Charter Oak Has New Look, Members
By Anthony Cronin
Published on 5/31/2009 in The Day
The Charter Oak Federal Credit Union is sporting a whole new look, part of its first big marketing makeover in a long time.
So why not offer a new look for its membership?
Laurie Cormier, assistant vice president for the Groton-based credit union, says the institution offered "a new look for spring" as part of its March unveiling of a new logo, new signage and aggressive marketing campaign.
The result, she says, is that 10 members of the credit union won the chance for a new look, courtesy of the Mystic Salon & Spa, including a haircut, eyebrow shaping, a pedicure and manicure, and a "fantasy tan." That equates to about $170 in salon and spa services, says Cormier, and the 10 members who won the chance for a new look loved it.
Cormier says credit union officials thought the salon-and-spa makeover would be a good opportunity to reward some of its members - the raffle competition was intense for the 10 spots, she says - and to further highlight the institution's new look, as well.
As part of its corporate makeover, Charter Oak now features a large new bright-orange logo featuring a replica of the original Charter Oak tree in Hartford. In addition, all of its branches feature new signage, including the logo, and the credit union's marketing campaign tweaks its banking competition by offering "relationships beyond banking."
The new campaign, which includes a new Web site at www.charteroak.org, was designed to boost the visibility of the credit union, one of the largest in the state.
With a membership of more than 80,000 and assets of more than $600 million, Charter Oak is a big player in the local financial-services field.
Brian Orenstein, the chief executive officer of the credit union, likes to quip that for some 70 years, the credit union has been "the best kept secret in financial services."
The credit union began in 1939 as the Groton Shipbuilders Federal Credit Union and was later known as the Electric Boat Federal Credit Union. Today, it has 10 branches serving more than 80 towns across eastern Connecticut. The credit union's primary markets are New London and Windham counties.
The new look was created by the Harland Clarke Corp., with a media blitz implemented by the New London-based Quinn & Gellar advertising and marketing agency.
The new logo, Cormier notes, offers the credit union much more visibility. It's larger, the tree is more distinctive and the bright orange-brown color scheme is hard to miss. "The color's not all that common," she says. In addition, the campaign assures that the look and feel of Charter Oak is consistent throughout the institution, its Web site and its branch network.
Says Cormier, "The campaign has been very successful. We had a lot of new members join, a lot of people sign up for direct deposit, and we're much more visible to New London and Windham counties."
Anthony Cronin is The Day's business editor.
