Hartford Business Journal

HBJ081924UF

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HARTFORDBUSINESS.COM | AUGUST 19, 2024 19 FOCUS | BANKING & FINANCE Build a Technology Plan That Actively Fuels Your Success Let Cooperative Systems create a Technology Optimization Roadmap tailored to your business. Our process entails a collaborative, immersive, holistic assessment geared to maximizing your technology for cost reduction, improved productivity, and the ability to scale with your company. Our goal is to create a tech- nology environment that doesn't support your business—it's designed to drive your growth and profitability. Talk to us today about creating your Technology Optimization Roadmap! Visit our website at coopsys.com, call 860-523-1000, or email roadmap@coopsys.com to learn more or schedule an appointment. nities of people throughout most of the country." Launched in 1935 to serve members of the Hartford Telephone Co., Nutmeg has since expanded to offer services to the general public in several counties. Last year's expansion to AAA members and the Community Impact Fund makes Nutmeg's services available in states, like Missouri and Kansas, where there is a denser population of low- and moderate-income families, and more areas that lack banking and financial services, Holt said. Much of the growth from the credit union's new association partnerships has come from offering car loans to communities that might not otherwise be able to access auto credit, Holt said. "It has to be about serving commu- nities and helping people," Holt said. "That's what our mission is. It's not about how many more loans we can do. That's not why we are in it at all." No headlong rush Wethersfield-based Dutch Point Credit Union doesn't have any short- term plans to take advantage of last year's change in banking regula- tions. The 24,000-member credit union with $498.7 million in assets is still working to fully penetrate its home turf, which includes Hartford, Middlesex, New Haven and New London counties, said Dutch Point President and CEO Charlyn Tanner. "We will continue to prioritize within our established community charter," Tanner said. "There are a lot of people in Connecticut who don't know what a credit union is." Tanner said she feels that distant members are less likely to maintain a long-term relationship with the credit union. "You can't be all things to all people," Tanner said. "So, serving the communities we are already in is what we are focusing on." Q1 | 2004 YEAR $6.5B TOTAL ASSETS NO. OF CT CREDIT UNIONS BRANCHES 923,859 MEMBERS Q1 | 2009 $8.4B 882,524 Q1 | 2014 $9.3B 857,730 Q1 | 2019 $10.7B 904,190 Q1 | 2024 $15.2B 951,198 300 250 200 150 100 50 Source: National Credit Union Administration FEWER CREDIT UNIONS, MORE MEMBERS Here's a breakdown of Connecticut's credit union industry over the past two decades.

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