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Large Connecticut FCU Converts to State-charter

NORTH HAVEN, Conn. - Continuing a trend that began in November 2000 when the first federally-chartered credit union in Connecticut converted to a state-charter, Southern New England FCU here was approved by the state Department of Banking to operate as a state-charter CU. The new name of the credit union...

By Staff Writer | Updated on January 07, 2003

NORTH HAVEN, Conn. – Continuing a trend that began in November 2000 when the first federally-chartered credit union in Connecticut converted to a state-charter, Southern New England FCU here was approved by the state Department of Banking to operate as a state-charter CU. The new name of the credit union is Southern New England Financial Credit Union. Before it converted, SNEFCU was the fourth largest federal credit union in the state. It has $254 million in assets and about 31,000 members. SNEFCU will count in its field-of-membership persons and their immediate family members who live, work, worship or attend school in Hartford, Middlesex, and New Haven counties of Connecticut as well as any and all businesses, corporations, organizations or associations located in the counties. SNEFCU is the sixth Connecticut federal credit union to convert to a state charter since 2000.

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