Southern New England FCU, based in New Haven, has applied to the state Department of Banking to convert to a state charter encompassing more than 2.7 million residents in four counties: Hartford, Middlesex, New Haven and Fairfield.
If approved, the community FOM would be the largest ever granted in the Nutmeg State, exceeding the three- counties encompassing 2.5 million residents approved for Sikorsky Financial CU two years ago. The $250-million credit union is the second Connecticut-based federal credit union to apply for a state charter so far this year.
Separately, the Lynchburg, Va.-based Virginia League Central CU, founded to serve employees of the Virginia CU League, has applied to state regulators for permission to convert to a community charter serving almost 250,000 residents in four counties and two cities, one of the largest community grants requested by a state charter in the Commonwealth.
The community grant, which would include Amherst, Appomatox, Bedford and Campbell counties, and the cities of Bedford and Lynchburg, would increase the credit union's FOM almost five-fold.