ANNUAL REPORT 2008
The Chairman’s Report
Charter Oak experienced an exciting and action packed
2008! While we proudly conducted ribbon cuttings at four
branches and worked to strategically create and implement
a new brand, we also kept a close eye on our nation’s
economic climate. During the last year, we opened two
new offices, one in Montville and another inside Fitch
High School in Groton.Two additional offices were moved
to new, larger, more visible and convenient locations in Norwich and
Willimantic. Charter Oak deposits continued to grow at a record pace as well,
as evidenced by our growth in assets to approximately $600 million at year-end.
We would be remiss if we didn’t recognize the difficulties our country endured
in 2008.We observed the biggest and oldest names in business fail.Talks of
failures and takeovers abounded.We have members who are experiencing
hardships during these difficult times, and we are working diligently to assist
them in coping with their financial situations.Through the diligence of our
Board and Staff, Charter Oak reviewed and adjusted our business operations to
ensure that we would continue to stay healthy, maintain our strong capital base
and withstand any economic downturn.
Charter Oak Federal Credit Union is proud of its tradition and history and
has grown into a viable, competitive leader since its inception in 1939.The
employees have worked hard to make member service a number one priority.
We take great pride in the communities we serve and are proud that our field
of membership has expanded.
Our vision and mission statements speak to the core of our new branding
effort.We are a not-for-profit institution committed to providing members
with the best in financial service. Our mission statement reflects Charter Oak
Federal Credit Union’s dedication to introducing new products and services.
Going forward we will remain committed to bringing members and potential
members exciting and new offerings that will ensure that the Credit Union
continues to grow and is the financial