Charter Oak Breaks Ground on New Headquarters
Waterford complex will include new branch, community room
Groton, CT (Sept. 20, 2012) – Charter Oak Federal Credit Union broke ground Thursday on its new headquarters in Waterford, setting the stage for construction of a new $18 million complex that will house its newest branch, corporate headquarters and community room and open up new growth opportunities in New London County.
“Today marks a significant milestone in Charter Oak’s proud history,” said Brian A. Orenstein, Chief Executive Officer. “This new headquarters is a significant step forward for our credit union and represents our biggest expansion since our founding 73 years ago.”
The morning groundbreaking, held at the site of the new headquarters at 1055 Hartford Turnpike (Route 85), was attended by municipal officials, elected representatives, members of the local business community and Charter Oak employees.
“Despite this sluggish economy, Charter Oak is making a bold statement today – that we’re committed to growing eastern Connecticut’s economy and growing our credit union in the years to come,” said Orenstein. “We believe in building our local economy, which is why this project will employ local building and construction trades and use local materials as much as possible,” he said.
Charter Oak’s new headquarters was designed by Point One Architects of Old Lyme, and CLA Engineers, Inc. of Norwich is providing engineering services. Enterprise Builders of Newington will serve as the project’s general contractor.
When finished late next year, the nearly 65,000-square-foot complex at the intersection of Route 85 and Industrial Drive will consolidate all of Charter Oak’s administrative functions under one roof and will feature Charter Oak’s 13th branch office and new community room available for free use by the public.
Charter Oak’s current headquarters at 32 Chicago Avenue in the city of Groton will continue to serve as a branch location once the new headquarters opens in Waterford. The Chicago Avenue office’s second floor, now housing headquarters staff, will be renovated for possible leasing opportunities. Charter Oak’s newly renovated branch on Long Hill Road in Groton also remains open and is unaffected by the headquarters move.
Charter Oak is the third-largest credit union in the state, with assets of $750 million. The credit union was founded in1939 as the Groton Shipbuilders Federal Credit Union with an initial contribution of $250 from a handful of shipyard workers at the Groton-based Electric Boat. Today, Charter Oak has 12 branches in New London and Windham counties and a membership base of nearly 70,000.
Charter Oak Federal Credit Union, headquartered in Groton, Connecticut, offers a broad range of financial services – including checking, deposit, lending, insurance and investments – to individuals, businesses, nonprofits and professionals in New London and Windham counties. If you live, work, worship, attend school, or volunteer in New London and Windham counties, we invite you to do business with us. For more information about what Charter Oak can offer you, please visit www.CharterOak.org.