What is a Credit Union?
Credit unions can either be state or federally chartered. First Connecticut was chartered by the State of Connecticut and is examined by the Department of Banking each year. The National Credit Union Administration (NCUA) provides deposit insurance for all credit unions. Member accounts are insured to at least $250,000 so you can rest assured your funds are safe.
Through a democratic process, members elect a voluntary Board of Directors from within the credit union membership. Each member has an equal voting right, no matter how much they have on deposit. The credit union movement is worldwide and membership continues to increase as people recognize the benefits.
First Connecticut’s Story
Over the years, we have expanded our services to include a variety of mortgage products that have helped many of our members buy new homes, save money by refinancing existing mortgages and make home improvements by using the equity in their homes. Our goal is to continue adding new and improved products to meet our members’ needs.