CHARTER OAK FCU EXPERIENCES RECORD GROWTH IN 2011
Credit Union Continues to Share its Financial Success with Members and Community
Groton-based Charter Oak Federal Credit Union experienced significant growth in 2011 and continues to expand its market share in New London and Windham Counties. Reporting a record net income of $8.4 million, compared to $4.9 million in 2010, Charter Oak also grew assets and deposits last year. The Credit Union’s assets grew 7.3% to $702 million, while deposits grew 7.1% to $585 million. In addition, Charter Oak closed almost $112 million in real estate loans during 2011.
Solidifying its role as one of the region’s strongest financial institutions, Charter Oak continues to pair increasing success and earnings with giving back to its members and community. For the second year in a row, Charter Oak’s Gold Rewards Program distributed $100 cash rewards to members maintaining important account relationships with the Credit Union. The only financial institution in the region who distributes an annual cash bonus to those who bank with them, Charter Oak distributed $271,800 to 2,718 members in December 2011. In addition to the $100 bonus, these Gold Rewards members enjoy other perks, such as discounted loan rates, free services, as well as refunded ATM fees. Last year alone, $82,906 was refunded to Gold Rewards members. Charter Oak CEO, Brian A. Orenstein, stated, “We are thrilled to reward members who treat us as their primary financial institution. By paying our members cash, we have proven to Eastern Connecticut residents that Charter Oak values our member relationships. Our continued growth and success is an indicator that our members appreciate programs like this and that the word about our superior products and services is spreading. If you live or work in New London or Windham County and you haven’t taken advantage of this special program already, you should start doing so in 2012!”
Charter Oak Federal Credit Union also shares its financial success with area residents through its Community Giving Program. In 2011, Charter Oak distributed $234,000 to over 200 community groups throughout Eastern Connecticut through grant, scholarships, sponsorships and casual day donations.
