The year was 1939, and in a shipyard in Groton 10 men gathered to chip in $25 each to create a lending institution to help their fellow workers. They put their hard-earned cash inside a shoebox, and they weren’t sure if they'd ever see that $25 investment again.
But they took that bold first step, and they called their proud new lending institution the Groton Shipbuilders Federal Credit Union – as a fitting tribute to their shipyard workers.
They may have begun with a small investment, but their dreams were big, and their vision even bigger.
Today, that $250 packed inside a shoebox has become a $1 billion-plus financial institution called Charter Oak Federal Credit Union – we’re eastern Connecticut's largest credit union and a leading financial institution in Connecticut. We offer full financial services – banking, investments, insurance and more – with a network of convenient branches located throughout eastern Connecticut.