balance sheet, these earnings have catapulted Charter Oak to the forefront of the region’s strongest financial institutions. Total assets grew 4.9% to $653 million as of year end. The Credit Union expanded its market share in New London and Windham Counties, growing deposits by 4.6% to $546 million. Charter Oak secured its ranking as Eastern Connecticut’s Number One Mortgage Lender, growing total loans by 4% to $488 million as of December 31st.
The Credit Union also experienced capital growth in 2010, raising it $6 million to a total of $63 million as of December 31st. To be considered well capitalized per regulatory guidelines, Charter Oak would require $45 million of capital. A key indicator of Charter Oak’s financial health, its $63 million in capital reassures members that Charter Oak is safe, sound and secure.
In addition to peace of mind, members can also look forward to reaping the rewards of Charter Oak’s big year. A unique aspect of the credit union industry is that when credit unions succeed, they give back. Whether through higher deposit rates, lower loan rates or special programs; members share in the wealth. During 2010 for example, Charter Oak began a unique give-back program for its members known as “Gold Rewards”. Depositing $100 into 2,610 member accounts, Charter Oak gave back $261,000 to members who qualified for the program based on their relationships with the Credit Union. Further adding to its efforts to give back, the Credit Union also opened its second high school branch dedicated to financial literacy at the new Killingly High School, and grew its Community Giving Program by donating funds to over 265 local community groups and non-profits; a 25% increase over 2009.
Describing the year’s accomplishments, Charter Oak CEO, Brian Orenstein, stated, “The year 2010 was tremendous for Charter Oak Federal Credit Union. Our earnings, loan growth, deposit growth and capital growth were well above our peers. We closed more mortgages than any other financial institution in Eastern Connecticut in 2010. More than the mega-banks, more than the community banks. Truly an amazing accomplishment. I am so proud of our staff and so thankful to our membership. We will continue to give back to our membership, as we did in 2010.”
