Charter Oak Reports 'Landmark Year' in 2014

Charter Oak Reports 'Landmark Year' in 2014
Credit Union Experienced Strong Gains in Assets, Loans, Deposits

Waterford, CT – Charter Oak Federal Credit Union reported increases in its assets, deposits, loans and net income during 2014, and its President and CEO told members attending its Annual Meeting that 2014 proved to be a landmark year for the credit union.

"This past year, which was also our 75th anniversary, was truly a landmark year for Charter Oak, and one that we all can be proud of," said Brian A. Orenstein, Charter Oak's President and Chief Executive Officer.
The credit union’s 2014 assets grew 7 percent to a new record high of $847 million and Charter Oak's overall loan portfolio grew by 10 percent to $632 million. More than 200 members attended the credit union’s 76th Annual Meeting on April 23rd at the Port ‘N’ Starboard facility in New London.

"These great numbers tell a great story of a credit union that's growing, that's strong, that's successful and that's on the move," Orenstein said. During 2014, Charter Oak opened its new Branch and Headquarters complex in Waterford, consolidating the credit union's entire administrative staff into one location, which improved productivity and efficiency. The building, which opened in June, also houses Charter Oak's new state-of-the-art branch, the 14th in its network across eastern Connecticut.

In addition, Charter Oak was eastern Connecticut's Number 1 mortgage lender for the fifth consecutive year, and from 2010 through 2014 originated more than 5,200 mortgages with a total value of more than $656 million.

The credit union's deposits during 2014 rose 5 percent to $703 million and its members' equity was up 8 percent to $85 million. In addition, Charter Oak's net income rose to $4.84 million in 2014 compared to $4.81 million in 2013. Charter Oak, which is eastern Connecticut's largest credit union, ended 2014 with a Net Worth Ratio of 10.01 percent, well above the credit union's regulatory requirements. "Charter Oak's strong financial position provides the fuel for our continued growth and expansion," said Orenstein.

Orenstein also told members at the annual meeting that Charter Oak continues to expand its products and services, including new eBanking services such as Mobile Deposit allowing members to deposit checks via their smartphones. "At Charter Oak, we let you bank where you want, when you want - from your computer, or laptop or even your tablet or smartphone," said Orenstein.

In other Annual Meeting news, Charter Oak members re-elected Guy Henry and Michael Malvinni to new three-year terms on the credit union's Board of Directors. Henry currently serves as Chairman of the Board and Malvinni serves as a Director on the seven-member board.

Charter Oak also awarded two scholarships during the meeting. The Louise Jackson Community Outreach Scholarship was awarded to Owen Guillot of Dayville, who is a student at Killingly High School. The LuAnn Dugas Memorial Scholarship was awarded to Sydney Pepper of Voluntown, who is a student at Griswold High School. These two memorial scholarships are given in honor of longtime Charter Oak employees Louise Jackson and LuAnn Dugas.

In addition, Charter Oak will award more than $70,000 in additional scholarships next month as part of its newly expanded scholarship program that offers a $2,000 scholarship to each high school in New London and Windham counties. Recipients of these scholarships will be honored during a private reception in May at the credit union’s new Community Room at its Branch and Headquarters in Waterford.

Charter Oak Federal Credit Union, headquartered in Waterford, Connecticut, offers a broad range of financial services – including checking, deposit, lending, insurance and investments – to individuals, businesses, non-profits and professionals in New London and Windham counties. If you live, work, worship, attend school, or volunteer in New London or Windham counties, we invite you to do business with us. For more information about what Charter Oak can offer you, please visit Federally insured by NCUA. Equal Housing Lender.