Charter Oak Federal Credit Union started out as the Groton Shipbuilders Federal Credit Union back in 1939. At that time it was run by an employee of Electric Boat, who did most of the Credit Union business out of his lunchbox!

In 1974 we changed our name to the Electric Boat Federal Credit Union, and in 1980 we were granted a community charter, which meant that anyone in the Groton community could become a member. At that time we changed our name to the Electric Boat Community Federal Credit Union.

Meanwhile, up in the Dayville area, Quinebaug Valley Credit Union had been going strong in the community since 1947. They began as a small employees credit union at the Prym Mill in Dayville. In 1990 Electric Boat Community Federal Credit Union acquired Quinebaug Valley Community Credit Union, and in 1991 we changed our name to Charter Oak Federal Credit Union.

In 1999, our community got bigger! Our charter was amended to allow us to serve all residents and businesses in New London County along with continuing service to the Dayville area.

In February 2003, SCCT, LLC a subsidiary of Charter Oak was formed to pursue new business opportunities for the Credit Union.  In August 2004, SCCT purchased the Groton based business – The Insurance Professionals (TIP).  TIP brokers both personal and commercial lines of insurance to residents in Connecticut and Rhode Island.

Charter Oak continues to grow.  In December, 2003 our request for a field of membership expansion to include all of Windham County was approved.

Our Willimantic office opened its doors in March 2005 and is located at 893 Main Street.  This full service center boasts two bi-lingual employees. In 2006, our Pawcatuck Office (20 Liberty Street) was expanded to full service.  In 2007, our Niantic office relocated to its beautiful, state of the art facility at 335 Main Street.

2008 will continue to make member convenience a number one priority.  In April, our first in-school branch at Fitch High School was opened and in June our brand new Montville office located in The Midway Shooping Center on Route 32 opened.  Construction is underway on the relocation of our Norwich office to One Connecticut Avenue.  All roads really do lead to Charter Oak!

Our history speaks clearly to the kind of financial institution Charter Oak is: of the people and for the people. We are a financial institution with a unique set of values; why not become a member today!