Hartford Healthcare CU First Connecticut SCCU to Apply for TIP Charter

HARTFORD, Conn. – Hartford Healthcare CU is on its way to becoming Connecticut’s first state-chartered credit union to have a Trade, Industry and Profession (TIP) designation. The $26 million in asset HHCU which has more than 11,000 members, applied with the Connecticut Department of Banking Feb. 2 for approval to expand its field-of-membership to include persons employed in the healthcare industry and their families in five counties – Fairfield, Hartford, Middlesex, New Haven and New London. In applying for a TIP charter, Hartford Healthcare CU follows the lead of Star Tribune Employees CU, Minneapolis, Minn. and Graphic Arts CU, Southborough, Mass., which were the first two state-chartered CUs to apply for the TIP charter that NCUA established two years ago for federal credit unions. STECU and GACU, in 2004, each leveraged provisions in their state’s credit union statute that gives state-chartered CUs parity with federal credit unions. So far, 11 federal credit unions have been approved by NCUA for TIP charters. None of them are headquartered in Connecticut. Chartered in 1955 as Hartford Hospital Employees CU, HHCU’s FOM has expanded over the years to include, besides the hospital employees, other public and private medical groups such as health and rehabilitation facilities, various doctors’ offices and visiting nurse agencies located in the Hartford Metropolitan area. Also included in the FOM are persons retired from employment with these entities. Hartford Healthcare CU President/CEO Carol Bayrewther said the CU filed its application for TIP designation so it could serve an expanded membership within the healthcare industry. “In studying the changing demographics, we feel there will always be an on-going supply of people working in the healthcare field that we want to be able to serve. In addition, Hartford Healthcare Corp. is the umbrella organization for a lot of healthcare organizations and they’ve been expanding in Connecticut. We want to be able to follow that expansion,” she said. In its application filed with the Department of Banking, the CU also gave as reasons for applying for the TIP charter, “to address the under-served in the healthcare field,” “to combat the intense competition in the Hartford County,” and “to assure the continued viability of the credit union and sustain its future.” Hartford Healthcare’s application is currently in the review process. Kathleen Doolan, a spokesperson for the Department of Banking said “Commissioner John Burke will approve the proposed amendment within 30 days if all conditions of the Connecticut Credit Union Act have been satisfied.” -