Connecticut State Employees Credit Union
Connecticut State Employees Credit Union is headquartered in Hartford and is the 2nd largest credit union in the state of Connecticut. It is also the 157th largest credit union in the nation. It was established in 1946 and as of June of 2020, it had grown to 66 employees and 65,560 members at 7 locations. Connecticut State Employees Credit Union's savings rates are 54% higher than the national average, and it has an A health rating.
Field of Membership Restrictions
Connecticut State Employees Credit Union is open to the following: (1) employees or retirees of the state of Connecticut; (2) members of the State Employees Retirement System; (3) members and employees of the General Assembly; (4) Employees of labor organizations representing State of Connecticut employees; (5) immediate family of credit union members.
See current membership details
My Local Credit Union
I have worked for the State of Connecticut for 37 years and when I started working there, was offered membership in this credit union. I have a savings and checking account there and their office was located very close to my work site. This afforded me the ability to run over there if I needed to take out or deposit money. I love the fact that the people there know me and they treat you like family. Most of the workers have worked there for years which is important to me. I have gotten several loans there and they have always worked closely with me, advising me of interest rates and other information that is important to know. I've always gotten answers to my many questions. The only downside to the credit union is that they still do things the old fashioned way. They do not use email for customers to get paperwork to them. Despite that, they are fast but I wish that they would use the latest type of communications such as email, to make it easier for people who can't get to their offices to deliver a loan application. It would also be nice to have your credit union information online, available to access and transfer money, just like we can do with our bank accounts. Other than that, I am very pleased with my local credit union.
Review of Credit Union
I have been a member of this credit union for almost 30 years. My office was literally two minutes away from it so it was very convenient to do my banking there through the years. It was easy to take out money or put money in and apply for a loan. Banking has changed quite a bit in today's world. You now can do banking online, pay your bills, transfer funds--all online. However, this credit union has not come into the future like other banking institutions have done. You cannot do any banking online. You must still use and pay for checks. You cannot check your balances online. You still receive your monthly statements in the mail. They do not accept emails, especially when needing to get information to them regarding a loan or any other type of issue. We recently bought a house and I needed a piece of information from them and they could not fax it to me. Since my job has changed and I'm no longer near the credit union, I had to take a drive there to pick up one piece of information I needed. It was very inconvenient. I love the love prices that they offer but they need to keep up with the latest technologies.
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 65728 |
| Year Chartered | 1946 |
| Employees | 66 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.49% |
| Return on Equity - YTD | 6.17% |
| Annual Interest Income | $19.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $2.09B$1.86B |
| Loans | Q2 2020vs Q2 2019 | $345.8MM$321.9MM |
| Deposits | Q2 2020vs Q2 2019 | $1.92B$1.70B |
| Equity Capital | Q2 2020vs Q2 2019 | $162.2MM$156.9MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $700.00K$700.00K |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $180.00K$368.00K |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |