by Don Church & Tony Schillaci

With an expert finger on the pulse of the local economy,  Brian Orenstein, CEO of the Charter Oak Federal Credit Union, gave THE RESIDENT an exclusive interview.

RESIDENT: Brian, what is your view of the present and future economy in  New London and Windham counties?

BRIAN: We are very optimistic.  We’ve seen record growth in 2011, and we actually can look at the bottom of the downturn.  In 2011 we’ve increased community giving, and we are very optimistic that in 2013 and 2014 we should continue going forward.  We talk to a lot of our borrowers, and it seems that problems in repayments are less than they were 12 months ago. Back in 2008-2009 we saw some problems with auto loans that had an impact, but we experienced fewer of these in 2010 and 2011. With low interest rates and lower unemployment figures we think that more homes will sell.  We saw a pickup in 2011 and we are looking for more activity in 2012-2014.

RESIDENT: Speaking of home sales, you offer mortgages. Do you have any mechanisms in place for helping homeowners who are experiencing problems paying their mortgages?

BRIAN: Clearly we have an interest in having mortgages up-todate and repaid, but when a member of the credit union is having diffi culties we analyze each loan separately. This applies to both home loans and auto loans. Honest communication is essential on the part of the borrower. We advise not to make promises unless you can repay the loan. It’s the most important part of restructuring a loan for the borrower.

RESIDENT: Charter Oak has a  Golden Rewards Program – what’s that all about?

BRIAN:  The program started in September of 2010.  We rewarded depositors with a surprise check for $100 and a thank-you note.  This is for members who have $20,000 in a deposit or a loan account, and have direct deposit with Charter Oak.  In other words, to qualify we must be your main financial institution.  Members who meet the criteria also have their ATM fees refunded.  This year, members who retain that minimum amount in Charter Oak will get paid a $100 cash bonus and a new golf shirt!  When we do well, we’re happy to have our members do well.  Our philosophy is that we want to give back to the community. The program has given back $200,000 in the past years.  Our advocates are the members who are loyal to us and refer us to friends. That’s how a credit union grows – through its members.

RESIDENT: You refer to ‘members’ of the credit union….how do define ‘member?’

BRIAN:  A credit union, unlike a bank, is owned by its membership. To join Charter Oak Credit Union all you have to do is live or work in New London County or Windham County.  We treat our members as family.  As a result, our deposit rate and our loan rate is the best around.  Savings have increased around five percent in 2011.  This is another indication of optimism about the state of the local economy.

RESIDENT:  Do you encourage staff and members to volunteer with community projects and charitable organizations?

BRIAN: Our staff is terrific with the community. Eighty-seven of our employees have put in over 2000 hours of volunteer efforts – and they do that work all on their own. Several of our board members and officers are also on charitable boards throughout the region.  I’d like to point out that board members are volunteers; members elect directors. You only need to be a member to be eligible for the board.  These board members put in a lot of hours without compensation. That’s why the credit union is an essential part of the local community.For more details about The Charter Oak FCU’s twelve offi ces and the  Golden Rewards Program, visit www.charteroak.org or call 860-446-8085.

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