Celebrating

75 years

WATERFORD — Charter Oak Federal Credit Union is celebrating 75 years of service since its founding on Sept. 19, 1939, as a federally chartered credit union serving the needs of shipyard workers in Groton.

Charter Oak, which is eastern Connecticut’s largest credit union, was first known as the Groton Shipbuilders Federal Credit Union. Its 10 founding members placed $25 each inside a shoe box and used their $250 investment to create a lending institution for their fellow workers.

“Charter Oak began with a small investment and a big vision, and over the years we’ve never wavered in our commitment to serve the financial needs of all our members,” said Brian A. Orenstein, Charter Oak’s CEO. “Over these many decades, we’ve celebrated important milestones, greatly expanded our products and services, and achieved significant growth – but we’ve never lost sight of our mission to provide the best in financial services,” he said.

During its first year of service in 1939, the credit union’s assets grew to $5,000 and membership expanded to more than 400 members. In 1974, the credit union changed its name to the Electric Boat Federal Credit Union and in 1991 became Charter Oak Federal Credit Union to better reflect its growth in membership, broadening of services and expanded geographic reach.