Credit union

reports increases

WATERFORD — 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. Orenstein was recently promoted to president.

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. 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.

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.  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.