Charter Oak Federal Credit Union marked the strongest year in its history during 2011, with net income reaching a record $8.4 million, assets exceeding $700 million and mortgage lending earning a top ranking for the second consecutive year.
Chairman Guy Henry, addressing the institution’s 73rd Annual Meeting at the Groton Inn & Suites on Thursday, April 19, said Charter Oak continues to expand its market share in New London and Windham counties. The credit union opened its 12th office at General Dynamics’ Electric Boat campus in New London in 2011 and will break ground this year on a new branch-and-headquarters complex on Route 85 in Waterford.
Barbara Gregg, Charter Oak’s Secretary/Treasurer of the Board of Directors, said the institution is in excellent financial condition, with earnings growing from $4.9 million in 2010 to $8.4 million in 2011 and overall capital reaching $69.7 million. Charter Oak’s capital-to-assets ratio, a key indicator of overall strength, was nearly 10 percent, well above regulatory requirements.
Deposits surged 7.1 percent to $585 million in 2011, and assets rose 7.3 percent to $702 million – a new record. Charter Oak also was ranked number one in the number of mortgage transactions during 2011 and received a top five-star rating from a leading bank and credit union rating agency. In addition, Charter Oak distributed $234,000 to over 200 community organizations across eastern Connecticut.
Brian A. Orenstein, Charter Oak’s Chief Executive Officer, said the credit union’s Gold Rewards member appreciation program is “tremendously successful” and has rewarded Charter Oak members with $531,000 in Gold Reward $100 bonuses over the past two years. “It’s our way of saying thank you for your business,” said Orenstein. “When’s the last time you received $100 from a bank … after all, who can’t use an extra $100.”
Orenstein said Charter Oak’s new branch and corporate headquarters at 1055 Hartford Turnpike (Route 85) in Waterford will offer new growth opportunities for the expanding financial institution. “When we moved into Chicago Avenue (current headquarters) in 1974, the credit union had assets of $25 million. Today, we have grown to more than $700 million – or 28 times that size,” Orenstein told the annual meeting.
In other business, the credit union presented a commemorative plaque to Pierre Brochu, Charter Oak’s longtime chairman, honoring his dedication and service. Brochu, who is now Past Chairman of the credit union, served as chairman for 17 years, from 1994 to 2011, and continues to serve as an active board member.
Charter Oak members also elected Guy Henry of Oakdale and Michael Malvinni of Ashaway, R.I., to new three-year terms on the financial institution’s seven-member board of directors.
For more information about Charter Oak Federal Credit Union, please visit www.CharterOak.org.