About Us

Charter Oak Federal Credit Union started out small in 1939, when most of the Credit Union business was run out of a lunchbox. Since that time, we’ve grown and changed, but one thing remains the same. We continue to make member service a number one priority.

We recognize the importance of our members. Once a member, you are a member for life and entitled to all the services Charter Oak offers. It is our dedication to members that keeps the credit union strong and operating efficiently.

We reflect on the memories of the simpler days and strong relationships. We take great pride in the communities we serve and are proud that our field of membership has expanded and our community has gotten bigger. Our dreams for the future are to continue serving members and their families as we have been doing for over 84 years.

Our mission statement speaks to the core of our branding. We are a not-forprofit institution and are committed to providing members with the best in financial service.

Our mission statement reflects Charter Oak’s dedication to introducing new products and services. In the years ahead, we are committed to bringing members and potential members exciting and new offerings that will ensure that the credit union continues to grow and is the financial institution of choice in Eastern Connecticut.

The year was 1939, and in a shipyard in Groton 10 men gathered to chip in $25 each to create a lending institution to help their fellow workers. They put their hard-earned cash inside a shoebox, and they weren’t sure if they'd ever see that $25 investment again.

But they took that bold first step, and they called their proud new lending institution the Groton Shipbuilders Federal Credit Union – as a fitting tribute to their shipyard workers.

They may have begun with a small investment, but their dreams were big, and their vision even bigger.

Today, that $250 packed inside a shoebox has become a $1 billion-plus financial institution called Charter Oak Federal Credit Union – we’re eastern Connecticut's largest credit union and a leading financial institution in Connecticut. We offer full financial services – banking, investments, insurance and more – with a network of convenient branches located throughout eastern Connecticut.

We’re also a not-for-profit financial cooperative where each and every member can say he or she is also an owner. We return our earnings to our members through lower rates and fees on loans and higher yields on our deposits.

And we’re proud to say that since 1939 we’ve been governed exclusively by our members – not by stockholders. Our Board of Directors is composed entirely of volunteers who receive no compensation for their hard work and are elected by our membership.

Ours is indeed a proud history, steeped with many rich milestones over the decades, but through it all we’ve remained committed to our credit union roots that began modestly enough in that shipyard in Groton.

So if you’re not yet a member of Charter Oak Federal Credit Union, we invite you to join us. Become a member today! See why Members Bank Better at Charter Oak!