The $635 million Charter Oak Federal Credit Union has sold the assets of an insurance firm operating through its CUSO.
On Sept. 1, Charter Oak in Groton, Conn., sold the assets of Charter Oak-The Insurance Professionals to Smith Brothers Insurance Inc., a Glatonsbury, Conn.-based insurance adviser and agent firm with more than 100 employees. The sale price was not disclosed. Charter Oak-The Insurance Professionals was previously owned by SCCT LLC, a CUSO of COFCU.
Discussions to sell COTIP began about a year ago, said Brian Orenstein, CEO of COFCU. The CU was looking to grow the agency so that more opportunities and more insurance carrier options would be available to members. When SCCT bought COTIP in 2004, it was known as The Insurance Professionals, Orenstein said. SBI was among several companies looked at as potential buyers, he added. SCCT was founded around 2000 by COTIP and is the CU's sole owner. Orenstein said the CUSO now has one affiliation with shared branching network Credit Union Service Corp.
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