ROCKY HILL, Conn. — Nutmeg State FCU kicked off the new year with a new charter, converting from a federal charter to a state charter and becoming Nutmeg State Financial CU.
As a result, the CU is able to expand its membership and grow, and the charter conversion has expanded its field of membership to include New Haven County, along with Hartford, Middlesex and Tolland Counties.
The credit union said in a statement that the charter change will save the institution money by allowing it to work with state regulators at a lower cost and also make processes more efficient, as well as allowing for broader expansion throughout the state.
"Converting to a state charter allows us to remain viable in a competitive market, and it allows us to open our doors to an additional 900,000 people in New Haven County," said president and CEO John Holt. "Our members have been asking for branches in this county and now we can open them there."
The $367 million-asset credit union was chartered in 1936 and currently serves 34,000 members. It earned a net income of just under $2 million during the first three quarters of 2014, following a net income of $2.6 million in 2013.
