September marked our official 80th anniversary as a credit union, and we are very proud of our growth and success since we received our first federal charter on September 19, 1939 as the formerly named Groton Shipbuilders Federal Credit Union.
In fact, the first meeting of our Board of Directors occurred shortly after on September 24th at the Unity Hall building in Groton. By the end of our first year, we had modest assets of $5,500.96 and a total membership of 436. Despite a reserve for bad loans of $107.50, our fledgling credit union managed to generate a profit of $93.25!
We’ve certainly come a long way since our founding eight decades ago when 10 shipyard workers had the vision and courage to each chip in $25 to start a credit union to help their fellow shipyard workers and their families. One of those original founders of our credit union mused in a letter marking our 50th anniversary that “several of us at that time wondered if we would ever get our $25 back!” That $250 initial investment was kept inside a shoebox as our young credit union prepared all the necessary paperwork to be recognized with our official Federal Charter No. 3413.
Since our humble but proud beginnings, we’ve grown tremendously and today we are recognized as one of eastern Connecticut’s leading financial institutions with assets in excess of $1.16 billion, 16 branches spread across New London and Windham counties, and an employee base in excess of 200 individuals. Besides being the largest credit union serving all of eastern Connecticut, we’re also the third-largest credit union in all of Connecticut. So congratulations to Charter Oak for eighty years of superior strength, service and success - and thank you for helping us become what we are today!
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We’re giving away $100,000 in 100 days again this year! Donate up to $500 to your favorite charity
now through November 27, 2019 and we’ll match it.**
This is a great way for you to maximize your giving power - $500 donations can quickly become $1,000 donations.
But don't delay! This promotion will conclude within 100 days, or when the $100,000 is exhausted.
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**Valid on donations up to $500 made by primary members between 8.20.19 and 11.27.19. Donations must be made to organizations recognized as tax exempt by the Internal Revenue Service under Section 501(c)(3) of the Internal Revenue Code. Some exclusions apply. Charter Oak Federal Credit Union reserves the right to deny any request, and can modify or terminate the program at any time. Submission of an application is NOT a guarantee of a match. Charter Oak Federal Credit Union is not responsible to match the donation if the charity does not properly comply with the terms mentioned above. Matching contributions that are paid by Charter Oak Federal Credit Union are exclusively owned by Charter Oak Federal Credit Union and do not qualify as a tax deduction for the participants of the program. Consult your tax advisor for the deductibility of your personal contribution for Federal and State income tax purposes. Program is only valid for Charter Oak Federal Credit Union Members. Visit
CharterOak.org
to view all guidelines.
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STOP IN AND SEE OUR NEWLY RENOVATED
DAYVILLE BRANCH
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Our renovations are complete!
We hosted an open house on September 25th to showcase our new look, and tout our products and services. Our newly renovated branch at 589 Hartford Pike features formal offices that provide privacy, a new internet cafe where members can enjoy a cup of coffee while they do their banking, and new ATMs featuring upgraded technology.
For those of you banking in the Dayville area - we hope you enjoy YOUR new branch!
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BRIGHT FUTURE SAVINGS ACCOUNT
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EARN 5.00% APY* ON THE FIRST $2,000.00 OF YOUR BALANCE
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0.25% APY on balances greater than $2,000.00. Must be age 14-28 to open.
*(APY = Annual Percentage Yield) The Bright Future Savings Account is a "Split Rate Tiered" account. You will earn the stated APY only for the account balance within each tier. 5.00% APY is paid on balances up to $2,000.00. Balances over $2,000.00 earn 0.25% APY. The account is a variable rate account and rates can change at any time. This account may only be opened by members between the ages of 14-28. After reaching the age of 29, account will remain open at the discretion of the account holder. This offer can be withdrawn at any time. No minimum to open. Limit of one Bright Future Account per Social Security number.
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WE ARE PROUD TO BE ONE OF THE STRONGEST FINANCIAL INSTITUTIONS
IN THE NATION
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Financial institutions that earn BauerFinancial’s top 5-Star rating are safe, financially sound and operating well above their regulatory capital requirements.
“This top rating from BauerFinancial continues to recognize that Charter Oak is a safe, sound and very strong credit union,” said Brian A. Orenstein, Charter Oak’s President and Chief Executive Officer. “As eastern Connecticut’s leading financial institution, we’re honored to once again receive this top rating from a well-respected firm like BauerFinancial,” he said.
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- Auto: New or used automobiles. Our low rates and flexible terms help your money go farther.
- Visa: Our Platinum Visa Cards offer big benefits like great rate options, no annual fee, and Scorecard Rewards points.
- Personal (unsecured): We have financing available for debt consolidation, furniture, vacations and other personal purposes.
- Readi-Cash Too: This personal line of credit provides ongoing borrowing power and peace of mind, with easy access to cash any time, anywhere.
For secured Personal loans, please visit any of our convenient branches or call our Contact Center at 860.446.8085 or 800.962.3237.
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LOW RATE MORTGAGES THAT CLICK
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AS LOW AS
2.79% / 2.85% APR*
DEBT FREE IN 8-12 YEARS
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*Annual Percentage Rate (APR). All rates subject to change daily. Eligible properties include refinances of 1-4 family owner occupied detached dwellings and condominiums in FHLMC approved projects located in Connecticut and Rhode Island only. Not available for refinancing of existing Accelerator Mortgage loans. Minimum loan amount of $25,000 and a maximum loan amount of $3,000,000. Maximum LTV 80%. An 8-year fixed rate $200,000 loan with interest rate of 2.79% is repayable in 96 monthly payments of $2,326.89 (principal and interest). A 12-year fixed rate $200,000 loan with an interest rate of 3.19% is repayable in 144 monthly payments of $1,673.46 (principal and interest). Borrower is responsible for a $455 non-refundable application fee and pre-paid interest. Borrower is responsible for an appraisal fee for a loan greater than $250,000 and for title insurance fees if the loan amount is greater than $500,000. Charter Oak Federal Credit Union requires escrows for property taxes and if applicable, flood insurance. Borrower is responsible for homeowners insurance.
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FORBES 2019 BEST-IN-STATE CREDIT UNION
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“We’re honored to be chosen again as a ‘Best In State’ credit union for all of Connecticut,” said Brian A. Orenstein, Charter Oak’s President and Chief Executive Officer. “We’re committed to giving our members the best service and best products of any financial institution in our marketplace,” he said, “and we’re very pleased that participants in the Forbes survey have agreed for two years in a row.”
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Columbus Day
Monday, October 14, 2019 - CLOSED
Veterans Day
Monday, November 11, 2019 - CLOSED
Thanksgiving Day
Thursday, November 28, 2019 - CLOSED
Christmas Eve
Tuesday, December 24, 2019 - ALL BRANCHES AND CONTACT CENTER WILL CLOSE AT 1:00 P.M.
Christmas Day
Wednesday, December 25, 2019 - CLOSED
New Year's Eve
Tuesday, December 31, 2019 - NORMAL BUSINESS HOURS
New Year's Day
Wednesday, January 1, 2020 - CLOSED
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860.446.8085 | 800.962.3237
FEDERALLY INSURED BY NCUA | EQUAL HOUSING LENDER
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