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860-446-8085
32 Chicago Avenue
Groton, CT 06340

Charter Oak Credit Union is headquartered in Groton and is the 3rd largest credit union in the state of Connecticut. It is also the 279th largest credit union in the nation. It was established in 1939 and as of December of 2013, it had grown to 170 employees and 59,235 members. Charter Oak Credit Union's savings rates are 5X the national average, and it has a A health rating.

Field of Membership Restrictions

Membership is open to anyone who lives, works, goes to school, volunteers, or worships in all cities and towns in New London County and Windham County, Connecticut. Membership also extends to immediate family or household members as well as businesses and other legal entities. - See Details

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Health

Data for Q4 2013

Institution Health

A

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Charter Oak Credit Union had $3.1 million in non-current loans and owned real-estate with $83.07 million in equity and loan loss allowances on hand to cover it. This gives Charter Oak Credit Union a Texas Ratio of 3.73% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B+

The Texas Ratio for Charter Oak Credit Union decreased slightly from 5.09% as of December 31, 2012 to 3.73% as of December 31, 2013, resulting in a positive change of 26.69%.This indicates that the balance sheet and financial strength for Charter Oak Credit Union has improved slightly in recent periods.

Deposit Growth

GRADE:
A

In the past year, Charter Oak Credit Union has increased its total deposits by $19.96 million, resulting in 3.08% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Charter Oak Credit Union has shown is excellent.

Capitalization

GRADE:
B+

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Charter Oak Credit Union has $789.28 million in assets with $83.07 million in equity, resulting in a capitalization level of 10.52%, which is above average.

Institution Statistics

Overall
NCUA #3413
Year Chartered1939
Employees170
Primary Regulator
Assets and Liabilities
Assets$789.28 million
Loans$579.78 million
Deposits$667.13 million
Equity Capital$78.20 million
Loan Loss Allowance$4.87 million
Unbacked Noncurrent Loans$2.76 million
Real Estate Owned$346,000
Historic Data - December 2012
Assets$763.97 million
Equity Capital$73.71 million
Loan Loss Allowance$6.07 million
Unbacked Noncurrent Loans$2.76 million
Real Estate Owned$220,000
Profit Margin - Quarterly
Net Interest Margin3.4%
Return on Assets0.61%
Return on Equity6.15%
Interest Income$24.85 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Charter Oak Credit Union, we are a rate comparison website and can not provide official rates or promotions.

Charter Oak Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
2.50%--Health Savings Account
0.05%--Regular Shares
0.05%--Holiday Club Account
0.05%--Vacation Club Account
0.05%--IRA Shares
0.05%--Roth IRA Shares
0.05%--SEP IRA Shares

Charter Oak Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.40%$100k-Jumbo Money Market Account
0.40%$100k-Jumbo IRA Money Market Account
0.40%$100k-Jumbo Business Money Market Account
0.40%$100k-Jumbo Roth IRA Money Market Account
0.40%$100k-Jumbo SEP IRA Money Market Account

Charter Oak Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.50%$250k$2mPremier Business Checking Account
0.50%$100k$2mNon-Profit 501 Checking
0.05%$1k-Charter Classic Share Draft

Charter Oak Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.50%$10k-72-120 Month Share Certificate
1.50%$1k-60 Month Share Certificate
1.25%$1k-4 Year Share Certificate
1.10%$1k-3 Year Share Certificate
0.90%$1k-18 Month Gold Share Certificate
0.70%$1k-2 Year Share Certificate
0.40%$1k-1 Year Share Certificate
0.40%$1k-15 Month Share Certificate
0.30%$1k-6 Month Share Certificate
0.30%$1k-7 Month Share Certificate
0.30%$1k-8 Month Share Certificate
0.15%$1k-3 Month Share Certificate
0.05%$10k-30 Day Share Certificate

Charter Oak Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.50%$1k-60 Month IRA Certificate (Traditional,Roth,SEP)
1.50%$10k-72-120 Month IRA Certificate (Traditional,Roth,SEP)
1.25%$1k-4 Year IRA Certificate (Traditional,Roth,SEP)
1.10%$1k-3 Year IRA Certificate (Traditional,Roth,SEP)
0.70%$1k-2 Year IRA Certificate (Traditional,Roth,SEP)
0.40%$1k-1 Year IRA Certificate (Traditional,Roth,SEP)
0.40%$1k-15 Month IRA Certificate (Traditional,Roth,SEP)
0.30%$1k-6 Month IRA Certificate (Traditional,Roth,SEP)
0.30%$1k-7 Month IRA Certificate (Traditional,Roth,SEP)
0.30%$1k-8 Month IRA Certificate (Traditional,Roth,SEP)
0.15%$1k-3 Month IRA Certificate (Traditional,Roth,SEP)
0.05%$10k-30 Day IRA Certificate (Traditional,Roth,SEP)
Locations

Charter Oak Credit Union has 12 locations. Click to view all Charter Oak Credit Union locations.