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10 Hartford Business Journal • November 5, 2018 • www.HartfordBusiness.com FOCUS THE LIST Largest credit unions in Connecticut Ranked by assets as of June 30, 2018 Source: The National Credit Union Administration (www.ncua.gov). All data (assets, number of members, and loans and leases) date from June 30th. (1) Succeeded Robert L. Aresti upon his retirement as of Dec. 1, 2017. (2) On April 30, 2018, Connecticut Community Credit Union LLC of Pawcatuck merged with CorePlus Federal Credit Union. —Compiled by Heide Martin. Largest credit unions in Connecticut (Ranked by assets as of June 30, 2018) Rank Credit Union 2018 assets/ 2017 assets 2017-2018 % change in assets 2018 members Total loans and leases Person in charge Year chartered 1 Connecticut State Employees Credit Union 84 Wadsworth St. Hartford, CT 06106 860-522-5388; www.csecreditunion.com $1,827,326,620 $1,812,068,829 0.8% 64,960 $324,340,381 Daniel R. Daigle 1946 2 American Eagle Financial Credit Union 417 Main St. East Hartford, CT 06118 860-568-2020; www.americaneagle.org $1,666,486,789 $1,597,419,592 4.3% 135,687 $1,469,887,423 Dean Marchessault 1935 3 Charter Oak Federal Credit Union 1055 Hartford Turnpike Waterford, CT 06385 860-446-8085; www.charteroak.org $1,094,764,028 $1,015,310,383 7.8% 71,084 $852,722,233 Brian A. Orenstein 1939 4 Sikorsky Financial Credit Union 1000 Oronoque Lane Stratford, CT 06614 203-377-2252; www.sikorskyfcu.org $754,378,481 $747,636,152 0.9% 51,468 $497,767,078 Vincent Ciambriello Jr. 1948 5 Connex Credit Union 412 Washington Ave. North Haven, CT 06473 800-278-6466; www.connexcu.org $598,096,303 $524,100,709 14.1% 54,142 $495,543,698 Frank Mancini 1940 6 Nutmeg State Financial Credit Union 521 Cromwell Ave. Rocky Hill, CT 06067 860-513-5000; www.nutmegstatefcu.org $439,426,614 $425,931,737 3.2% 38,548 $352,921,767 John D. Holt 1935 7 Dutch Point Credit Union 195 Silas Deane Highway Wethersfield, CT 06109 860-563-2617; www.dutchpoint.org $312,938,586 $302,852,358 3.3% 23,275 $153,594,153 Francis R. Proto 1960 8 Mutual Security Credit Union 12 Progress Drive Shelton, CT 06484 203-402-7400; www.mscu.net $295,064,574 $279,339,272 5.6% 27,232 $275,152,929 Larry F. Holderman 1982 9 Scient Federal Credit Union 60 Colver Ave. Groton, CT 06340 860-445-1060; www.scientfcu.org $254,253,584 $244,381,369 4.0% 20,395 $226,940,578 David Purcell 1983 10 Waterbury Connecticut Teachers Federal Credit Union 773 Straits Turnpike Middlebury, CT 06762 800-992-2226; www.wctfcu.com $238,639,266 $238,122,555 0.2% 18,502 $176,914,299 Martin Misset 1934 11 360 Federal Credit Union 191 Ella Grasso Turnpike Windsor Locks, CT 06096 860-627-4200; www.360fcu.org $229,784,048 $232,441,058 -1.1% 17,560 $161,221,052 Duane Crisco (1) 1952 12 CorePlus Federal Credit Union (2) 202 Salem Turnpike Norwich, CT 06360 860-886-0576; www.coreplus.org $228,236,852 $205,584,717 11.0% 25,472 $171,674,423 Nicholas K. Fortson 1936 13 General Electric Employees Federal Credit Union 265 Sub Way Milford, CT 06461 800-992-8472; www.myGECreditUnion.com $219,425,887 $210,451,853 4.3% 26,573 $107,155,261 Christopher A. Moran 1940 14 Seasons Federal Credit Union 524 S. Main St. Middletown, CT 06457 860-346-6614; www.seasonsfcu.org $157,098,780 $161,110,029 -2.5% 19,054 $127,440,626 Keith A. Wiemert 1935 15 Achieve Financial Credit Union 279 New Britain Road Berlin, CT 06037 860-828-2790; www.achievefinancialcu.com $134,285,457 $133,182,032 0.8% 16,294 $99,096,368 Andrew J. Klimkoski 1954 16 Wepawaug-Flagg Federal Credit Union 105 Sanford St. Hamden, CT 06514 203-288-1695; www.wffcu.org $118,612,165 $117,516,834 0.9% 12,333 $45,942,757 Michael J. Hinchey 1936 17 Hartford Federal Credit Union 964 Asylum Ave. Hartford, CT 06105 860-527-6663; www.hartfordfcu.com $115,482,745 $95,615,782 20.8% 19,386 $55,204,993 Edward P. Danek Jr. 1961 18 United Business & Industry Federal Credit Union 120 Woodford Ave. Plainville, CT 06062 860-747-4152; www.ubifcu.com $104,062,850 $98,664,261 5.5% 11,348 $75,038,138 Stuart Phillips 1951 19 First Bristol Federal Credit Union 25 North St. Bristol, CT 06010 860-584-0956; www.firstbristol.org $90,062,309 $90,806,244 -0.8% 7,086 $39,868,479 Mark J. Cornacchio 1935 20 Finex Credit Union 616 Burnside Ave. East Hartford, CT 06108 860-282-0001; finexcu.org $87,190,656 $81,590,253 6.9% 9,291 $62,011,934 Michael J. Palladino 1938 21 FD Community Federal Credit Union 601 Watertown Ave. Waterbury, CT 06708 203-753-9201; www.fdcommunityfcu.org $83,380,433 $77,812,883 7.2% 9,188 $57,067,579 James Higgins 1934 22 Northeast Family Federal Credit Union 233 Main St. Manchester, CT 06045 860-646-8870; www.nefamily.coop $81,588,609 $80,577,976 1.3% 6,160 $33,417,919 Joanne S. Todd 1938 23 MembersFirst CT Federal Credit Union 285 Broad St. Meriden, CT 06450 203-237-6424; www.membersfirstctfcu.com $74,315,087 $73,501,465 1.1% 6,571 $26,607,722 Edward Hogan 1936 24 Pitney Bowes Employees Federal Credit Union 27 Waterview Drive Shelton, CT 06484 203-356-5964; www.pbefcu.com $63,157,414 $64,412,627 -1.9% 4,887 $19,512,418 Christopher P. Fonseca 1936 25 Connecticut State Police Credit Union 321 Research Parkway Meriden, CT 06450 800-310-7728; www.cspcu.org $62,575,768 $63,962,074 -2.2% 3,339 $19,841,904 Cynthia F. Graham 1960 Source: The National Credit Union Administration (www.ncua.gov). All data (assets, number of members, and loans and leases) date from June 30th. (1) Succeeded Robert L. Aresti upon his retirement as of Dec. 1, 2017. (2) On April 30, 2018, Connecticut Community Credit Union LLC of Pawcatuck merged with CorePlus Federal Credit Union. —Compiled by Heide Martin. raise at the time, CEO Bill Ottman said. Billed as a privacy-focused alternative to platforms like Facebook, the network allows users to earn cryptocurrency for contributing and creating content. If a post gets 1,000 views, the user earns a crypto token called MindCoin. To promote or "boost" content so more people see it, users and advertisers can spend MindCoin. Mind is now seeing 75 million boosted views on its ad network monthly, Ottman said. He said the crowdfunding allowed the company to grow its development team and "massively" enhance the product. "It just changed everything for us," he said, adding the site has grown from 50,000 to 200,000 active users. He credits that momentum with help- ing the company recently land $6 million in Series A funding from Medici Ven- tures, a subsidiary of Over- stock.com, which invests in companies advancing blockchain technology. "When you're successful raising a million dollars from 1,500 people, it's pretty validating," he said. "It looks great to an inves- tor when you have that large-scale support." Transparency is key Although a small number of compa- nies have struck gold, crowdfunding isn't for everyone, warned LootScout's Price. He said companies considering crowdfunding need to be organized, transparent and comfort- able interacting with the public. Complying with federal requirements, such as fil- ing annual reports with the SEC, can be burden- some for some smaller businesses, he said, and communicating regularly with hundreds of investors can be taxing. "People have to under- stand that there's no magic button you can press," said Price. "There's a lot of work involved." While crowdfunding skeptics have raised concerns about fraud and abuse, advocates say so far those fears have not materialized. In a 2017 report on the industry, CCA found no incidences of "abnormal activity or irrational investor behavior." In Connecticut, there have been no con- sumer complaints about crowdfunding fraud, said Matthew Smith, spokesman for the state banking department. Price said it's important for businesses to paint a realistic picture for investors. "You shouldn't be telling them you're the next Apple computer," Price said. "If you're a bar or a restaurant, these are people who already love you … you don't want to turn those followers into disgruntled customers." On the flip side, customers with "skin in the game" will often do more to help the company succeed, Wefunder's Cook said. "You have this group of lifelong evangelists and brand ambassadors," he said. "For an early stage company, that's a huge thing." Anthony Price, CEO, LootScout >> Alternative Capital continued