Stamford Credit Union officially a state charter

STAMFORD, Conn. – Stamford Credit Union, formerly known as Stamford Municipal Employees FCU, received its state charter certificate from State Banking Commissioner October 23. This makes the second time the $36 million credit union has had a state charter. It was originally chartered as a SCCU in 1953 and converted to a federal charter in 1984. SCU’s conversion is the third federal-to-state charter conversion in Connecticut in the past two years. Sikorsky Financial CU, formerly Sikorsky FCU, was the state’s first ever. There are two other federal-to-state charter conversion applications pending. SCU President/CEO Ray Dowling said he perceived federal-to-state charter conversions to be a trend in the state because the Connecticut state charter “is more attuned to changes credit unions need to make to be competitive in the future.” Dowling said SCU’s decision to convert was a “proactive move to put the credit union in the position where it can more easily make changes if necessary in the future.” While he emphasized that Stamford CU has “no immediate plans” to make any changes, “a state charter affords us greater potential to make changes in the future, whether they be in our products and services or our field-of-membership.” Stamford Credit Union has 4,200 members. It serves employees of the City of Stamford, their families, and other select groups closely associated with city government.