Groton-Based Charter Oak Credit Union Breaks Ground On New Headquarters

Headquarters remains in Groton at the moment; the 65,000 square-foot, $18 million new building in Waterford is set to open in November 2013. The upper floor of the Groton branch would then be rented.

On Thursday, Charter Oak Federal Credit Union broke ground on an $18 million, 65,000-square-foot-building at 1055 Hartford Turnpike that will become its new headquarters.

“Charter Oak is making a bold statement with this building,” Charter Oak CEO Brian Orenstein said. “We are financially strong, we are growing and we are committed to Southeastern Connecticut.”

Along with serving as the credit union’s headquarters, the building will also serve as its 13th branch and will have a 200-seat community room that is available to the public at no cost. Orenstein said Charter Oak’s headquarters are now located at 32 Chicago Avenue in Groton, but the credit union has gotten so big offices have spilled over into the Waterford and Niantic branches.

This new building will bring all of those people under one roof, and produce about 10 more jobs from the new branch, with the building holding about 110 people overall, Orenstein said.

He said the upper floor of the Groton branch now used as the credit union’s headquarters will be rented out. The new headquarters should be open in November 2013, Orenstein said.

Local officials praised the building. Chamber of Commerce of Eastern Connecticut President Tony Sheridan was particularly pleased the credit union is using local contractors to build the project.

“It is truly a homegrown company,” Sheridan said. “The concept of having it built by local labor – thank you. That’s really, really important. Our construction workers have had a very, very difficult time, and believe me, that is really the right the thing to do.”

First Selectman Dan Steward agreed. He said Waterford is “proud” to have been selected as the spot for the new headquarters.

“Waterford is proud to have Charter Oak here,” Steward said. “We are thrilled.”

For more information on the headquarters, click here.

Dannyboy September 22, 2012 at 12:16 PM
Another business leaving the City of Groton. Maybe we should add another police department or maybe hire a deputy chief too in the City. Why not? Or even better lets make a fourth police department in Groton and we can call it "Mini Detroit PD". What the heck we can afford three, why not four. We are only loosing four to five million in tax revenues in the upcoming years. It will be ok. Unreal when you think about it. Can anyone say "junk bonds"?
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