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Credit unions'
merger OK'd
PUTNAM — Charter Oak Federal Credit Union has announced that regulators have given final approval to its merger with the Putnam-based Quiet Corner Community Credit Union, Inc., effective June 30.
“Our merger with Quiet Corner opens up a whole new banking arena for Charter Oak in the Putnam, Thompson and Woodstock areas – and beyond,” said Brian A. Orenstein, Charter Oak’s CEO. “With this approval, we can now move forward with our expansion and growth in the Quiet Corner region,” he said.
Quiet Corner’s membership voted in April to approve merging operations with Charter Oak. The merger has received approval from the Connecticut Department of Banking, which regulates Quiet Corner, as well as the National Credit Union Administration, Charter Oak’s federal regulatory agency.
As a result of the merger, Quiet Corner members on July 1 will have access to all of Charter Oak’s branches in New London and Windham counties as well as a broader array of services and products, including long-term share certificates, debit and credit cards, real estate loans, business loans, electronic banking and investment and insurance offerings.
Quiet Corner is located at 107 Providence Street in Putnam. The credit union was established in 1955 and serves members within the Putnam, Thompson, Grosvenordale, Pomfret and Woodstock areas.
Quiet Corner has nearly 600 members and assets of $1.7 million as of March 31, 2013. Charter Oak, with assets of $779 million as of March 31, 2013, has 12 branches in New London and Windham counties.