Charter Oak Federal Credit Union is planning a merger with Putnam-based Quiet Corner Community Credit Union Inc., expanding the reach of a Groton financial institution that already is the largest credit union in the region.
Charter Oak announced today that it has filed an application for federal and state regulators to approve the merger, which would create the credit union's 13th branch in the region. It also would allow Quiet Corner members ito access a broader range of products and services, including debit, ATM and VISA cards, real estate loans, business loans, electronic banking services and investment and insurance services.
"Quiet Corner is a true community-focused credit union," said Brian A. Orenstein, Charter Oak's chief executive, in a statement. "It serves an important growth area for us, and its Putnam operations would provide the perfect complement to our existing Windham County branches in Dayville and Willimantic."
Audrey Lefevre, manager and treasurer of the Quiet Corner's current operations, would remain on staff to head Charter Oak's new operations in Putnam.
Quiet Corner's 611 members would be merged with Charter Oak's nearly 65,000 members if the deal is approved. Charter Oak has $764 million in assets, according to the credit union, while Quiet Corner claims $1.5 million in assets.
Quiet Corner's headquarters are at 107 Providence St. in Putnam. The credit union dates back to 1955 and includes members in the Putnam, Thompson, Grosvenordale, Pomfret and Woodstock areas.